WiseGuyRerports.com Presents “Global Smart Transportation System Market Research Report 2018” New Document to its Studies Database
Smart transportation system or intelligent transport system (ITS) is an advanced transportation infrastructure that aims to provide innovative services for traffic and transport management systems. The global smart transportation system market size was valued at $63,667 million in 2015, and is projected to reach $237,701 million by 2022, growing at a CAGR of 18.6% between 2016-2022. This transport also enables various users to be more coordinated, informed, and make safer and smarter use of transport networks. Smart transportation is applicable in parking management & guidance, passenger information, and traffic management.
The smart transportation market growth is driven by:
- supportive government initiatives to manage road traffic efficiently
- benefits of smart transportation systems – i.e. better safety and security by integrating intelligent communication systems in the infrastructure
- ITS that encourages the development and promotion of substitute green fuels such as natural gas and biodiesel
- traffic congestion issues and hence, the seeking sustainable solutions
- new-age urban development pursuits and planning of smart cities
- emergence of cloud-based technologies and advances in Vehicle-to-Vehicle (V2V) and Vehicle-to-Grid infrastructure (V2I)
However, the need for high capital investment, owing to the complete restoration of the existing transport system, and large database requirement of road network, which may not be possible in developing nations, restrain market size.
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Global Smart Transportation System Market is broadly classified by Solutions, Services, and Top Players/Brands. By solutions, the market is broadly classified into Hybrid Ticketing Management System, Parking Management & Guidance System, Integrated Supervision System, Traffic Management System. By services, it is split into Business, Professional, and Cloud.
To determine the market segments, the report covers 10 key players (along with key players’ sales, price, revenue, and market share). The prominent ones are:
- Accenture plc
- Alstom SA
- Cisco System Inc.
- GE Transportation
In addition, this report discusses the key drivers influencing market growth, opportunities, trends, and their impact on present and future development, and the challenges and risks faced by key players and the market as a whole.
In the report, by region, the global market is divided into Americas (United States, Canada, and Mexico), Europe (Germany, France, UK, Italy, and Russia), and Asia Pacific (China
South Korea, Japan, and India).
Geography-wise, Europe leads the pack due to higher adoption of smart transportation processes in most urban areas and support from government. Technological innovations have brought about a major change. The IoT has made developing connected networks feasible in almost all major functioning sectors today.
Product launches, agreements, acquisitions & mergers, expansions, and partnerships are the prominent strategies adopted by key players in this industry to remain competitive in the smart transportation market.
Huge hours of traffic congestion in urban areas is leading to spike in air pollution, waste of fuel, and reduced manpower productivity. Traffic congestion in urban areas, especially emerging economies, is often related to poor traffic management, soaring number of vehicles, insufficient infrastructure, and poor road conditions.
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