BANGALORE, India, Jan. 25, 2021 /PRNewswire/ -- The Smart Transportation Market is Segmented by Type (Roadways, Railways, Airways, Maritime), Application (Shared Mobility, Public Transport, Route Guidance, Transit Hubs, Autonomous/Vehicles, Video Management, Others): Global Opportunity Analysis and Industry Forecast, 2021-2026. This report is published on Valuates Reports in the Transportation & Logistics Category.
The global Smart Transportation market size is projected to reach USD 121,220 Million by 2026, from USD 74,990 Million in 2020, at a CAGR of 8.3% during the forecast period 2021-2026.
Major factors driving the growth of smart transportation market size are technological advancement to enhance customer experience, growing government initiatives and PPP models for smart transportation, rising urban population and high demographic rates, and growing adoption of IoT and automation technologies to enhance technological optimization.
The report offers a comprehensive analysis and accurate statistics on revenue by the player for the period 2021-2026. It also offers detailed analysis supported by reliable statistics on price and revenue (global level) by players for the period 2021-2026.
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TRENDS INFLUENCING THE GROWTH OF SMART TRANSPORTATION MARKET SIZE
Technological advancements to enhance customer experience is expected to drive the smart transportation market size. The efficient implementation of smart transportation solutions depends heavily on the various facets of technologies such as data communication, cloud, mobility, and sensors that together form the IoT architecture. In recent years, rapid developments in these areas have allowed better object communication, resulting in the creation of smarter ecosystems.
Furthermore, the development of automatic vehicles is expected to provide significant opportunities for the growth of the smart transportation market size. Across the automotive sector, the trend of creating driverless vehicles can be observed. With tremendous technological development, semi-autonomous and autonomous vehicles are undergoing rapid evolution. Although it will take considerable time to incorporate autonomous vehicles on a wide scale, many transportation operators are expected to deploy semi-autonomous vehicles in the future. The introduction of autonomous vehicles is important for the growth of the smart transportation market as these vehicles do not need drivers and will result in a cost reduction for mobility service providers.
As smart transport is an integral part of every smart city, growing investments in smart city initiatives are expected to fuel the growth of the smart transportation market size.
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SMART TRANSPORTATION MARKET SHARE ANALYSIS
Based on transportation mode, the roadways segment is expected to hold the largest smart transportation market share during the forecast period. This rapid growth of the segment is attributed to the rising adoption of intelligent mobility solutions across major cities around the world. In addition to the introduction of these smart technologies, the rapid growth of the smart transportation market can be credited with a remarkable increase in government patronage and financial support to revamp the transportation industry.
The software segment is expected to grow at the highest CAGR during the forecast period. This is due to the usage of various smart transportation software, including parking management, traffic management, security & surveillance, ticket management, and passenger information management. Among these, the security & surveillance software segment is expected to hold the largest smart transportation market share.
Based on region, North America is expected to hold the largest smart transportation market share due to its advanced infrastructure. Asia-Pacific, on the other hand, is expected to witness the highest growth during the forecast period. In other regions such as Europe and MEA, the growth will be drive-by favorable government initiatives.
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SMART TRANSPORTATION MARKET SEGMENTS
Smart Transportation Market segment by Type, the product can be split into
Smart Transportation Market segment by Application, split into
- Shared Mobility
- Public Transport
- Route Guidance
- Transit Hubs
- Video Management
Smart Transportation Market segment by Regions/Countries, this report covers
- North America
- Southeast Asia
- Central & South America
The key players covered in this study
- Thales Group
- Cisco Systems
- Bentley Systems
- Veson Nautical
- Advanced Navigation and Positioning
- Bass Software
- Indra Sistemas
"We can also add the other companies as you want"
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