“The Global Smart Transportation market is valued at USD 48.03 billion in 2016 and is expected to reach a value of USD 138.47 billion by the end of 2022, growing at a projected CAGR of 19.3% during the forecast period of 2017 – 2022.”
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The ever-increasing population of the world leads to rapid urbanization as well as many problems like congestion and safety issues on the road. The need for sustainable solutions to counter these problems is dire. The emergence of cloud-based technologies and advances in vehicle-to-vehicle and vehicle-to-grid infrastructure are making smart transportation a reality.
The Report Highlights The Recent Trends That Are Being Seen Across The World Like Electric Vehicles, Self-Driven Cars And The Role Of ICT In Making Cities Smarter. The report offers a unique perspective on the current applications of ICT in traffic management, road safety and security, freight control, environment protection, automotive telematics, parking management and road-user charging across various regions of the world.
North America is expected to remain the leader with the highest market share. APAC is emerging and is expected to surpass Europe by 2021 because of the ever-increasing population and the greater need for smart systems. Emphasis has been laid on the various systems that can be used to make urban transport smarter.
Market Driving Factors:
- The rise of urbanization and megacities (increasing population)
- Role of cities as hubs
- Supportive government initiatives
- Need for safety and security
- Reduction in congestion and opportunities are going to drive the demand for the smart transportation market.
With the technology making progress by leaps and bounds, commercialization of V2V and V2I is expected in the next few years, thereby creating interconnected networks of all the vehicles ensuring reduced congestion and a smoother traffic flow. The report explores on specific examples of mega cities in the process of becoming smart, the initiatives being taken by the government and the opportunities for monetization for ecosystem players.
The major players are:
- Cisco
- IBM
- Xerox
- Oracle
- Hitachi
- Siemens
- Orange
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Restraints:
- The initial capital expenditure (funding) and socio-political factors along with surveillance v/s privacy could affect the demand of this particular market.
What The Report Offers:
- Smart transportation market overview and in-depth analysis with its applications in the industry and information on drivers and restraints.
- Identification of factors responsible for changing the market scenario, rising prospective opportunities and identification of key companies that can influence the market on a global and regional scale.
- Extensively researched competitive landscape with profiles of major companies along with their market share.
- A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
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