Smart Transportation Market – Overview
The growing integration of artificial intelligence in the transportation sector is increasing the scope for expansion of smart transportation globally. Market reports linked to the semiconductors and electronics industry have been offered by Market Research Future which makes reports on other industry verticals that aims to study the current market scenarios better. The market is anticipated to develop with a 24% CAGR while earning revenues worth USD 273 Billion in the course of the forecast period.
The Smart Transportation Market is increasingly motivated by the rise in urbanization and the rise in purchase of transportation globally. Growth in concepts of Machine to Machine and Internet of things (IoT) in relation to smart transportation are expected to boost the progress of the market considerably. Furthermore, improved awareness of public safety is expected to create novel avenues for the expansion of the smart transportation market in the upcoming period.
Key Players
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.
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Global Smart Transportation Market – Segmentation
- Segmentation by Solution: Traffic management solution, smart ticketing solution, parking management solution, integrated supervision solution, passenger information solution, insurance telematics solution, and others.
- Segmentation by Services: Consulting services, deployment and integration, and support & maintenance.
- Segmentation by Region: North America, Europe, Asia-Pacific, and Rest of the world.
Global Smart Transportation Market Regional Analysis
The regional analysis of global smart transportation market is studied for North America, Europe, Asia-Pacific and Rest of the World.
North America dominates the smart transportation market with the US and Canada as the leading countries and is expected to remain dominant during the forecasted period. The market growth is due to the technological advancements and huge investments from the government towards the improvement of transportation facilities with the adoption of smart solutions.
Asia-Pacific is expected to reach the highest CAGR during the forecasted period with China, Japan, India as the leading countries in this region due to the growing demand of smart systems for the rapid population growth and increasing urbanization in this region.
Industry News
Sep 2018, Huawei announced to launch ICT solutions for cloud-based railways.
Huawei launched ICT solutions including urban rail cloud and railway IoT solution to help rail operators achieve digital transformation by providing a connected, safe and efficient experience for passengers. Huawei’s urban rail cloud is a smart cloud platform which can be used for the multiple-line operations for smart urban rails.
Jan 2018, Didi Chuxing partnered with Chinese traffic management authorities to introduce smart transportation solution
Didi Chauxing partnered with Chinese traffic management authorities to provide integrated solution. The integrated solution is based on real-time data, leveraging cloud computing and AI-based technologies for smart city traffic management delivering improvements in transportation infrastructure. The transportation infrastructure includes traffic flow measurements, smart traffic signals, reversible lanes, and traffic management programs for maintenance scheduling and system assessments.
Feb 2017, Cisco and Davra networks partnered to deliver smart transport network in Swindon.
Cisco and Davra partnered to work with Swindon Borough Council (SBC) for collecting and analyzing real-time data from sensors and data sources to improve the mobility and safety of the town, reduce congestion, and improve traffic management by providing real-time traffic information to the people and provide updates to commuters in their vehicles to prevent them from congestion.
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Intended Audience
- 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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