DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Smart Solutions Market for Mass Transit, by Technology, Components, Application, and Region - Global forecast to 2021" report to their offering.
The smart solutions market for mass transit is projected to grow at a CAGR of 8.90% during the forecast period, to reach a market size of USD 44.78 Billion by 2021.
The global market for mass transit is broadly segmented based on its use into roadways and railways. Region-wise, Asia-Oceania and Europe are estimated to dominate the market for roadways and railways. The Asia-Oceania market is growing due to rising industrialization, urbanization, and government spending on the transportation sector. The growth of the European market can be credited to the improved socio-economic conditions in economies such as Germany, the U.K., and France.
Due to increasing need for surveillance and vehicle tracking, there has been an increased in the use of Wi-Fi devices, in public transits (both roadways and railways) which is driving the demand for smart solutions in mass transit.
The market for smart ticketing systems is expected to grow for both roadways and railways. This growth is owing to the advantages offered in terms of efficiency, and reliability. These services make the travel experience better as well as reduce losses which leads to better performance.
The automated vehicle location system is estimated to be the fastest growing market in the roadways transportation segment. This growth is owing to the advantages AVLS offers such as vehicle tracking. This helps the transportation agency to keep a real time check on its fleet and provide assistance in case of medical emergency.
Key factors restraining the growth of the smart solutions market for mass transit includes the data storage concerns, security and management, the high cost of components and its complex nature, and slow GDP growth rate of developing countries. The necessity of providing real time information with the help of all these technologies and components means these systems are vulnerable to cyber attacks. This would have a negative impact on the SPT market.
- Global Trend in Vehicular Emission Reduction to Drive the Demand for Smart Solutions Market for Mass Transit
- Increased Government Funding and Investments for Transportation Infrastructure Development
- Rise in Demand for Safety, Comfort, and Convenience
- Increased Population, Urbanization & Industrialization Will Boost the Demand for Smart Public Transportation
- Concerns Related to Data Storage, Security & Management (Data Commercialization)
- Capital-Intensive Nature of Smart Solutions for Mass Transit System
- Slow GDP Growth Rate in Developing Economies
- Requirement of Public-Private Partnership (PPPS)
- New Prospects for Data Driven Services and Electric Mobility Solutions (E-Mobility and Mobility on Demand)
- Future Potential for Telecommunication Service Providers (TSP)
- Lack of Interoperability
- Efkon AG.
- Iteris Inc
- Kapsch Trafficcom
- Q-Free ASA
- Siemens AG
- Swarco AG
- Thales Group
- Tomtom International BV
- Transcore, LP
- WS Atkins PLC.
For more information about this report visit http://www.researchandmarkets.com/research/rvbpx6/smart_solutions