Global Smart Transportation Market is valued USD 56.45 billion in 2016 is anticipated to grow USD 343.77 billion with the compounded annual growth of 22.23% over the forecast period 2018-2025.
New York 16 Aug 2018, As per the new research study conducted by Bizwit Research & Consulting, Global Smart Transportation market industry is poised to raise USD 343.77 billion by 2025. increasing governmental focus on building smart cities, escalating requirements for safety & security for the improvement of public safety, increasing number of smart cities and rising adoption of IoT are the major factors which are driving the growth in the Global Smart Transportation Market. Smart transportation, a prime internet of things (IoT) vertical application, refers to the combined use of modern technologies and management strategies in transportation systems. These technologies intend to provide innovative services relating to diverse modes of transport & traffic management and facilitate users to be better informed and make safer and ‘smarter’ use of transport networks.
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Global Smart Transportation Market Size Study, By Solution (Traffic Management, Passenger Information, Parking, Integrated Supervision and Others), By Service (Cloud, Professional, and Business), and By Regional Forecasts, 2018-2025
The industry is seeming to be fairly competitive. Some of the leading market players include Kapsch, Accenture PLC., Cisco System, Inc., IBM Corporation, Indra Sistema S.A., Alstom, SA., LG CNS Corporation, Xerox Corporation, General Electric Company, Cubic Corporation, and so on. The fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- The North American and European region accounted for the significant market share, more than 28.90% of the total market in 2016.
- The Asia Pacific region will be the highest growing segment with respect to geographical segmentation, the region is likely to grow by XX% CAGR over the forecast period 2018-2025
Bizwit Research & Consulting LLP has considered following segments for the study:
- Traffic Management
- Passenger Information Parking
- Integrated Supervision
- Ticketing Management
- Cloud Services
- Professional Services
- Business Services
- North America
- Asia Pacific
- Latin America
- Rest of the World