The use of information technology and artificial intelligence to effectively manage and co-ordinate the transportation refers to the Smart transportation. The smart transportation aims to provide innovative services relating to different modes of transport and traffic management. It enable various users to be better informed and make safer, more coordinated use of transport network. It can be used in various road traffic environments to follow and capture numerous vehicles at the same time in a large scene.
Along with technology development, new adoptions of cloud computing, big data, evolution of wireless network, Machine to Machine (M2M) and Internet of things (IoT) have boosted the Smart Transportation Market. The study indicates that rising demand of integrated security & safety for enhancing public safety is driving the smart transportation market. It has been observed that government is taking initiative to incorporate smart technologies in the existing transportation infrastructure which results in the growth of smart transportation market by the forecast period.
The Smart Transportation Market for segment on the basis of 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.
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The Global Smart Transportation Market is expected to grow at USD ~273 Billion by 2022, at ~24% of CAGR between 2016 and 2022.
The prominent players in the Smart Transportation Market are – Cisco Systems, Inc. (U.S.), General Electric Company (U.S.), Alstom SA (France), Cubic Corporation (U.S.), Kapsch (Austria), IBM Corporation (U.S.), Thales Group (France), Siemens AG (Germany), AECOM (U.S.), Accenture Plc (Ireland), LG CNS Co. Ltd. (Korea), TomTom International B.V. (Netherlands) among others.
Smart Transportation Market for segment on the basis of Solution and service.
Smart Transportation Market by Solution:
- Traffic management solution
- Smart ticketing solution
- Parking management solution
- Integrated supervision solution
- Passenger information solution
- Insurance telematics solution
Smart Transportation Market by Service
- Consulting Service
- Deployment and Integration
- Support and Maintenance
The regional analysis of Smart Transportation market is being studied for region such as Asia pacific, Americas, Europe and Rest of the World. 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.
Study Objectives of Smart Transportation Market:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Smart Transportation market.
- To provide insights about factors affecting the market growth.
- To analyze the Smart Transportation market based porter’s five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).
- To provide country level analysis of the market with respect to the current market size and future prospective.
- To provide country level analysis of the market for segment on the basis of Solution and service.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Smart Transportation
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- Public transportation authorities
- Networking and Communication Service Providers (CSPs)
- Cloud service providers
- Smart cities stakeholders
- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- Transport agencies
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