WILMINGTON, DE / ACCESSWIRE / September 2, 2022 / Transparency Market Research Inc. - Prominent countries worldwide have witnessed an increase in number of vehicles which has led to rise in traffic congestion and caused a need to divert traffic. This has increased the need to adopt technology to help manage traffic congestion and smart transportation systems have emerged as suitable choice to decrease traffic congestion. The global smart transportation market is projected to advance at CAGR of 21.30% during the forecast period between 2021 and 2031.
Prominent smart transportation market players are making huge investments in research and development activities in a bid to produce improved products that would meet the requirements of large number of customers. Well-established smart transportation market players are signing collaborating with lesser-known market players in a bid to expand their market presence and increase their revenue shares.
Leading market player Siemens, in 2020, signed a collaborative agreement with Arm, a leading player in semiconductor market in a bid to redefine design capabilities for complicated electronic systems, thereby helping mobility. The collaboration has helped automotive manufacturers and suppliers develop and validate different safety enabled systems.
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Key Findings of Smart Transportation Market Study
- Increasing Demand for Real-time Data from Different Sources Augmenting Growth in Smart Transportation Market: Smart transportation systems have witnessed increased demand since they offer real-time data and feedback from various sources. The information provided by these services assists consumers in making informed decisions and improves transportation services. Smart transportation systems can also store live tracking data that could be deployed later in inventory management, in future. Increasing demand for smart transportation systems is positively impacting growth in smart transportation market
- Supportive Government Measures towards Smart Transportation Systems Boosting Growth in Smart Transportation Market: Governments in developed economies are prioritizing the need to reduce traffic congestion on roads and divert traffic, in a bid to reduce the possibility of accidents. As a result, authorities are encouraging the implementation of new technologies in different transportation services which is triggering the demand for smart transportation systems and stimulating the market growth
Smart Transportation Market: Key Drivers
- Rising demand for high-quality traffic management systems in a bid to offer improved safety to passengers is a key growth driver for global smart transportation market
- Increasing integration of intelligent transportation systems in automobiles in triggering the growth in global smart transportation market
- Increasing population rate in developing countries fuelling the demand for smart transportation systems for commercial or residential activities, thereby helping growth of smart transportation market
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Smart Transportation Market: Regional Market Insights
- Europe emerged as leader in global smart transportation market, in 2020, because of increasing adoption of smart connected devices in countries such as the U.K. and Germany
- Asia Pacific is projected to witness significant growth in overall market during the forecast period due to growing integration of smart transportation systems in transport services in countries such as India and China
Smart Transportation Market: Key Players
Presence of several prominent players makes the competition landscape of the global smart transportation market fragmented. Many of these players have held a large share in overall market, for many years.
Leading smart transportation market players could launch new smart transportation systems in a bid to gain a competitive edge over other players.
Some of the leading players include IBM Corporation Inc., General Electric Company, Accenture PLC, Cisco Systems, Siemens AG, and Hitachi Ltd.
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The global smart transportation market is segmented as follows:
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
- Ticketing Management System
- Parking Management System
- Integrated Supervisory System
- Traffic Management System
- Cloud Services
- Business Services
- Professional Services
- Mobility as a Service
- Route Information and Route Guidance
- Public Transport
- Transit Hubs
- Connected Cars
- Video Management
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