Smart Transportation Market Will See 20% Growth to Value $130 Billion by 2024: Global Market Insights, Inc.

SELBYVILLE, Del., Sept. 27, 2018 /PRNewswire-PRWeb/ -- Roadways account for highest smart transportation market share followed by railways and airways. Roadways 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. Railways are anticipated to grow at a fast pace over the forecast period due to factors, such as cheaper transport fare and government investments, in developing smart railway systems. Airways are the preferred mode for freight transportation and airports worldwide have been investing in various smart technology solutions to reduce air traffic congestion and delays.

Smart ticketing segment is anticipated to grow at the fastest rate in the smart transportation market and reach USD 11 billion by 2024. These solutions increase the accessibility to integrated transport systems thereby offering reliability and flexibility and by providing access to new payment modes, enhancing the customer experience.

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Smart traffic management solutions hold the highest share in the smart transportation market software segment, 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.

The penetration of integration services is the highest in the smart transportation market as they deliver a high level of performance and intelligence. The cloud deployment model in smart transportation market is projected to witness a fast growth rate over the forecast period due to the increasing popularity of the vehicular cloud technology and the features it offers such as efficient traffic management, road safety, standardization, and infotainment services. The real-time safety applications, such as remote surveillance, video capture service, and speed-based lance changing, provide enhanced efficiency to the passengers thereby accelerating the smart transportation market growth.

North America witnesses the highest share in the smart transportation market due to the use of advanced technologies, high disposable income, and improved lifestyle. The U.S. accounts for 70 percent of the market in North America owing to the various automotive companies pouring huge funds to develop smart-connected vehicles. 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.

Browse key smart transportation market insights from the 2018 report spread across 370 pages offering 214 market data tables as well as 24 figures & charts along with the table of contents:
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20 companies active and profiled in this smart transportation market research include Agero Inc., Accenture Plc, Alstom SA, Avail Technologies Inc., Clever Devices Ltd., Cisco Systems, Cubic Corporation, ETA Transit Systems, GMV Innovating Solutions, IBM Corporation, Indra Sistemas, S.A, General Electric, Kapsch TrafficCom AG, LG CNS Co. Ltd., Siemens AG, Thales Group, TomTom International Inc., Trapeze Software, TransCore Inc. and WS Atkins PLC.

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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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