SELBYVILLE, Del., June 19, 2018 /PRNewswire-iReach/
According to a latest research report by Global Market Insights, Inc. " Smart Transportation Market is predicted to reach USD 130 billion by 2024." Increased traffic congestion, growing pollution, and high occurrences of accidents are the major factors enabling the countries to globally adopt the smart transportation system. These systems enable the integration of various smart technologies such as IoT, artificial intelligence, and smart sensors into transportation vehicles, thereby driving the market growth. The systems aid in improving the fleet & logistics management, goods & services management, driver assistance for traffic management, and automation of roadways, railways, and airways, accelerating the smart transportation adopt the smart market demand.
The IoT-enabled transport services are also widely being leveraged for smart parking solutions, telematics solutions, ticket management, security and surveillance, and passenger information systems. Moreover, due to the smart city revolution, the government of various countries are investing huge funds in the smart city initiatives, which assist in developing connected vehicle technologies, smart infrastructure, and optimizing traffic patterns thereby making transport systems more efficient and reliable.
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Roadways account for the highest share in the smart transportation market and are anticipated to dominate the market growing at a CAGR of 20 percent with USD 36 billion in 2017 to reach USD 108 billion by 2024. Approximately 1745.5 million metric CO2 emissions come from the transportation sector, accounting for 28 percent of total emissions globally. The adoption of smart transportation solutions, such as smart fuels and connected vehicles, helps in reducing the total carbon emissions and enhancing the environmental safety. The railway sector is expected to grow at the fastest rate over the forecast period. It carries billions of tons of freight and passengers each year, which results in the development of efficient smart rail infrastructure and technologies. The government of various countries are also taking up initiatives and implementing regulations for the development of the smart railway system.
Smart traffic management solutions hold the highest share in the smart transportation market with USD 9.3 billion in 2017 and are anticipated to reach USD 25.4 billion by 2024. The smart traffic management systems are inbuilt with sensors, which regulate the flow of traffic by reducing traffic congestion, pollution, and accidents, thus enhancing the smart transportation market growth.
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Smart ticketing solutions assist cities in reducing frauds, revenue loss, and maintenance costs. These solutions increase accessibility to integrated transport systems; hence, the smart ticketing market worth is expected to grow at a fast rate and reach USD 11.4 billion by 2024. They offer greater flexibility, faster transactions, and reliability by providing access to new payment types. The UK government invested USD 98 million to introduce smart ticketing in England and Wales by the end of 2018.
North America is projected to dominate the smart transportation market by 2024 due to rapid deployment of smart transportation solutions, which offer features such as real-time traffic information, parking assistance, adaptive traffic signal control, electronic toll collection, and real-time information for public transit systems. 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. The developed countries including Australia and Japan have already adopted smart transportation facilities as they are politically and technologically advanced.
Buy this industry insights spread across 370 pages with 214 market data tables & 24 figures & charts from the report, "Smart Transportation Market Size By Mode of Transportation (Roadways, Railways, Airways), By Component (Software [Telematics, Parking Management, Ticket Management, Traffic Management, Security and Surveillance, Passenger Information System], Services [Training and Consulting Service, Integration Service, Support and Maintenance Service]), By Deployment Model (On-Premise, Cloud, Hybrid), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Switzerland, Netherlands, China, Japan, Australia & New Zealand (ANZ), South Korea, India, South East Asia, Brazil, Mexico, Argentina, Chile, South Africa, UAE, Saudi Arabia, Qatar), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024" in detail along with the table of contents:
Chapter 6. Global Smart Transportation Market, By Component
6.1. Global smart transportation market, key takeaways, by component
220.127.116.11. Market estimates and forecast, 2013 - 2024
18.104.22.168. Market estimates and forecast, by region, 2013 – 2024
6.2.2. Parking management
22.214.171.124. Market estimates and forecast, 2013 - 2024
126.96.36.199. Market estimates and forecast, by region, 2013 – 2024
6.2.3. Ticket management
188.8.131.52. Market estimates and forecast, 2013 - 2024
184.108.40.206. Market estimates and forecast, by region, 2013 – 2024
6.2.4. Traffic management
220.127.116.11. Market estimates and forecast, 2013 - 2024
18.104.22.168. Market estimates and forecast, by region, 2013 – 2024
6.2.5. Security and surveillance
22.214.171.124. Market estimates and forecast, 2013 - 2024
126.96.36.199. Market estimates and forecast, by region, 2013 – 2024
6.2.6. Passenger information system
188.8.131.52. Market estimates and forecast, 2013 - 2024
184.108.40.206. Market estimates and forecast, by region, 2013 – 2024
6.3.1. Training and consulting service
220.127.116.11. Market estimates and forecast, 2013 - 2024
18.104.22.168. Market estimates and forecast, by region, 2013 – 2024
6.3.2. Integration service
22.214.171.124. Market estimates and forecast, 2013 - 2024
126.96.36.199. Market estimates and forecast, by region, 2013 – 2024
6.3.3. Support and maintenance service
188.8.131.52. Market estimates and forecast, 2013 - 2024
184.108.40.206. Market estimates and forecast, by region, 2013 – 2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/smart-transportation-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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SOURCE Global Market Insights, Inc.