The global smart transportation market is estimated to reach a market size of USD 285.12 billion by 2024, according to this new study. The growing number of on-road vehicles and the ineffective existing transport infrastructure will drive the need for an efficient management system. Favorable government initiatives toward building a better infrastructure and running the transport system smoothly are expected to boost the industry growth.
Increasing investments in the smart city product is anticipated to open new avenues for growth in the coming years as smart transportation is an integral part of the smart city. The growing government focus to reduce greenhouse gas emission and rising traffic congestion is anticipated to drive the industry growth over next eight years. The growing number of government mandates by the European Union (EU) and Directive on Intelligent Transport System is also anticipated to favor the industry growth over the forecast period.
The requirement of a huge capital for replacing the existing infrastructure with the smart technological advanced system is expected to hinder the industry growth. The long downtime for replacing the existing system may also pose a challenge to its growth and will affect the daily commutation activities.
The North American region accounted for over 27% of the global revenue share in 2015 and Asia Pacific is estimated to be the fastest-growing segment, offering lucrative growth opportunities for the industry players. The increasing concentration of leading vendors for expansion and technological advancement in this region is expected to favor the regional growth over next eight years.
Cisco System, Inc.
General Electric Company (GE)
Indra Sistema S.A.
LG CNS Corporation
Key Topics Covered:
1 Methodology and Scope
2 Executive Summary
3 Smart Transportation Industry Outlook
4 Smart Transportation Solution Outlook
5 Smart Transportation Service Outlook
6 Smart Transportation Regional Outlook
7 Competitive Landscape
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