Smart Transportation Market Trends and Competition by Manufacturers 2024

Felton, California , USA, Dec 15 2021 — /EPR Network/ — Latest Research Report on Smart Transportation Market begins with a deep introduction and then delves broad into specific segments such as raw material, application, end user, and region, policy study, value chain structure, and upcoming trends in particular segments or regions. The report on Smart Transportation prepare a case for investments in different regions based on a practical view of their regulatory outline, manufacturing dynamics, and availability of skills and resources in that region.

 

Smart transportation industry is anticipated to grow at a significant CAGR of 22.5% in the upcoming period as the scope, product types, and its applications are increasing across the globe.

 

Global Smart Transportation Market is anticipated to reach USD 285.12 billion by 2024. The market is anticipated to grow at a healthy rate in the years to come. Smart transportation system implies sustainable and efficient intermodal transport system and infrastructure that can transport high level of performance and intelligence. Smart transportation system comprises use of advanced technologies such as telecommunication, computers, electronics information, and progressive sensors to offer information to customers to develop efficiency and safety of the transportation system.

 

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Smart transportation system is progressively being accepted to reduce environmental impact of greenhouse gasses emitted by vehicles, improve traffic management, and reduce congestion. On the other hand, there are factors that may hamper the growth of the market such as smart transportation requires a big database of road networks that could not be accessible in the emerging countries, and huge capital investment.

 

North America accounted for the major share of the Smart Transportation Market Size in 2015 and will continue to lead in the forecast period due to factors such asearly acceptance of severalnew technologies, increasing government investments in transport infrastructure. On the other hand, Europe is anticipated to benefit from its fast digitization across verticals. Growing technological advancements and increasing acceptance of smart connected devices, followed by a robust government vision, and healthy network infrastructure toward smart transportation are anticipated to propel development in the smart transportation industry.

 

Some of the key players that fuel the development of the smart transportation market include AGT International, SAP SE, Cisco Systems Inc., IBM Corporation, Logica, Hitachi Inc.,GSM Association, Schneider Inc., Oracle Corporation, Siemens Corporation, ERTICO-ITS, Orange Inc. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

 

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