At 16.5 % CAGR, Smart Transportation Market Size Worth $292.5 Billion by 2026: IndustryARC
Growing implementation of Road Safety Technologies since last Decade are expected to Drive the Market Forward in Competition for Smart Transportation Market
HYDERABAD, TELANGANA, INDIA, September 22, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that Smart Transportation Market forecast to reach $292.5 billion by 2026, at a CAGR of 16.5% during 2021-2026. Increase in urban population, various government regulations, growing smart city initiatives assist in developing connected vehicle technologies such as Vehicle-to-Vehicle (V2V) and Vehicle-to-Grid infrastructure (V2I). For instance, Indian government provided funding of $7.6 billion for the development of smart infrastructure and management services under the smart city initiative program over a five year period from 2016 to 2021. Such investments and initiatives are likely to improve the smart transportation market. Continuously growing urban population, rising number of road services, incidents and rapid vehicle modernization are some of the key issues that drive the development of the global market for smart transportation solutions. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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1. Asia-Pacific is the fastest growing region in the smart transportation market owing to the government initiatives for development of smart city solutions in this region.
2. According to Smart transportation market analysis, technological innovations such as Vehicle-to-Vehicle (V2V) and Vehicle-to-Grid infrastructure (V2I), are making transport systems more efficient, reliable and brought major changes in the way everything operates.
3. Smart traffic management solutions hold the highest share in smart transportation due to smart traffic management systems, which are inbuilt with sensors and regulate the flow of traffic by reducing traffic congestion.
4. Major players in Smart Transportation market outlook include Accenture PLC, International Business Machine (IBM) Corporation, Kapsch, Alstom, SA; Cisco System, Inc., and General Electric Company (GE).
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1. The adoption of smart transportation solutions, such as compressed natural gas, smart fuels and connected vehicles, helps in reducing the total vehicle carbon emissions and enhancing the environmental safety. The railway sector is expected to grow at the fastest rate over the forecast period.
2. North America dominated the smart transportation market share for about 34.2%, due to rapid deployment of smart transportation solutions, which offer features such as real-time traffic information, parking management systems, smart signaling systems, electronic toll collection, and real-time information for public transit systems.
3. Smart traffic management solutions hold the highest CAGR of 20.2% during forecast period 2021-2026. With the growing traffic congestion, pollution, and accidents, smart traffic management are gaining popularity in various countries.
4. Government of India has approved to fund $8.9 billion to use artificial intelligence to decongest traffic and monitor violations. These kind of technologies are likely to accelarate smart transportation market trends.
The top 5 players in the Smart Transportation industry are –
1. Accenture PLC
2. International Business Machine (IBM) Corporation
5. Cisco System
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A. Intelligent Transport System Market
B. Road Safety Market
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