Smart Transportation Market is Growing Rapidly and Its Fueled by Various Trends
One of the key factors responsible for driving the market growth is increasing vehicle parc worldwide. According to statistics by Organisation Internationale des Constructeurs d’Automobiles, globally, 93,856,388 units of vehicles were sold in 2016, which is 4,171,780 units over 2015 total global sales. Moreover, rising need for efficient traffic management, increasing need for public safety and security, and environmental concerns over emission of greenhouse gases, along with rise in number of smart cities. For instance, in 2015 Government of India launched “100 Smart Cities Mission”.
However, high initial investment for replacement of present infrastructure with advanced smart transportation solutions and requirement of large database for road network are factors expected to adversely affect the global smart transportation market growth.
Sample Copy of this Report @ https://www.coherentmarketinsights.com/insight/request-sample/1114
Smart transportation system are efficient and sustainable intermodal transport systems and infrastructure that can deliver high level of intelligence and performance. Smart transportation system includes use of advanced technologies such as electronics, computers, information and telecommunication, and advanced sensors to provide information to consumers in order to improve safety and efficiency of the transportation system. Smart transportation system are increasingly being adopted in order to reduce congestion, improve traffic management, and reduce environmental impact of greenhouse gasses emitted by vehicles.
These systems have a range of applications in transportation such as electronic toll collection, ramp meters, traffic light cameras, traffic-signal coordination, transit signal priority, and traveler-information systems. These are also used in fleet monitoring, tolling management, ticket management, telematics and traffic monitoring. Smart transportation systems aids in improving safety and security and offers real-time information related to traffic and routes and this one of the major drivers for growth of the market.
North America accounted for the largest share in the global smart transportation market in 2016. U.S. is the major growth engine in North America market. This is owing to increasing initiatives from the U.S. government towards improvement of transportation facilities and implementation of intelligent transportation systems (ITS). For instance, the America’s Surface Transportation Act or “FAST Act” was passed in 2015, in order to solve congestion issues, enhance transportation within the country, improve working efficiencies in transportation systems and commercial vehicles, and minimize vehicle emissions.
Request For Customization As per Your Need @ https://www.coherentmarketinsights.com/insight/request-customization/1114
Major players operating in the global smart transportation system market are Accenture, Plc, Amano Corporation, Alstom SA, Cisco Systems Inc., Cubic Corporation, Gemalto N.V., Indigo Infra S.A., Inrix Inc., International Business, Machines Corporation (IBM), Kapsch Trafficom GmbH, Msr-traffic GmbH, and Siemens AG.
You may be interested
Increasing Prevalence Of Diabetes And Rising Geriatric Population Will Drive The Overall Disposable Insulin Pen MarketMohit Joshi - October 17, 2018
The Disposable Insulin Pen Market is expected to have a highly positive growth outlook from 2018-2026 according to a recently released research report. The report has been…
Medical Electrodes Market Is Expected To Record Highest Growth Rate Due To Increasing Prevalence Of Cardiology And Neurological DiseasesMohit Joshi - October 17, 2018
The Medical Electrodes Market is expected to have a highly positive growth outlook from 2018-2026 according to a recently released research report. The report has been added…
Extracorporeal Shock Wave Lithotripsy Market Is Being Fuelled By Rise In Incidence Of Kidney StonesMohit Joshi - October 17, 2018
The Extracorporeal Shock Wave Lithotripsy Market is expected to have a highly positive growth outlook from 2018-2026 according to a recently released research report. The report has…