New York City, NY: Aug 08, 2019 – (Wired Release): The report attempts to offer high-quality and accurate analysis of the Global Smart Transportation Market, keeping in view market forecasts, competitive intelligence, and technological risks and advancements, and other important subjects. The global smart transportation market is comprehensively and accurately detailed in the report, taking into consideration various factors such as competition, regional growth, segmentation, and market size by value and volume. This is an excellent research study specially compiled to provide latest insights into critical aspects of the global smart transportation market.
Smart transportation is an innovative approach to plan and design roadways, which will provide better and safe transport solutions as compare to conventional transport system. Currently, most of the cities across the globe are facing many transportation system issues, such as ineffective traffic management system, parking issues, poor road conditions, and others. Smart transportation system is supporting to overcome these issues, owing to its properties such as coordination between vehicle and roadside specific locations which will provide information regarding road condition, traffic details and parking facility information. Moreover, smart transportation system provides additional benefits, such as lowered fuel consumption, accident mitigation, and competent management of emergency services. Also, extensive use of smart transportation system will help to restrict excessive use of privately owned vehicles, which will simultaneously reduce the carbon emission.
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Rising demand for intelligent transport solutions, especially for security and safety of individuals are major factors expected to boost growth of the global smart transportation market over the forecast period. But, high investments in legacy systems and conventional traffic management solutions, especially in emerging economies is a major factor expected to hamper growth of the global smart transportation market over the forecast period.
Ticketing management system is expected to expand at the highest CAGR during next ten years. Ticketing management system integrates onboard ticketing, online ticketing, mobile ticketing, and smart card ticketing. Ticketing management system enables the transport management system to provide additional services to their customers along with ease to access transportation facility details such as route, fare details, and available services during travel. Increasing penetration regarding mobile devices acceptance and demand toward digital payment options expected to drive ticketing management system in the global smart transportation market.
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On the basis of services, the global smart transportation market is segmented into cloud services, business services, and professional services. The business services segment is anticipated to witness significant growth over the forecast period.
The global smart transportation market report has been segmented on the basis of solution, service, and region. On the basis of region, the global smart transportation market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in North America accounted for highest share in terms of revenue in the global market, and is projected to maintain its dominance over the forecast period. This can be attributed to increasing adoption of advanced transport management technologies in the region. Revenue from the market in Europe accounted for second-highest share and is closely followed by the markets in Asia Pacific, Latin America, and Middle East & Africa respectively. This is attributed to increasing government investment for improvement and enhancement of transport infrastructure in the region. This can be attributed to increasing number of several smart city projects in emerging economies in the region. Also, the markets in Latin America and Middle East & Africa are projected to witness moderate growth over the forecast period.
Prominent players in the global smart transportation market include Accenture, Cisco, GE Transportation, Cubic Corporation, General Electric Company, Xerox Corporation, IBM Corporation, Alstom SA, and Siemens AG.
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