Smart Transportation Market in Smart ticketing segment to reach USD 11 billion by 2024 | Top Companies are Cisco, Cubic Corporation, IBM, Indra, GE, Kapsch TrafficCom AG, Siemens, Thales, TomTom, Trapeze Group, TransCore

Smart Transportation Market is driven by increase accessibility to integrated transport systems; hence, the smart ticketing market worth is expected to grow at a fast rate and reach USD 11 billion by 2024. Smart ticketing solutions assist cities in reducing frauds, revenue loss, and maintenance costs. They offer greater flexibility, faster transactions, and reliability by providing access to new payment types. The UK government invested USD 98 million to introduce smart ticketing in England and Wales by the end of 2018.

Request for a sample of this research report @ www.gminsights.com/request-sample/detail/2512

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.

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.

Make an inquiry for buying this report @ www.gminsights.com/inquiry-before-buying/2512

North America is projected to dominate the smart transportation market by 2024 due to rapid deployment of smart transportation solutions, which offer features such as real-time traffic information, parking assistance, adaptive traffic signal control, electronic toll collection, and real-time information for public transit systems. Asia Pacific is the fastest growing region in the smart transportation market owing to the government initiatives for development of smart city solutions in this region. The developed countries including Australia and Japan have already adopted smart transportation facilities as they are politically and technologically advanced.

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.

Chapter 1. Methodology & Scope
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope
1.1.5. Definition and forecast parameters
1.2. Data Sources
1.2.1. Primary
1.2.2. Secondary
Chapter 2. Executive Summary
2.1. Smart transportation industry 360º synopsis, 2013 - 2024
2.1.1. Regional trends
2.1.2. Mode of transportation trends
2.1.3. Component trends
2.1.4. Software trends
2.1.5. Service trends
2.1.6. Deployment model trends

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.

Roadways account for the largest industry share in the smart transportation market followed by railways and airways. Railways are anticipated to grow at a fast pace over the forecast period due to factors, such as cheaper transport fare and government investments, in developing smart railway systems. Airways are the preferred mode for freight transportation and airports worldwide have been investing in various smart technology solutions to reduce air traffic congestion and delays. For instance, in 2017, airlines and airports invested around USD 33 billion to improve the airport infrastructure by going through a digital transformation mainly focused on providing self-service processes at bag-drop, check-ins, and boarding using new technologies such as IoT, sensors, and beacons.

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

Increased traffic congestion, growing pollution, and high occurrences of accidents are the major factors enabling the countries to globally adopt the smart transportation system. These systems enable the integration of various smart technologies such as IoT, artificial intelligence, and smart sensors into transportation vehicles, thereby driving the market growth. The systems aid in improving the fleet & logistics management, goods & services management, driver assistance for traffic management, and automation of roadways, railways, and airways, accelerating the smart transportation adopt the smart market demand.

The IoT-enabled transport services are also widely being leveraged for smart parking solutions, telematics solutions, ticket management, security and surveillance, and passenger information systems. Moreover, due to the smart city revolution, the government of various countries are investing huge funds in the smart city initiatives, which assist in developing connected vehicle technologies, smart infrastructure, and optimizing traffic patterns thereby making transport systems more efficient and reliable. For instance, in 2017, the Indian government invested USD 15 billion for the development of smart infrastructure and management services under the smart city initiative.

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.

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 Related Reports: https://www.openpr.com/news/1644385/Global-System-Integration-Market-to-see-6-CAGR-Key-Players-HCL-Technologies-HP-Huawei-Technologies-IBM-Infosys-Oracle-NTT-DATA-Services-Fujitsu-Global-Unisys-VCE-GTL-Limited-Accenture-Capgemini-Cisco-CSC-Dell-Deloitte-Dell-EMC.html

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: www.gminsights.com
Blog: www.industry-source.org

This release was published on openPR.