Global Smart Transportation Market research report 2021 offers in-depth assessment of revenue analysis by Future Demand, Top Players, Size, Share, Opportunities, Revenue and Growth Rate Through 2027
The global smart transportation market size was USD 92.48 billion in 2020. The market is anticipated to grow from USD 98.74 billion in 2021 to USD 206.80 billion in 2028 at a CAGR of 11.1% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Smart Transportation Market, 2021-2028.” As per our report, the prompt adoption of this smart technique to monitor, assess, and handle transport systems and is probable to improve safety and proficiency. It utilizes innovative technologies to allow a more suitable commute around the city and is more cost-effective and better in terms of safety.
April 2021 – Trapeze Group Americas (Trapeze) launched Vontas, its new business division focused exclusively on meeting the Intelligent Transportation Systems (ITS) needs of transit agencies in North America.
March 2021 – A $500,000 traffic signal synchronization and intelligent transportation systems (ITS) project to Iteris, Inc. by the Illinois Department of Transportation (IDOT). As part of the project, state-of-the-art traffic signal systems will be used to upgrade and modernize existing traffic signals along with signal coordination and timing (SCAT) improvements at key signalized
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Drivers & Restraints
Traffic problems are rising owing to an exponential increase in suburban and rural residents moving to cities and the equivalent surge in population density around urban areas. With rapid density growth, vehicular congestion in cities has also increased, aided by inadequate highway designs and poor urban planning. For instance, traffic congestion alone cost more than USD 200 billion in 4 developed economies (U.K., France, U.S., and Germany).
COVID-19 Pandemic to Lead to Rapid Adoption of IoT for Travelling Purposes
The COVID-19 pandemic was bestowed upon the world in 2019 and has since impacted every industry. Moreover, governments of several regions announced a complete travel ban and lockdowns in order to curb the further transmission of the virus. This adversely affected the traveling and transportation industry. However, as public transport modes are exceptionally vulnerable to infection outbreaks, travel companies are progressively concentrating on data-driven choices to adjust their services and re-establish the trust of the rider. It is leading to the rapid adoption of smart transportation services.
Key players covered in the global Smart Transportation Market research report:
- IBM Corporation (New York, U.S.)
- Cisco Systems, Inc. (California, U.S.)
- Kapsch TrafficCom (Vienna, Australia)
- Cubic Corporation (California, U.S.)
- Xerox Corporation (New York, U.S.)
- Siemens AG (Munich, Germany)
- Iteris, Inc. (California, U.S.)
- LG CNS Co. Ltd. (Seoul, South Korea)
- Thales Group (La Defense, France)
- Indra Sistemas (Alcobendas, Spain)
- Trapeze Software (Ontario, Canada)
- TransCore Inc. (Tennessee, U.S.)
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Important Features that are under Offering and Key Highlights of the Market Report:
- Detailed overview of the global Smart Transportation Market market share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Smart Transportation Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising Smart Transportation Marketmarket growth
By Solution Type
- Traffic Management System
- Integrated Supervision System
- Parking Management System
- Ticketing Management System
Major Table of Contents for Smart Transportation Market Research Report:
- Executive Summary
- Market Dynamics
- Key Market Growth Insights
- Global Market Analysis, Insights and Forecast, 2017-2028
- North America Market Analysis, Insights and Forecast, 2017-2028
- Europe Market Analysis, Insights and Forecast, 2017-2028
- Asia Pacific Market Analysis, Insights and Forecast, 2017-2028
- The Middle East and Africa Market Analysis, Insights and Forecast, 2017-2028
- Latin America Market Analysis, Insights and Forecast, 2017-2028
- Competitive Landscape
- Global Smart Transportation Market Revenue Growth, Industry Share Analysis, By Key Players, 2021
- Company Profiles
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