Smart Transportation Market Outlook to 2026 Detail Study focusing on Key Players like IBM Corporation, Siemens AG, Cisco Systems, Inc, General Electric Company, Cubic Corporation, Alstom, Thales Group, SAP, Accenture
Global Smart Transportation Market is accounted for $59.07 billion in 2017 and is expected to reach $237.143 billion by 2026 growing at a CAGR of 16.7% during the forecast period. Growth in transportation infrastructure, rising megacities, and population and rising number of on-road vehicles are the major key factors driving the market growth. However, the lack of standardized and uniform technology may hamper the market growth.
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Smart transportation utilizes information technology and artificial intelligence to efficiently manage and coordinate transportation systems. Smart transportation systems have emerged to be a sustainable solution to serve traffic management issues. These solutions are applicable to both public and private transportation and are critical to economic growth.
By Deployment Model, Cloud segment is likely to have a huge demand due to the growing need for storage of data generated through these systems. Cloud solutions have a major impact on traffic management and road safety by using the internet and the storage for traffic-related decision making. Based on geography, Europe is expected to grow significantly during the forecast period due to growing parking issues and growing investments to improve urban transport and traffic infrastructures in this region.
Some of the key players profiled in the Smart Transportation Market include IBM Corporation, Siemens AG, Cisco Systems, Inc, General Electric Company, Cubic Corporation, Alstom, Thales Group, SAP, Accenture, Rockwell Collins, Huawei, Cubic, Amadeus, Indra Sistemas and Advanced Navigation and Positioning.
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