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Global Smart Transportation Market to grow at a CAGR of 17.18% During 2021-2026, Aided by the Deployment of Smart Solutions in the Airline Industry

According to a new report by EMR titled, ‘Global Smart Transportation Market Report and Forecast 2021-2026’, the market attained a value of about USD 100.2 billion in 2020. The industry is further expected to grow at a CAGR of 17.18% in the forecast period of 2021-2026 to reach a value of nearly USD 259.3 billion by 2026.

The global market for smart transportation is driven by the emergence of intelligent software integration in vehicles and stationary transport infrastructure. The enhanced services like integrated supervision system aid in controlling the traffic, minimising accidents, and provide safety measures to self-driven and traditional vehicles. Furthermore, the public transportation segment is anticipated to extract maximum benefits from smart transportation technology, thus significantly contribute to the market growth. With services like ticket management, the airline industry is anticipated to provide facilities like self-boarding, and self-check-in, consequently reducing the dependency on the manual force, especially during peak hours, thus invigorating the market growth. In addition, the ticketing management system is further flourishing with the outburst of coronavirus, which requires minimum human interaction to reduce the risk of infection. Furthermore, advanced solutions integrated with cloud services that can store data generated from smart transportation solutions are further aiding the industry growth.

A global leader in the market for smart transportation, Alstom SA (EPA: ALO), recently announced the integration of smart technology in the railway transportation system of Sydney, Australia, in September 2021. The project aims at designing, delivering, and providing long-term service support for European Train Control System Level 2 (ETCS) trackside signalling technology. The smart solutions are anticipated to enable the seamless future implementation of future technology throughout an extensive railway network. In addition, the intelligent rail systems by Alstom SA are aimed at providing a complete system for optimal efficiency and safety, along with several benefits like improved passenger experience with more reliable services, reduced journey time, and enhanced real-time information. Such innovations by leading market players are anticipated to bolster the market for smart transportation technology.

Market Analysis by Solution, Service, and Region:

  • The market, based on solution, can be categorised into ticketing management system, parking management system, integrated supervision system, and traffic management system.
  • Based on service, the market can be divided into cloud services, business services, and professional services.
  • The major regional markets for smart transportation are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for smart transportation is being driven by technological advancements like the introduction of the Internet of Things (IoT) and artificial intelligence (AI) in the transportation sector.
  • An intelligent transportation system enables a smooth and safer driving experience by sending real-time updates on traffic conditions, estimated wait time, and shortest route possible.
  • Owing to rising concerns about environmental degradation, the demand for smart transportation is increasing as it provides clean air quality and reduces energy consumption by decreasing traffic-induced congestion.
  • The deployment of a ticketing management system, coupled with cloud service, is invigorating the market demand from the airline industry and hence contributing to the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global smart transportation industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for solutions, services, and major regions of smart transportation.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global smart transportation market are Accenture PLC, Cisco Systems, Inc., General Electric Company, IBM Corporation, and Alstom SA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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