Ocean View, DE -- (SBWire) -- 05/15/2020 --The global smart transportation market, as per the mode of transportation spectrum, is segmented into 3 different modes- airways, railways, and roadways.
The airways segment is likely to perform exceptionally over the forecast period on the grounds of the technological advancements and increasing affluence in the growing economies. Proliferating adoption of advanced software with a necessity to offer real-time data would further accelerate the growth of smart airways market.
Apparently, the airways segment is likely to record a CAGR of over 20 per cent through 2024.
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Meanwhile, the roadways segment would leverage hefty proceeds in the global smart transportation market share and is expected to dominate the market in the upcoming years.
Key Companies: - 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., WS Atkins PLC,
Robust penetration of smart technologies in the transit space has led the global smart transportation market trends to accrue massive momentum in the recent years. This growth can be appropriately credited to the mounting adoption of connected vehicle technologies to support the public safety.
Also, an upsurge in the number of passenger and commercial vehicles across the developing economies has escalated the product demand over the years, eventually propelling the industry outlook.
The constant efforts of the automotive industry players to introduce innovative products and latest technologies to suffice the public demands have supplemented the business dynamics during 2018-2024.
Based on the components segmentation, the global passenger information systems market trends are projected to accrue noticeable gains in the upcoming years owing to the product's provision of news broadcasting, entertainment, emergency communication services.
According to reports, the global passenger information systems in smart transportation market is expected register a CAGR of 20 per cent through 2024.
Moreover, the proliferating needs for smart traffic management systems to regulate the flow of traffic would propel the smart transportation market demands over the projected timeframe. For instance, a Chinese firm, Didi Chuxing in 2018 introduced a smart city traffic management solution in tandem with Chinese traffic management for the country's traffic management. Additionally, the product has been brought to use by over 20 Chinese cities to cater to the smart transportation requirements by the masses.
As per estimates, smart transportation market in smart traffic management solutions held over USD 9.3 billion in 2017 and is probable to be worth USD 25.4 billion by 2024.
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Europe is one of the most profitable grounds for the global smart transportation market. In fact, Europe smart transportation market is predicted to witness a growth rate of 10 per cent through 2024. This growth is ascribed to the burgeoning presence of automobile industry giants and smart city projects undergoing in the region. Additionally, the governmental bureaucracy is also to be credited for the substantial rise.
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Smart Transportation Market Analysis to 2024 :Accenture Plc, IBM Corporation, General Electric, Siemens AG, Thales Group, Trapeze Software, TransCore Inc., WS Atkins PLC
The global smart transportation market, as per the mode of transportation spectrum, is segmented into 3 different modes- airways, railways, and roadways