Press release
Smart Transportation Market Analysis By Key Industry Players: Agero, Inc., Accenture, Alstom, Clever Devices, Cisco, Cubic Corporation, IBM, Indra, GE, Kapsch TrafficCom AG, Siemens, Thales, TomTom, Trapeze Group, TransCore
Smart Transportation Market Size, By Mode of Transportation, 2017 & 2024 (USD Million)
Smart Transportation Market size was estimated at over USD 41 billion in 2017, and is set to exceed USD 130 billion by 2024; according to a new research report by Global Market Insights, Inc.Rapid urbanization and improved lifestyle have transformed the transportation infrastructure thereby driving the smart transportation market demand. The smart systems help the users in dealing with over speeding, bad weather conditions, and heavy traffic thus avoiding collisions and enhancing the user experience.
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In the software segment, the traffic management system dominates the smart transportation market. The use of advanced technologies, such as sensors and IoT, in the traffic lights, helps them in automatically responding to the changing traffic patterns. In these systems, the light changes as per the traffic pattern rather than the fixed schedule, encouraging the smooth flow of the traffic. Smart ticketing segment is anticipated to grow at the fastest rate in the smart transportation market and reach USD 11 billion by 2024. These solutions increase the accessibility to integrated transport systems thereby offering reliability and flexibility and by providing access to new payment modes, enhancing the customer experience.
The cloud deployment model in smart transportation market is projected to witness a fast growth rate over the forecast period due to the increasing popularity of the vehicular cloud technology and the features it offers such as efficient traffic management, road safety, standardization, and infotainment services. The real-time safety applications, such as remote surveillance, video capture service, and speed-based lance changing, provide enhanced efficiency to the passengers thereby accelerating the smart transportation market growth.
The penetration of integration services is the highest in the smart transportation market as they deliver a high level of performance and intelligence. Advanced technologies, such as computers, electronics, smart sensors, and information & communication, need to be integrated with transport infrastructure and vehicles to reduce traffic congestion and environmental impact of greenhouse gases and to improve the transport efficiency.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Agero, Inc.
2. Accenture
3. Alstom
4. Clever Devices
5. Cisco
6. Cubic Corporation
7. IBM
8. Indra
9. GE
10. Kapsch TrafficCom AG
11. Siemens
12. Thales
13. TomTom
14. Trapeze Group
15. TransCore
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Growth Drivers:
• Rapid urbanizations and government investment in smart transportation
• Adoption of connected vehicles for enhancing public safety and security
• Reduction in collision
• Improved life with smart parking and smart ticketing
• Environment protection
• Advanced infrastructure
North America witnesses the highest share in the smart transportation market due to the use of advanced technologies, high disposable income, and improved lifestyle. Moreover, the growing demand for connected cars due to factors, such as fast internet speed and the emergence of IoT, further drives the smart transportation market growth. The U.S. accounts for 70 percent of the market in North America owing to the various automotive companies pouring huge funds to develop smart-connected vehicles. For instance, in 2017, Warren Buffett invested USD 10 billion for bringing about developments in the U.S. airline industry.
Asia Pacific smart transportation market is anticipated to show the highest growth rate over the forecast timeline. The infrastructure is still in the developing stage in this region, displaying a major opportunity for the smart infrastructure deployment, driving the demand for the smart transportation market. Furthermore, the government initiatives for developing smart cities coupled with rapid urbanization act as a major platform for the growth of the smart transportation market. The Indian government has allocated USD 7.6 billion for upgrading the smart cities until 2020. The major constituent of smart city initiative is developing an effective mobility and public transport system, providing a variety of transportation solutions.
Some of the vendors in the market are Agero Inc., Accenture, Alstom, Avail Technologies Inc., Clever Devices, Cisco, Cubic Corporation, ETA Transit Systems, GMV Innovating Solutions, IBM, Indra, S.A, GE, Kapsch TrafficCom AG, LG CNS Co. Ltd., Siemens, Thales, TomTom, Trapeze Group, TransCore Inc. and WS Atkins PLC.
Browse key industry insights spread across 370 pages with 214 market data tables & 24 figures & charts from the report, Smart Transportation Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/smart-transportation-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email:sales@gminsights.com
Web:https://www.gminsights.com
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