Government Initiatives Regarding Smart Transportation are Driving the Demand for Smart Transportation Solutions
" The global smart transportation market is expected to witness a CAGR of more than 18% during the forecast period 2019–2025 "
Bangalore, India, October 21, 2019: With its recently published study “Global Smart Transportation Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for smart transportation will continue to grow, owing to rising urbanization and increasing demand for vehicle-to-vehicle or vehicle-to-infrastructure communication.
Governments in various countries are taking initiatives to transform transport networks to control traffic congestion and run public transport smoothly. Government initiatives toward smart transportation are leading to increased investments and partnerships in this area, which is one of the primary drivers for the growth in the smart transportation market. Singapore’s smart transportation projects and Barcelona smart transportation projects are few examples where the government is exploring smart transportation. The requirement of high investment to enhance the existing transport infrastructure and legacy systems is hindering the market growth of smart transportation.
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Managing & responding to the challenging traffic conditions and reducing the commuter’s frustration are few other vital factors steering the growth of the smart transportation market. This trend is expected to continue during the forecast period, fueling the market growth at a CAGR of more than 18% during 2019–2025.
Europe is maintaining the dominant position in the global smart transportation market, followed by North America and APAC. Drivers supporting the growth of the smart transportation market in Europe include the growing demand for handling increasing traffic congestions and emission problems. The European Commission is financially supporting several smart transportation projects to achieve more efficient transport networks by combining the modes of transport.
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In terms of segmentation analysis, the roadways transportation mode contributes to a significant revenue share within the smart transportation market. In terms of components, the solutions segment is estimated to hold the largest share in the smart transportation market. The traffic management application holds the majority of the share in the smart transportation market in 2019, but the safety & security application is expected to increase at the highest CAGR during the forecast period 2019–2025.
“Smart technology will transform the transport industry, benefiting transport managers, commuters, and others by enabling well connected, safer, and sustainable urban transport network.” – Sonam Chawla, Research Analyst, Infoholic Research
Key Segments of the Report Include:
- Transportation Mode
- Advanced Traffic Management System
- Advanced Vehicle Control and Safety System
- Advanced Public Transportation System
- Advanced Transportation Pricing System
- Advanced Commercial Vehicle Operation System
- Advanced Traveler Information System
- Implementation & Integration Services
- Support & Maintenance Services
- Training & Consulting Services
- Safety & Security
- Autonomous/Connected Cars
- Traffic Management
- Shared Mobility
- Route Guidance
- North America
- Rest of Europe
- Rest of APAC
- North America
• Industry outlook: Market trends, drivers, restraints, and opportunities