According to this new study, global smart transport market is estimated to reach market size of 285.12 billion US dollars by 2024. An efficient management system will be required for increasing number of on-road vehicles and ineffective existing transport infrastructure. Favorable government initiatives towards better infrastructure creation and Running the transport system smoothly is expected to boost the growth of the industry.
Investment in smart city products is expected to open new pathways for development in coming years because smart transportation is an integral part of smart city. The growing government focuses on reducing greenhouse gas emissions and an increasing number of traffic congestion is expected to increase the industry’s growth over the next few years.
Increasing numbers of government mandates by the European Union (EU) and Intensive transport system instructions are also expected in favor of industry development during 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.
Further key findings from the study suggest:
• Major solutions available in the market include 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 provide consulting services and due to the need for services to upgrade the existing infrastructure, there can be an increase in demand in the next eight years.
• 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.
• Major industry participants comprise Accenture Plc, Alstom, SA, Cisco Systems Inc., Cubic Corporation, General Electric Company (GE), Indra Sistema SA, International Business Machine (IBM) Corporation, Kapsch, LG CNS Corporation and Xerox Corporation Show Includes less.
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