Smart Transportation market analysis and forecast till 2024 detailed in new research report:Radiant Insights, Inc
The global smart transportation market is estimated to reach a market size of USD 285.12 billion by 2024, according to a new study by Radiant Insights, Inc. The growing number of on-road vehicles and the ineffective existing transport infrastructure will drive the need for an efficient management system. Favorable government initiatives toward building a better infrastructure and running the transport system smoothly are expected to boost the industry growth.
Increasing investments in the smart city product is anticipated to open new avenues for growth in the coming years as smart transportation is an integral part of the smart city. The growing government focus to reduce greenhouse gas emission and rising traffic congestion is anticipated to drive the industry growth over next eight years. The growing number of government mandates by the European Union (EU) and Directive on Intelligent Transport System is also anticipated to favor the industry growth over the forecast period.
The requirement of a huge capital for replacing the existing infrastructure with the smart technological advanced system is expected to hinder the industry growth. The long downtime for replacing the existing system may also pose a challenge to its growth and will affect the daily commutation activities.
To Request A Sample Copy Of This Report at: https://www.radiantinsights.com/research/smart-transportation-market/request-sample
Further Key Findings from the Study Suggest:
To Browse Full Research Report @: https://www.radiantinsights.com/research/smart-transportation-market
About Radiant Insights:
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Email: sales@radiantinsights.com
Phone: (415) 349-0054
Address: 201 Spear St #1100, Suite #3036
City: San Francisco
State: California
Country: United States
For more information, Visit: http://www.radiantinsights.com
Increasing investments in the smart city product is anticipated to open new avenues for growth in the coming years as smart transportation is an integral part of the smart city. The growing government focus to reduce greenhouse gas emission and rising traffic congestion is anticipated to drive the industry growth over next eight years. The growing number of government mandates by the European Union (EU) and Directive on Intelligent Transport System is also anticipated to favor the industry growth over the forecast period.
The requirement of a huge capital for replacing the existing infrastructure with the smart technological advanced system is expected to hinder the industry growth. The long downtime for replacing the existing system may also pose a challenge to its growth and will affect the daily commutation activities.
To Request A Sample Copy Of This Report at: https://www.radiantinsights.com/research/smart-transportation-market/request-sample
Further Key Findings from the Study Suggest:
- Key solutions available in the market include the ticketing management system, parking management system, integrated supervision system, and traffic management system. The integrated supervision system is used for reducing traffic blocks, minimizing accidents, and providing better safety measures and holds high growth potential.
- Key services include cloud service, business service, and professional service. The cloud service segment is anticipated to witness a surge in the demand, owing to the requirement for the storage of data generated through these systems.
- Professional service vendors offer consulting services and may witness an increase in the demand over the next eight years, owing to the requirement of services for upgrading the existing infrastructure.
- The North American region accounted for over 27% of the global revenue share in 2015 and Asia Pacific is estimated to be the fastest-growing segment, offering lucrative growth opportunities for the industry players. The increasing concentration of leading vendors for expansion and technological advancement in this region is expected to favor the regional growth over next eight years.
- The European Union (EU) and government initiatives towards enhancing transport infrastructure are also expected to favor the European market growth. The Middle East is anticipated to witness an upsurge in the demand, owing to the increasing government investment in the transport infrastructure.
- Key industry participants include Accenture PLC, Alstom, SA, Cisco System, Inc., Cubic Corporation, General Electric Company (GE), Indra Sistema S.A., International Business Machine (IBM) Corporation, Kapsch, LG CNS Corporation, and Xerox Corporation
To Browse Full Research Report @: https://www.radiantinsights.com/research/smart-transportation-market
About Radiant Insights:
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Email: sales@radiantinsights.com
Phone: (415) 349-0054
Address: 201 Spear St #1100, Suite #3036
City: San Francisco
State: California
Country: United States
For more information, Visit: http://www.radiantinsights.com
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