Global Smart Transportation Market - Overview
Rapid automation and technical advancements in automotive industry have encouraged the manufacturers to integrate smart technology in their transportation system. Moreover, with the advent of industrialization, the developing economies are observing a shift of employees from rural areas to urban areas. These factors are attributing to the growth of Smart Transportation Market altogether. Smart transportation integrates infrastructure and vehicles with communication, control, sensing and detecting technologies to analyse the traffic in real-time thus, mitigating the risks involved in traffic safety.
The adoption of Smart Transportation Market Research is also expected to result in reduced vehicle emissions thereby, increasing the efficiency of transportation systems. Over the past few years, countries have witnessed an increase in the traffic which is directly affecting the probability of road accidents. Smart transportation is expected to address all the aspects of transportation systems including smart parking, smart driving, pollution, and security system. These aspects are expected to result in higher efficiency of transport system, with reduced commute time, and less traffic accidents.
Rising demand of integrated security safety for enhanced public safety is fuelling the market growth. Additionally, government initiatives to integrate smart technologies in existing transportation system is expected to fuel the market growth. However, the growth of the market owing to lack of infrastructure in developing economies and high costs incurred in the implementation of smart transportation systems
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The segmentation of the global smart transportation market is carried out on the basis of solution, service, and regions. Based on solutions, the smart transportation market is segmented into smart ticketing solution, traffic management solution, parking management solution, passenger information solution, integrated supervision solution, and insurance telematics solution. On the basis of service, the smart transportation market is segmented into consulting service, support, and maintenance, deployment, and integration. The regions covered in the smart transportation market are the Americas, Asia Pacific, Europe and the rest of the world.
Detailed Regional Analysis
The analysis of smart transportation market on the basis of regions includes regions such the Asia Pacific, the Americas, Europe and the Rest of the World. The rapid digitization throughout diverse industries has motivated the market of Smart Transportation in the European region. The European region is likely to lead the smart transportation market in the forecast period due to the technological advancements, digital transformation, and growing adoption of smart connected devices. The study divulges that the government initiatives aimed at smart transportation in the European region are motivating the smart transportation market in this region. The North American region follows the European region is anticipated to develop considerably by the forecast period. The countries in the Asia Pacific region such as Japan, India, China, and Korea and are expected to demonstrate stable growth in the smart transportation market in the upcoming period.
The prominent players in the Smart Transportation Market are - Cisco Systems, Inc. (U.S.), General Electric Company (U.S.), Alstom SA (France), Cubic Corporation (U.S.), Kapsch (Austria), IBM Corporation (U.S.), Thales Group (France), Siemens AG (Germany), AECOM (U.S.), Accenture Plc (Ireland), LG CNS Co. Ltd. (Korea), TomTom International B.V. (Netherlands) among others.
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