Smart Transportation Market latest Development, Trends and Forecasts to 2024
The Global Smart transportation market size is anticipated to record a total valuation of over USD 130 billion by 2024. Robust penetration of industry in the transit space has led the trends to accrue massive momentum in the recent years. This growth can be appropriately credited to the mounting adoption of connected vehicle technologies to support the public safety.
The constant efforts of the automotive industry players to introduce innovative products and latest technologies to suffice the public demands have supplemented the business dynamics during 2018-2024. Also, an upsurge in the number of passenger and commercial vehicles across the developing economies has escalated the product demand over the years, eventually propelling the industry outlook.
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The global smart transportation industry, as per the mode of transportation spectrum, is segmented into 3 different modes- airways, railways, and roadways.
The airways segment is likely to perform exceptionally over the forecast period on the grounds of the technological advancements and increasing affluence in the growing economies. Proliferating adoption of advanced software with a necessity to offer real-time data would further accelerate the growth of smart airways market.
Apparently, the airways segment is likely to record a CAGR of over 20 per cent through 2024. Meanwhile, the roadways segment would leverage hefty proceeds in the global smart transportation market share and is expected to dominate the market in the upcoming years. As per estimates, the roadways segment accounted for over USD 36 billion in 2017 and is probable to be valued at USD 108 billion by 2024.
Europe is one of the most profitable grounds for the global smart transportation market. In fact, the market is predicted to witness a growth rate of 10 per cent through 2024. This growth is ascribed to the burgeoning presence of automobile industry giants and smart city projects undergoing in the region. Additionally, the governmental bureaucracy is also to be credited for the substantial rise.
The UK government in 2017 invested over USD 112 million pertaining to launch smart ticketing rail software which would ensure the traveler’s fast, easy and secure transit in the near future.
The Prominent players in the market are IBM Corporation, Inc., Cisco Systems, General Electric Company, Cubic Corporation, Siemens AG, Accenture PLC
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Table of Content
Chapter 4. Competitive Landscape
4.1. Introduction
4.2. Market leaders, 2017
4.2.1. Cubic Corporation
4.2.2. IBM
4.2.3. TomTom
4.2.4. Siemens AG
4.2.5. Thales Group
4.3. Innovation leaders, 2017
4.3.1. Avail Technologies, Inc.
4.3.2. Clever Devices Ltd.
4.3.3. ETA Transit Systems
4.3.4. GMV Innovating Solutions
4.3.5. Trapeze Software
4.4. Other prominent vendors
Chapter 5. Global Smart Transportation Market, By Mode of Transportation
5.1. Global smart transportation market, key takeaways, by mode of transportation
5.2. Roadways
5.2.1. Market estimates and forecast, 2013 - 2024
5.2.2. Market estimates and forecast, by region, 2013 – 2024
5.3. Railways
5.3.1. Market estimates and forecast, 2013 - 2024
5.3.2. Market estimates and forecast, by region, 2013 - 2024
5.4. Airways
5.4.1. Market estimates and forecast, 2013 - 2024
5.4.2. Market estimates and forecast, by region, 2013 – 2024
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