Press release
Smart Transportation Market Size is Expected to Exhibit US$ 184.7 Billion by 2028
Smart transportation system integrates advanced technologies and management strategies into existing transportation systems. It includes numerous technologies, such as automatic number plate recognition, speed cameras, car navigation, and traffic signal control systems. It also possesses various applications such as parking management and guidance, passenger information, and traffic management. In addition, smart transportation network provides visitors and citizens with safe, reliable, affordable, efficient, and convenient commuting options, due to which, it is gaining immense traction across the globe.
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Smart Transportation Market Trends and Drivers:
The market is primarily driven by the rising demand for efficient smart transportation with technology integrated into traffic control systems. In addition, rapid urbanization, increasing sales of vehicles, rising disposable incomes, and growing working populations are escalating the demand for interconnected smart mobility solutions. Moreover, the development of smart transportation networks such as the internet of things (IoT), fifth-generation (5G) communication technology, and machine learning (ML) represents another major growth-inducing factor. Besides this, various governing agencies are investing in smart transportation projects to minimize traffic congestion and offer efficient public transport systems, which is accelerating the product adoption rate. Furthermore, the growing awareness regarding green fuel, the adoption of fuel-efficient transportation, and the increasing development of smart transportation services are also propelling the market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Solution:
Hybrid Ticketing Management System
Parking Management and Guidance System
Integrated Supervision System
Traffic Management System
Others
Breakup by Service:
Business
Professional
Cloud Based
Breakup by Transportation Mode:
Roadways
Railways
Airways
Maritime
Breakup by Application:
Mobility as a Service
Public Transport
Transit Hubs
Connected Cars
Video Management
Others
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Competitive Landscape with Key Player:
Alstom SA
Bentley Systems Incorporated
Cisco Systems Inc.
Cubic Corporation
General Electric Company
Indra Sistemas S.A.
International Business Machines Corporation
Kapsch Aktiengesellschaft
Siemens AG
Thales Group
Xerox Corporation
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