Global Smart Transportation Market – Overview
The smart transportation is an advanced transportation system provides innovative services associated with different modes of transport and traffic management for avoiding various problems including traffic accidents, congestion, and vehicle carbon emission. The smart transportation system involves vehicles, drivers, passengers, road operators, interacting with each other. The adoption of fleet management in smart transportation provides vehicles with a smarter solution that offers real-time visibility of driver performance , vehicle location, fuel consumption, travelling mileage speed, idle times, and increases efficiency productivity of the vehicles.
Due to the rapid urbanization, the amount of greenhouse gas increases in the environment which leads to the adoption of alternative fuels such as bio-fuels, ethanol, compressed natural gas (CNG), and increases the demand of solar and electric vehicles which is likely to impact the growth of smart transportation systems.
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Key Players
Thales Group(France), IBM Corporation(US), Toshiba (Japan), Siemens AG(Germany), Huawei Technologies Co. Ltd. (China), Harris Corporation (US), Hitachi Ltd. (Japan)
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Smart Transportation Market - Segmentation
Segmentation by Solution: Traffic management solution, smart ticketing solution, parking management solution, integrated supervision solution, passenger information solution, insurance telematics solution, and others.
Segmentation by Services: Consulting services, deployment and integration, and support maintenance.
Segmentation by Region: North America, Europe, Asia-Pacific, and Rest of the world.
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Global Smart Transportation Market Regional Analysis
The regional analysis of global smart transportation market is studied for North America, Europe, Asia-Pacific and Rest of the World.
North America dominates the smart transportation market with the US and Canada as the leading countries and is expected to remain dominant during the forecasted period. The market growth is due to the technological advancements and huge investments from the government towards the improvement of transportation facilities with the adoption of smart solutions.
Asia-Pacific is expected to reach the highest CAGR during the forecasted period with China, Japan, India as the leading countries in this region due to the growing demand of smart systems for the rapid population growth and increasing urbanization in this region.