Smart Transportation Market Size, Key Players, Supply, Consumption, Demand, Growth, Application, Analysis and Forecast 2020-2030
Posted by florathoms from the Business category at 30 Dec 2022 01:07:06 pm.
The smart transportation market size is expected to grow at USD 273 billion by 2022, at ~24% of CAGR between 2016 and 2022.
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Thales Group, Siemens AG, Accenture Plc, LG CNS Co. Ltd., General Electric Company, AECOM, TomTom International B.V., Kapsch, Cisco Systems, Inc., IBM Corporation, Cubic Corporation, and Alstom SA are key players of the global smart transportation market.
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The smart transportation market size is segmented by solution and service. The solution segment consists of various solutions as Traffic management, smart ticketing, Parking management, integrated supervision, passenger information solution, and Insurance telematics solution. The smart ticketing integrates online ticketing, onboard ticketing, smart card ticketing, and mobile application ticketing. The smart ticketing solution aims to provide better services to their customers and also minimize fund leakage & fare avoidance situations. The traffic management solution is used in various road traffic environments to follow and capture numerous vehicles at the same time in a large scene and manage the traffic smartly and effectively.
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The regional analysis of smart transportation market is being studied for regions of Asia Pacific (APAC), Americas, Europe, and Rest-of-the-World (RoW). Rapid digitization across different industries has driven the market of Smart Transportation in European region. European region is expected to dominate in the Smart Transportation market by the forecast period owing to digital transformation, technological advancements, and increasing adoption of smart connected devices. The study reveals that government initiatives towards smart transportation in the European region are driving the smart transportation market in this region. North America region followed by Europe is expected to grow significantly by the forecast period. Asia-Pacific countries like China, Japan, India and Korea are expected to show a steady growth in the Smart Transportation Market.