North America Smart Transportation Market Trends Analysis, Outlook, Forecast 2016-2024

Market Overview

Developing transportation efficiency through innovation and technological advancement is critical as the population is growing and outdated transportation systems are becoming insufficient to facilitate the present scenario of transportation industry. Automotive manufacturers are also incorporating sensing and technology in their vehicles for adaptive cruise and collision warning systems. Transponders, electronic license plates and smart cards have also enabled the implementation of high-speed toll collection, pre-clearance programs and non-stop border crossings, which is fueling the growth of smart transportation system in North America. Smart transportation does bit include only smart transportation solution but also greener solutions such as electric and hydrogen powered vehicles, which are growing significantly in North American market and also providing huge growth opportunity for the smart transportation solutions.

Goldstein Research analyst forecast the North America Smart Transportation market to expand at a CAGR of 10.2% during the forecast period 2016-2024. Further, the market is anticipated to reach USD 95.2 billion by the end of forecast period.

North America Smart Transportation Market Segmentation

By Offering

• Products

• Hardware
• Software

• Services

• Installation
• Training
• Support and Maintenance

Based on Application

• Vehicle Management
• Mobility Management
• Traffic Management
• Parking Management
• Safety Assistance
• Driver assistance
• Infotainment

Based on Geography

• United States Smart Transportation Market
• Canada Smart Transportation Market

Revenue Share by Application & by Region

Based on application, safety assistance accounted for the largest revenue share of 35% in North America smart transportation market in 2016. Infotainment is the fastest growing segment, likely to expand at a CAGR of 22.3% over the forecast period i.e.2016-2024.

Geographically, North American market accounted for over 35% of the global smart transportation market in 2016. The rising government investment to improve transport infrastructure in the region is expected to impel the regional growth over the coming years. United States region accounted for the largest market share with 70% revenue share in North America smart transportation market. Canada market provides immense growth opportunities as Canada is witnessing string growth in Auto sales but lagging behind in upgrading its transportation system.

Market Dynamics

Trending in Smart Tramsportation

According to our North America smart transportation market study on the basis of extensive primary and secondary research, one major trend in the market is the growing market of connected cars. IoT and fast internet connectivity has enabled the drivers to reach their destination quickly, safely and with optimal fuel consumption. Vehicles can access the real-time traffic information through onboard infotainment systems and can navigate their way accordingly. These technologies will become more critical and popular in coming years as the world grows increasingly urbanized.

Drivers & Challenges to Growth

According to the report, major driver in North America smart transportation market is the emergence of IOT in smart transportation. Tech and automotive companies are pouring money into the Internet of Things, and one area of particular interest to investors is IoT connected cars for smart and efficient transportation system. For instance, more than 60% consumers in United States are aware of connected cars in a recent AT&T and Ericsson survey.

Further, the report states that one challenge in North America smart transportation market is the high initial investment in developing the infrastructure with the smart technological advanced system is expected to hinder the industry growth.

Covered in this North America Smart Transportation market report

The report covers the present ground scenario and the future growth prospects of the smart transportation market in North America for 2016-2024 along with the total revenue of smart transportation industry in every region. We calculated the market size and revenue share on the basis of revenue generated per segment, region, on a regional, and country level. The revenue forecast is given on the basis of number of market players and current growth rate of the market.

North America smart transportation Market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the North America smart transportation market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. North America smart transportation market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Key Market Players

Our North America smart transportation market report comprises of the following companies as the key players in the North America smart transportation market.

•  Orange Business Services
•  Swarco Ag
•  Q-Free Asa
•  Amano Corporation
•  Alstom SA
•  T2 Systems Inc.
•  Xerox Corporation
•  Siemens Ag
•  Accenture Plc
•  Cisco Systems
•  Gemalto NV
•  On Track Innovations (OTI) Ltd
•  IBM Corp.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this market study

• What is the total market size by 2024 and what would be the expected growth rate of sales?
• What is the total revenue per segment and region in 2015-16 and what would be the expected revenue per segment and region over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

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