Global Smart Transportation Market Overview 2019-2024: 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 in Asia Pacific 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.

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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.

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

The smart transportation market growth is attributed to the worldwide government initiatives for the smart city development. Around USD 1 billion of connected things are mounted across the globe under the smart cities projects. Smart transportation being an integral part of smart cities project provides a platform for connected vehicles. The mandates set by the government, such as Directive on Intelligent Transport Systems and Bharat Stage standards, to reduce the CO2 emissions and to protect the environment also provide an impetus to the growth of the smart transportation market.

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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.

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.

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

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.

The integration service dominates the smart transportation market and is projected to hold the majority share over the forecast timeline. The increasing adoption of smart cities and IoT are the major factors accelerating the integration services growth. These services assist in upgrading the prevailing transport infrastructure and developing integrated parking, ticketing & traffic management solutions, leading to smooth traffic flow and reduced accidents. The training and consulting services are also growing at a fast pace owing to the consultancy and training services required for bringing about upgrades and technological advancements in the existing transport infrastructure.

Cloud deployment model is anticipated to hold the highest market share over the forecast period due to the increasing demand for storing a large amount of vehicular data. Cloud computing solutions have a major impact on road safety and traffic management by using large vehicular resources such as internet and the storage for traffic-related decision making. The hybrid model will have the highest growth rate as most of the providers are planning to shift their focus from on-premise to hybrid model due to improved security and control over the data.

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.

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About Global Market Insights

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