Global Smart Transportation Market Size research report 2021 offers in-depth assessment of revenue growth, market definition, segmentation, industry potential, influential trends for understanding the future outlook and current prospects for the market. Smart Transportation Market to Exhibit CAGR of 11.1% by 2028; New York MTA Grants Bonus to Cubic Corporations’ CTS for Betterment of Service: Fortune Business Insights™
This study provides information about the sales and revenue during the historic and forecasted period of (2021 to 2028). Understanding the segments helps in identifying the importance of different factors that aid market growth. Estimations about the CAGR value for specific forecast period, market drivers, market restraints, and competitive strategies are assessed in this Smart Transportation Market report.
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). It leads to a high number of accidents, money & time lost in commuting, and overall loss of economic growth & productivity. However, through remote sensors, autonomous vehicles, 5G networks, vehicle-sharing services, dynamic traffic signals, and better infrastructure, automotive safety and efficiency can be increased. Hence, these factors are driving the demand for smart transportation networks.
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 communication type, the market is classified into vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and others. In terms of geography, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.
Industry Development
February 2021: The New York Metropolitan Transportation Authority (MTA) granted a bond opportunity worth USD 39 million to Cubic Corporations’ CTS unit to make advancements in the ticket paying system for Metro-North Railroad and Long Island Rail Road.
Key players covered in the global Smart Transportation Market research report:
- IBM Corporation
- Cisco Systems, Inc.
- Kapsch TrafficCom
- Cubic Corporation
- Xerox Corporation
- Siemens AG
- Iteris, Inc.
- LG CNS Co. Ltd.
- Thales Group
- Indra Sistemas
- Trapeze Software
- TransCore Inc.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
