Northrook, IL -- (SBWIRE) -- 11/11/2019 -- The Smart Transportation Market is expected to grow from USD 75.00 billion in 2018 to USD 149.21 billion by 2023, at a CAGR of 14.7% during the forecast period. Major factors that are expected to drive the growth of the smart transportation market across the globe include the rising urban population and high demographic rates, the growing adoption of connected and smart technologies in the transportation infrastructure, and the increasing free trade agreements. Government initiatives for smart cities and government authorities are adopting Public Private Partnerships (PPP) working models, which is also propelling the growth of the smart transportation market.

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The scope of this report covers the analysis of the smart transportation market based on the transportation modes, applications, and regions. The transportation mode is further classified into railways, roadways, airways, and maritime. Designing and developing connected vehicles compatible with Intelligent Transportation Systems (ITS), evolution of semi-autonomous and autonomous vehicles, and decline in vehicle ownership with shared mobility are expected to offer growth opportunities for smart transportation vendors. With the advancements in technology, shared mobility services are gaining traction. Shared mobility services are widely adopted in the western countries, resulting in fuel and cost savings, and are witnessing adoption in other regions as well. Multiple app-based providers are shifting their focus from personal mobility to shared mobility. Shared mobility or on-demand mobility services enable citizens to choose from all modes of transport based on their needs. These solutions can act as feeder services and enhance access to public transportation, such as metro, rail, or bus services.

Why designing and developing connected vehicles compatible with ITS is a good opportunity?

Designing and developing connected vehicles with integrated intelligent mobility technologies can enhance safety and communication, and lessen congestion. Connected vehicles can sense their surroundings by leveraging radar, Global Positioning System (GPS), Light Detection and Ranging (LiDAR), and computer vision. Introduction of Intelligent Transportation Systems (ITS) Cooperative, Connected, and Automated Mobility (CCAM) programs are expected to transform mobility industry globally. CCAM will allow road users and traffic managers to share traffic-related information and manage their actions accordingly. They will enable wireless data exchange within the transport system, and also help in establishing connections among vehicles (V2V) and between vehicles and transport infrastructure (V2I). C-ITS will collectively improve road safety and traffic efficiency by enabling the driver to adapt to different traffic situations and take right decisions. Automotive companies such as BMW (Germany), Nissan Motors (Japan), and Volkswagen (Germany) are working to implement V2V communications. Also, Toyota (Japan) plans to launch Automated Highway Driving Assist (AHDA), an advanced driving support system to reduce road accidents.

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How synthesizing raw data from several touchpoints could pose a major challenge?

Smart transportation environment comprises different interconnected sensors which collect large amounts of raw data. This raw data can be leveraged to extract insights and further enhance the functionality of the environment. However, smart transportation vendors have been facing a major challenge in integrating data from different sensors. Deployment of multi-sensor data fusion technology can help resolve this challenge by collating all recorded signals and creating a highly informed environment for remote sensing, traffic control, and ticketing management.

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