The global smart transportation market is expected to driven by development of smart cities and automation in transportation industry. Less emission of natural gases from vehicles is gaining traction and propelling the worldwide market expansion of smart transportation.
The global smart transport market was valued at USD 64.25 billion in 2015 and further the market is predicted to register a notable CAGR over the forecast period i.e. 2016-2024.
The global smart transport market is segmented on the basis of components such as hardware, software and platform. Platform and hardware section is estimated to witness a remarkable growth due to high adoption rate of smart sensors and GPS trackers. Adoption of connectivity technologies such as Bluetooth, 2G/3G/4G, ZigBee etc is mounting the demand of platforms in the future.
Geographically, North America occupies the largest share in global smart transportation market and is expected to reach the value nearly USD 75 billion by the end of 2024. High investment in smart city projects and large automotive industry is driving the business opportunities for smart transportation market in North America region.
Smart travelling with connected cars
Growing penetration of connected cars is expected to bring a new future to the transportation industry. Facilities such as advanced diagnosis of vehicle problems, rear seat infotainment, voice recognition etc. are primarily boosting the adoption rate of connected cars. Connected cars have reduced the accident rates nearly 30% in 2015 and are expected to fuel the market of smart transportation market.
Driveless Cars: new future for transportation industry
Advanced technologies are increasing the demand of automation in transportation and logistics industry. Self driven cars are already launched in Middle-East region and are expected to gain popularity across the globe. However, safety concern of consumers is restricting the adoption of driveless cars around the world.
“Global Smart Transport Market Outlook 2024” contains detailed overview of the global smart transport market in terms of market segmentation by component type and by application type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Sacle) analysis, Porter’s five force model and SWOT analysis.
This market report also includes provides competitive outlook of some of the major players of the Global smart transport market which includes profiling of companies of Alstom, Cisco Systems, IBM Corporation, Cubic Corporation etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global smart transport market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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