MUMBAI, India--(BUSINESS WIRE)--Research on Global Markets, a global market research firm, released a report on the Global Smart Transportation Market today. The highlight of the report is that the global smart transportation market is expected to expand at a compound annual growth rate (CAGR) of 9% and be worth USD 116.85 Bn by 2023.
Research on Global Markets believes that smart transportation networks are a significant step toward achieving smart cities across the globe. The advent of Internet of Thing (IoT) devices and smart sensors, coupled with the rise in population and urbanization across the world, is driving the demand for global connected vehicles and improved transport systems for the public.
However, according to Research on Global Markets, the high initial investment required for implementing smart transportation network remains a challenge. Improvement of existing roads or rail networks takes time, which can inconvenience commuters and affect day to day communication.
Other key highlights of the report are –
- The United States’ smart transportation market, is witnessing the highest investments, with around USD 160 Bn already pumped in, in 2016. Connected vehicles in the U.S., as a result of this, will thrive.
- Sluggish internet penetration in developing and underdeveloped countries is a major challenge.
- The growth of smart transportation networks is driving the adoption of smart vehicles.
For more information, download the Global Smart Transportation Market report
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