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Smart Transportation Market
Smart Transportation Market
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The global smart transportation market is expected to grow significantly in the coming years due to increasing urbanization, population growth, and the need for efficient transportation solutions. The smart transportation market size is projected to grow from USD 122.4 billion in 2023 to USD 248.7 billion by 2028, at a CAGR of 15.2% during the forecast period. The presence of various key players in the ecosystem has led to competitive and diverse market. Government initiatives to establish smart ticketing, connected vehicle, traffic management solutions is expected to drive the adoption of the smart transportation market in the future.
The major players in the smart transportation market are Alstom (France), Hitachi Ltd. (Japan), Thales Group (France), Huawei Technologies Co., Ltd.(China), Siemens AG (Germany), IBM Corporation (US), Cisco Systems, Inc. (US), SAP (Germany), Cubic Corporation (US), Toshiba (Japan), Saab AB (Sweden), Veson Nautical (Massachusetts), BASS Software (Norway), Bentley Systems (US), Indra Sistemas (Spain), Trimble (US), TomTom International BV.(Netherlands), Amadeus IT Group SA(Spain), Conduent (US), Kapsch (Austria), Descartes (Canada), and DNV GL (Norway).These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the smart transportation market.
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The market is being driven by factors such as the growing demand for advanced transportation systems, increasing adoption of smart mobility solutions, and the need for reducing carbon emissions. The implementation of smart transportation solutions can help in reducing traffic congestion, improving road safety, and optimizing transportation infrastructure.
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