Pune, India, Feb. 20, 2022 (GLOBE NEWSWIRE) -- The global smart transportation market size 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™
We provides specialized market reports on the automotive and transportation through intensive research on the trends and drivers shaping the industry share, size, growth, and revenue as well as shares future projections of the values of market associated with this industry. The automotive and transportation industry is experiencing a period of sustained growth as a result of rising disposable incomes, especially in the developing countries
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Market Growth Reasons:
- Increasing Digitization to Set a Positive Trend for smart transportation market Growth
- Rising Focus of Governments for Imposition of Strict Regulatory Standards on Automotive Industry to Drive Market Growth
- Increasing Penetration of Internet of Things (IoT)-based Technology to Fuel Market Growth
- Increased Use Of Emerging New Game-Changing Technologies to Set a Positive Trend For Market Growth
Smart Transportation Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 11.1% |
| 2028 Value Projection | USD 206.80 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 98.74 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 200 |
| Segments covered | Solution, Service, Regions |
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Traffic volume is ascending alongside the worries that tag along attributable to an emotional upsurge in rural and rustic occupants moving to metropolitan regions and the relating ascend in populace thickness in urban areas.
With the help of distant sensors, independent vehicles, 5G organizations, vehicle-sharing administrations, dynamic traffic lights, and better foundation, auto wellbeing and proficiency can be expanded. Subsequently, these variables are driving the interest for shrewd transportation organizations.
Europe held the largest smart transportation market share and stood at USD 36.99 billion in 2020. This is owing to the significant investment for infrastructure through finance plans such as the Connecting Europe Facility (CEF), which has enabled more than 763 schemes with up to USD 22 billion in the donation.
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Market Segmentation:
Based on solutions, the global smart transportation market is divided into ticketing management systems, parking management systems, integrated supervision systems, and traffic management systems
On the basis of service, the smart transportation market is categorized into business, professional, and cloud services. The professional services segment is estimated to display considerable growth during the forecast period driven by the rise in demand for consulting services.
List of Key Players Covered in this Market 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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