Smart Transportation helps in efficiently management and coordination of transportation systems. This is done with the help of information technology and artificial intelligence. The usage of the growing technology in the transportation helps in easy flow of the traffic and becomes very useful for the drivers.
The Global Smart Transportation Market accounted for USD 70.14 billion in 2016 growing at a CAGR of 24.85% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
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The global smart transportation market is segmented on the basis of transportation mode into roadways, and railways.
On the basis of solution, the global smart transportation market is further segmented into smart ticketing solution, parking management solution, passenger information solution, traffic management solution, integrated supervision solution, and insurance telematics solution. The parking management solution is further sub segmented into access control solution, ticketing & revenue management solution and automated parking guidance & slot management solution. The passenger information solution is further sub segmented into multimedia information and entertainment solution and network connectivity solution. The traffic management solution is further sub segmented into smart signaling solution, route guidance solution, toll collection & revenue management solution and predictive traffic analytics solution.
On the basis of service, the global smart transportation market is sub segmented into consulting services, deployment & integration services, and support & maintenance services.
On the basis of geography, global smart transportation market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others. In 2017, North America is expected to dominate the market.
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Major Market Drivers & Restraints:
- Growing Urban Population
- Rising Demand of Integrated Security and Safety System for Enhancing Public Safety
- Growing Government Initiatives
- Growing Demand For Efficient Transportation
- Heavy Capital Investment
Major Market Competitors:
Some of the major players of the global smart transportation market are Cisco Systems, Inc., General Electric Company, IBM Corporation, Siemens AG, Cubic Corporation, ALSTOM, Indra Sistemas, S.A., LG CNS, Q-Free ASA, Thales Group, ZTE Corporation, among others.
Company Share Analysis:
The report for smart transportation market include detailed vendor level analysis for market shares in 2016 for Global, North America, Europe, Asia Pacific, Middle East and Africa and South America specifically. Also impact and development analysis of key vendors is registered in the market and factored on the basis of Vendor Positioning Grid Analysis which measures the vendors strengths and opportunities against present market challenges.
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