Facto Market Insights has carefully uploaded a smart research report titled Global Smart Transportation Market Size, Share, Emerging Trends, Analysis and Forecast During 2018 to 2023, to its broad online database. The concerned market is discoursed based on a variety of market influential factors such as drivers, opportunities and restraints. This study tends to inform the readers about the current as well as future market scenarios extending up to the period until forecast period limit; 2023. The research study examines the Smart Transportation on the basis of a number of criteria, such as the product type, application, and its geographical presence.
The Global Smart Transportation Market is expected to reach USD 116.85 Bn by 2023, expanding at a CAGR of 9%. Technological advancements are transforming the way people travel. Nowadays, vehicles are connected by an array of sensors, which guides them in traffic, and is very useful for vehicle management. With the advent of the Internet of Things (IoT), the vision of safe transportation is evolving at a rapid pace. Utilization of smart technologies with the intention of building smart cities is frantically expanding across the world. Over 1 billion connected things are installed around the globe under smart cities’ project initiatives.
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Smart transportation is a seen as a major part of the smart city projects where infrastructures are playing an important role in providing a platform to implement a connected ecosystem. With the rise in urbanization globally, investments are pouring into the smart transportation market. The US Department of Transportation invested approximately USD 160 Bn in 2016 for smart cities solutions. These projects are intended to provide better parking and traffic management solutions.
Worldwide popularity of cloud-based technologies and related solutions are driving the adoption of smart transportation. The automotive industry is adopting cloud technology for navigation, social connection, infotainment, etc. Moreover, the data collected enhances the qualitative analysis of current transportation infrastructure and helping in the implementation of advanced solutions and increase safety. The continuous demand for improvement in public transport facilities, and safety is driving the smart transportation business.
The emerging trend of smart connected technology is boosting the acceptance of smart vehicles. The demand for smart parking is ever increasing due to massive traffic congestion and lack of parking space caused by growing number of vehicles. Using smart sensors and parking meters helps drivers check for free parking space and reserve it in advance.
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Key growth factors
The rise in population and urbanization across the world is increasing the need for an improved transport system for public purpose. Governments are taking initiatives in the development of smart transport network which is bringing investments for the development of smart transportation networks.
Smart transportation is ensuring public safety as the prior availability of traffic and speed related information is reducing the number of accidents and delay. Smart transportation is environment-friendly and helps in keeping the ecosystem clean and safe. A smart vehicle reduces harmful vehicle emissions, which is a step towards a safe environment. These are some of the critical factors which are driving the market for the adaptation of smart transportation.
Threats and key players
High initial investment is required to improve the existing infrastructure of the transportation industry, which is obstructing the adoption of smart transportation. Improvement of existing roads or rail networks needs long time which creates an obstacle for the commuter and affects day to day communication. Large projects often require substantial financial investments, which is also a significant challenge for the smart transportation market players.
The complexity of infrastructure and limited availability of data which can monitor transportation system is restraining the adoption of smart technology in the transportation industry. Lack of internet penetration in developing and underdeveloped countries is seen as a major challenge. The key players in the Global Smart Transportation Market are Siemens AG, Cubic Corporation, IBM, Accenture PLC, Cisco Systems, Xerox Corporation, General Electric Company, LG CNS, Thales Group, and Alstom SA
What’s covered in the report?
- Overview of the global smart transportation market.
2. The current and forecasted regional (North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa) market size data for the Global Smart Transportation Market, by services: Network management services, road safety services, public transportation services, freight efficiency services, security services, automotive telematics, and communication services.
3. Market trends in the global smart transportation market.
4. Market drivers and challenges for the global smart transportation market.
5. Analysis of companies profiles of major players operating in the market.
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