According to the latest report by IMARC Group “Smart Transportation Market: Global Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026“, The global smart transportation market reached a value of US$ XX Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2021-2026.
Smart
transportation refers to the integration of various advanced technologies and
management strategies into the existing transportation systems. These
technologies include traffic signal control systems, car navigation and speed
cameras for improving services related to different transportation modes and
traffic management. In recent years, smart transportation has gained prominence
as it offers reliable, convenient and affordable ways to commute for the
masses.
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Note: We are
regularly tracking the direct effect of COVID-19 on the market, along with the
indirect influence of associated industries. These observations will be
integrated into the report.
Market Trends:
The rising
working population is accelerating the need for interconnected mobility
solutions to reduce commute times, which represents the primary factor driving
the global smart transportation market. Additionally, the growing usage of the
internet of things (IoT)-enabled devices, machine learning(ML),and 5G
technology is contributing to the market growth. Furthermore, the escalating
vehicle sales due to rapid urbanization and high disposable incomes are also
encouraging the development of smart transportation networks. Other factors,
including technological advancements in automobiles, increasing investments and
various government initiatives to develop smart cities, and rising road
congestion and safety issues, are also expected to propel the market growth.
Breakup by
Solution:
- Hybrid Ticketing Management System
- Parking Management and Guidance
System
- Integrated Supervision System
- Traffic Management System
- Others
Breakup by
Service:
- Business
- Professional
- Cloud Based
Breakup by
Transportation Mode:
- Roadways
- Railways
- Airways
- Maritime
Breakup by
Application:
- Mobility as a Service
- Public Transport
- Transit Hubs
- Connected Cars
- Video Management
- Others
Market Breakup
by Region:
- North America (United States,
Canada)
- Asia Pacific (China, Japan, India,
South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United
Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico,
Others)
- Middle East and Africa
Competitive
Landscape with Key Player:
- Accenture plc
- Alstom SA
- Bentley Systems Incorporated
- Cisco Systems Inc.
- Cubic Corporation
- General Electric Company
- Indra Sistemas S.A.
- International Business Machines
Corporation
- Kapsch Aktiengesellschaft
- Siemens AG
- Thales Group
- Xerox Corporation.
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As the novel
coronavirus (COVID-19) crisis takes over the world, we are continuously
tracking the changes in the markets, as well as the industry behaviours of the
consumers globally and our estimates about the latest market trends and
forecasts are being done after considering the impact of this pandemic.
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