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According to the latest report by IMARC Group “Smart Transportation Market: Global Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026“, The global smart transportation market reached a value of US$ XX Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2021-2026.
Smart transportation refers to the integration of various advanced technologies and management strategies into the existing transportation systems. These technologies include traffic signal control systems, car navigation and speed cameras for improving services related to different transportation modes and traffic management. In recent years, smart transportation has gained prominence as it offers reliable, convenient and affordable ways to commute for the masses.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The rising working population is accelerating the need for interconnected mobility solutions to reduce commute times, which represents the primary factor driving the global smart transportation market. Additionally, the growing usage of the internet of things (IoT)-enabled devices, machine learning(ML),and 5G technology is contributing to the market growth. Furthermore, the escalating vehicle sales due to rapid urbanization and high disposable incomes are also encouraging the development of smart transportation networks. Other factors, including technological advancements in automobiles, increasing investments and various government initiatives to develop smart cities, and rising road congestion and safety issues, are also expected to propel the market growth.
Breakup by Solution:
Hybrid Ticketing Management System
Parking Management and Guidance System
Integrated Supervision System
Traffic Management System
Others
Breakup by Service:
Business
Professional
Cloud Based
Breakup by Transportation Mode:
Roadways
Railways
Airways
Maritime
Breakup by Application:
Mobility as a Service
Public Transport
Transit Hubs
Connected Cars
Video Management
Others
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Competitive Landscape with Key Player:
Accenture plc
Alstom SA
Bentley Systems Incorporated
Cisco Systems Inc.
Cubic Corporation
General Electric Company
Indra Sistemas S.A.
International Business Machines Corporation
Kapsch Aktiengesellschaft
Siemens AG
Thales Group
Xerox Corporation.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Information:
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