The global smart transportation market is estimated to reach
a market size of USD 285.12 billion by 2024, according to a new study by Grand
View Research, Inc. The growing number of on-road vehicles and the ineffective
existing transport infrastructure will drive the need for an efficient
management system. Favorable government initiatives toward building a better
infrastructure and running the transport system smoothly are expected to boost
the industry growth.
Increasing investments in the
smart city product is anticipated to open new avenues for growth in the coming
years as smart transportation is an integral part of the smart city. The
growing government focus to reduce greenhouse gas emission and rising traffic
congestion is anticipated to drive the industry growth over next eight years.
The growing number of government mandates by the European Union (EU) and
Directive on Intelligent Transport System is also anticipated to favor the
industry growth over the forecast period.
The requirement of a huge capital
for replacing the existing infrastructure with the smart technological advanced
system is expected to hinder the industry growth. The long downtime for replacing
the existing system may also pose a challenge to its growth and will affect the
daily commutation activities.
Browse full research report on Smart Transportation
Market: http://www.grandviewresearch.com/industry-analysis/smart-transportation-market
Further key findings from
the study suggest:
- Key solutions available in the market include the
ticketing management system, parking management system, integrated
supervision system, and traffic management system. The integrated
supervision system is used for reducing traffic blocks, minimizing accidents,
and providing better safety measures and holds high growth potential.
- Key services include cloud service, business service,
and professional service. The cloud service segment is anticipated to
witness a surge in the demand, owing to the requirement for the storage of
data generated through these systems.
- Professional service vendors offer consulting
services and may witness an increase in the demand over the next eight
years, owing to the requirement of services for upgrading the existing
infrastructure.
- The North American region accounted for over 27% of
the global revenue share in 2015 and Asia Pacific is estimated to be the
fastest-growing segment, offering lucrative growth opportunities for the
industry players. The increasing concentration of leading vendors for
expansion and technological advancement in this region is expected to
favor the regional growth over next eight years.
- The European Union (EU) and government initiatives
towards enhancing transport infrastructure are also expected to favor the
European market growth. The Middle East is anticipated to witness an upsurge
in the demand, owing to the increasing government investment in the
transport infrastructure.
- Key industry participants include Accenture PLC,
Alstom, SA, Cisco System, Inc., Cubic Corporation, General Electric
Company (GE), Indra Sistema S.A., International Business Machine (IBM)
Corporation, Kapsch, LG CNS Corporation, and Xerox Corporation
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has segmented the global smart
transportation market on the basis of solution, service and region:
Solution Outlook (Revenue, USD Million; 2014 - 2024)
- Ticketing
management system
- Parking
management system
- Integrated
supervision system
- Traffic
management system
Services Outlook (Revenue, USD Million; 2015 - 2024)
- Cloud
services
- Business
services
- Professional
services
Regional Outlook (Revenue, USD Million; 2014 - 2024)
- North
America
- Europe
- Asia
Pacific
- Rest
of the World
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
No comments:
Post a Comment