The smart transportation is observed as a prominent
part of the smart city projects where the infrastructure is playing an
important role in delivering a platform to introduce an effective connected
ecosystem. With the significant growth in urbanization across the globe,
investments are bucketing into the smart transportation market. In the recent
trend, vehicles that are connected by a series of sensors, which guides them in
traffic, and is very beneficial for the vehicle management. With the beginning
of the Internet of Things (IoT), the revelation of harmless transportation is
evolving at a speedy pace. Significant utilization of smart technologies with
the purpose of construction smart cities is frantically enlarging across the
globe. The key players of this market are playing an important role across the
globe more actively for dominating the highest market share by analyzing the
strength of competitors which become further beneficial for leading the
prominent market growth in the near future.
According to the report analysis, ‘Global
Smart Transportation Market (2018-2023)’ states that there are several key players which are presently functioning
in this market more significantly across the globe for attaining the huge
market share by doing significant developments in the technology of smart
transportation includes Siemens AG, Cubic Corporation, IBM, Accenture PLC,
Cisco Systems, Xerox Corporation, General Electric Company, LG CNS, Thales
Group, Alstom SA and several others. Moreover, with the effective working of
the key players of this market are adopting the effective market strategies and
policies which make the market more competitive and enforced the investors for
investing in the market for enhancing the specifications and applications of
this smart transportation technology. Over 1 billion connected things are fitted
across the globe under smart cities' project initiatives. Hence, in the near
future the global market of smart transportation will grow more actively.
In 2016, the
US Department of Transportation financed approximately USD 160 Billion for
smart cities resolutions. These projects are proposed to deliver better parking
and traffic administration solutions. Additionally, the developing trend of
smart connected technology is booming the recognition of smart vehicles. The
ultimatum for smart parking is ever accumulative because of the enormous
traffic congestion and absence of parking space caused by increasing number of
vehicles. Utilizing the smart sensors and parking meters supports the drivers
check for free parking space and standby it in advance.
Smart
transportation is guaranteeing public safety as the previous accessibility of
traffic and speed related information is tumbling the number of accidents and
suspension. Smart transportation is environment-friendly and assistances in protecting
the ecosystem clean and safe. Moreover, the governments are taking creativities
in the enlargement of smart transport network which is carrying investments for
the improvement of smart transportation networks. Therefore, in the near
future, it is expected that the market of smart transportation across the globe
will grow more actively over the recent few years with the effective working of
the key players and vast amount of investment by the new investors.
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