Global Smart Transportation Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at CAGR of 20% during forecast period of 2019 to 2026.
Smart Transportation technology provide innovative services relating to different modes of transport and traffic management and enable users to be better informed and make ‘smarter’ and safer and use of transport networks. City transportation is an important concept for citizens in a city. Currently, in most of the cities, private and public road transportation is the key mode of commuting and logistics. Smart transportation helps cities in terms of congestion issues.
The market is expected to witness massive growth, due to factors, such as the high demographic rates and rise in urban population and, the increase in adoption of smart and connected technologies in the transportation infrastructure, and the increase in free trade agreements, government authorities are adopting Public Private Partnerships (PPP) working models, and government initiatives for smart cities.
Compliance with stringent transportation regulatory policies, recovering Return on Investment (ROI) from legacy systems, and lack of uniform and standardized technology may restrain the growth of this market.
Airways segment is expected to record the highest growth rate during 2019-2026.
On the basis of transportation mode, the airways segment is expected to account for the highest growth rate during the forecast period, owing to increase in demand for aviation services. With the reduction in the cost of air travel and improvement in living standards, the air transportation has become affordable to several people. Digitalization of services and new technologies are driving the airlines industry to ensure reduce operating cost, smooth maintenance, and take advantage of the increasing air travel.
Solution subsegment in the roadways segment is likely to have large smart transportation market size during 2019-2026
Solution subsegment in the roadways segment is expected to hold the larger market share during the forecast period. The solution subsegment includes traffic management, passenger information, parking management, smart ticketing, vehicle telematics, and freight information. Moreover, the deployment of solutions helps in better operations, fuel, and route management, which in turn saves curbs, fuel additional carbon emission, and increases the life cycle of vehicle parts.
Europe is expected to hold larger smart transportation market share while Asia Pacific is likely to account for the highest growth rate during 2019-2026.
Based on regions, the smart transportation market is classified into Europe, North America, Asia Pacific, Latin America and Middle East and Africa. Among these, the Europe is expected to have large smart transportation market size during the forecast period, as Europe has planned investment plan which will help to improve urban traffic and transport infrastructure. However, the Asia Pacific is expected to reach at a highest CAGR during the forecast period, owing to increase in high investments for digital transformation, the increase in the adoption of new technologies, and rise in Gross Domestic Product (GDPs) of countries in the region.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such as Thales, Huawei, Siemens, IBM, Cisco Systems, SAP, Cubic, ALSTOM, Bombardier, Toshiba, Harris, Saab, Veson Nautical, Advanced Navigation Positioning Corporation (ANPC), BASS Software, BENTLEY SYSTEMS, Indra Sistemas, Trimble, TomTom, Amadeus, Conduent, Kapsch, Hitachi, The Descartes Systems, Accenture, Rockwell Collins, DNV GL etc.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the Smart transportation market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Smart transportation market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain dynamic Smart transportation market positioning of competitors.
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