Smart transportation is considered as the direct application of IoT abilities, and hence indicates the combined application of advanced technologies and management policies in the transportation networks. Such technologies are envisioned at recommending advanced services linked with countless means of transport and traffic management. It supports the users in being better briefed and makes safer and better usage of transport systems. Smart transportation is an advanced methodology to offer and design roadways, which will propose the better and safe transport solutions as equal to traditional transport networks. Currently, most of the cities across the globe are tackling countless transportation systems issues, such as unproductive traffic management systems, parking issues, poor road conditions, and several others. A smart transportation system is helping to knock down these issues, due to its characteristics such as synchronization between vehicle and roadside definite locations which will propose the data regarding road conditions, traffic details, and parking expertise data. Furthermore, a smart transportation system proposes added aids, like dropped propel the utilization, accident alleviation, and talented management of emergency services.
According to the report analysis, ‘Global Smart Transportation Market - By Product Type (Advanced Transportation Management Systems, Advanced Transportation Pricing Systems and Advanced Public Transportation Systems); By Transportation Mode (Roadways, Railways, Airways and Maritime); By Solution {Software (Telematics, Parking Management, Smart Ticketing Solution, Ticket Management, Traffic Management, Security & Surveillance, Passenger Information System) and Services (Business Services, Professional Services, Cloud Services, Training & Consulting Services, Integration Services) Fore’ states that the market is predicted to grow on the back of growing technological innovations to improve the customer experience. The growth of the smart transportation market is pushed by the time-and-fuel-saving competence of this infrastructure. Inspiring government schemes, such as EU Directive on ITS, to function road traffic proficiently, has a foremost role in motivating the development of the globally smart transportation market. Furthermore, smart transportation systems can convey improved safety and security by integrating intelligent communication programs in the set-up, thus, improving the market growth. ITS also assists the growth and advancement of substitute green propels like natural gas and biodiesel. Nevertheless, the requirement for high capital investment, due to the complete renovation of the current transport system, and enormous database requisite of the road network, which may not be realizable in underdeveloped regions, restrain market size.
Region wise, Europe is observed to constitute xx% of the total market share during the year 2019. The region is the most broadminded region on the basis of technological implementation and structural growth. It is one of the greatest sponsors of the smart transportation market. The European regions have been spending majorly in the renovation and advancement of rail architecture. Social and trade contracts around the European Union (EU) regions have inspired large-scale, cross-border trade and passenger traffic around Europe. High growth is predicted in the region, mainly in the communication technology, as the European Telecommunications Standards Institute (ETSI) has built a distinct board to importance on Machine-to-Machine (M2M) communication confidentiality regulation and high trading criteria.
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Global Smart Transportation Market
Related Report: -
Global Smart Transportation Market 2019 by Company, Regions, Type and Application, Forecast to 2024
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