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.
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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
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
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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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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