San Jose, California Jun 11, 2018 (Issuewire.com) - Market Density Publishes Market Research and Industry Analysis Report on the “Global Smart Transportation Market” – Scope, Stake, Progress, Trends and Forecast up to 2023. Smart Transportation Systems are the backbone of city transportation, responsible for availing a quality life to the citizens residing. Roadways and Railways are the key mode of logistics and commuting in any city, large or small. A poor transportation and traffic management system lead to a pitiable transportation network, presenting the safety concerns. These, simultaneously, also affect transport operators, challenging them with the demand-supply gap, inadequate recovery, and poor asset management.Thanks to the technology that has brought about Smart Transportation System, which by eliminating the issues mentioned above, is enhancing the quality of life of citizens. This very aspect has made Smart Transportation Systems an integral part of a smart city project. The governments across the global are increasingly adopting these systems to turn their cities smart and consecutively, their countries smarter. This augmented uptake is escalating and widening the market scope of Smart Transportation Systems across the globe. The global Smart Transportation market had valued USD 80 Billion in 2017 and is estimated to reach USD 298 Billion by the end of 2023, registering a whopping CAGR of 22.5 % during 2017-2023, asserts Market Density in its analysis. “This means, the market will grow over 3folds just in six years”, states the head, team research analyst while discussing the market forecast. He further says, “The transportation industry is one of the key contributors towards country’s GDP (gross domestic product), and it demands a smart system to create sustainable growth in the economy. Smart Transportation Systems are playing a key role, efficiently managing the whole show. Hence, its market is proliferating.”Other factors contributing the market growth include growing population and urbanization, driving the demand for efficient transportation management and smart cities. Improving economy, globally, is enhancing the purchasing power in totality. Besides, other various features these systems offer impacts the market growth positively. These systems comprise the services such as various parking management & guidance, automated planning, traffic management & passenger information, among others. They enable end-users to be better informed, more coordinated, making them use transport networks more safely and smartly. Technological advancements coupled with the rising investments transpired by the vendors into R&D activities to develop these systems and bring more innovations to them are ensuring to ascend the market growth to the heightened level. To make the traffic scenarios manageable, the government increasingly initiate, and fund smart city projects; this further provides the required impetus to the Smart Transportation market growth. Conversely, factors such as high initial investment coupled with the requirement of the large database are impeding the growth of the global smart transportation market. Nevertheless, advancements in technology are already in the process to bring cost-effective solutions soon.Report Segments - Global Smart Transportation Market Market Density has segmented the analysis into four categories
By Services : Hardware, Software, Services, Cloud Services, Business Services, and Professional Services among others.
By Transportation Modes : Railways and Roadways among others.
By Applications : Parking Management Solutions, Ticketing Management Solutions, Traffic Management, Solutions, and Insurance Telematics Solutions, among others
By Regions : North America, Europe, APAC and Rest of the World.
Competitive Analysis - Global Smart Transportation Market The Embryonic market of Smart Transportation appears to be competitive and fragmented. Several large and small key players are churning the competition to gain competitive edge accounting for a substantial market share. Strategies of these players remain the same, such as collaboration, acquisition, partnership, product & technology launch, and expansion. The market is poised to perceive constant innovations and development of new products eventually causing intensified competition among the vendors.Key Players: Hewlett Packard Enterprise, Cisco Systems, IBM Corporation, General Electric, Siemens AG, Accenture PLC., Xerox Corporation, Symantec Corporation, Garmin Ltd, Palo Alto Networks, Inc., Thales Group, NEC Corporation, and Juniper Networks, Inc. are some of the fervent market players operating in the market. Industry News: MAY 10, 2018: The Rapid (US), a leading global provider of smart transport solutions announced that it is in the last phase of development and is all set to launch its new product – a smart card – “The Wave”. The smart card is designed to provide pay-as-you-go electronic fare system to the passengers to get on board. This will make riding the bus easier at a lower cost due to capped fare.MAY 17, 2018: Smart Columbus (US), a group formed in collaboration between the state government and local research groups of Columbus, to oversee city’s work on the federal Smart Cities grant, launched a computer operating system to address various challenges associated with the transportation in the city. Regional Analysis of Global Smart Transportation MarketEurope counts for the largest market for Smart Transportation, in terms of size and revenue, globally. The market is driven by the demand for public safety and security coupled with the intelligent communication systems in the infrastructure. Government funding will influence the regional market growth, reasoning the rapid growth in the recent future.On the other hand, Asia-Pacific region is poised to witness a fantastic growth, emerging as the fastest growing market, globally. Increasing Smart City projects in the APAC countries such as India, China, South Korea and Japan are contributing to the market growth of APAC marketDownload the full report: https://www.marketdensity.com/smart-transportation-market-by-applications-ticketing-management-traffic-management-traffic-management-insurance-telematic-solutions-transportation-roadways-railways-global-market-trends-forecasts-upto-2023.html
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