Smart Transportation Market Share, to Surge at a Robust Pace
Smart transportation refers to the use of artificial intelligence and internet of things (IoT) for management and co-ordination of transportation in metropolitan cities. The technology informs users to make smart use of public transportation and paves the way for smarter infrastructure. The global smart transportation market report by Market Research Future (MRFR) covers trends and opportunities for the period of 2016 to 2022 (forecast period). The COVID-19 outbreak and its impact on the industry is covered in detail in the market.
The global Smart Transportation Market is expected to grow at USD 273 billion by 2022, at ~24% of CAGR between 2018 and 2025.
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The smart transportation market is segmented by solution and service. The solution segment consists of various solutions as Traffic management, smart ticketing, Parking management, integrated supervision, passenger information solution, and Insurance telematics solution. The smart ticketing integrates online ticketing, onboard ticketing, smart card ticketing, and mobile application ticketing. The smart ticketing solution aims to provide better services to their customers and also minimize fund leakage & fare avoidance situations. The traffic management solution is used in various road traffic environments to follow and capture numerous vehicles at the same time in a large scene and manage the traffic smartly and effectively.
The regional analysis of smart transportation market is being studied for regions of Asia Pacific (APAC), Americas, Europe, and Rest-of-the-World (RoW). Rapid digitization across different industries has driven the market of Smart Transportation in European region. European region is expected to dominate in the Smart Transportation market by the forecast period owing to digital transformation, technological advancements, and increasing adoption of smart connected devices. The study reveals that government initiatives towards smart transportation in the European region are driving the smart transportation market in this region. North America region followed by Europe is expected to grow significantly by the forecast period. Asia-Pacific countries like China, Japan, India and Korea are expected to show a steady growth in the Smart Transportation Market.
Thales Group, Siemens AG, Accenture Plc, LG CNS Co. Ltd., General Electric Company, AECOM, TomTom International B.V., Kapsch, Cisco Systems, Inc., IBM Corporation, Cubic Corporation, and Alstom SA are key players of the global smart transportation market.
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