[FURL=https://www.industryarc.com/Research/Smart-Transportation-Market-Research-500894]Smart Transportation Market[/FURL] forecast to reach $128.1 billion by 2025, at a CAGR of 13.1% during 2020-2025. Increase in urban population, various government regulations, growing smart city initiatives assist in developing connected vehicle technologies such as Vehicle-to-Vehicle (V2V) and Vehicle-to-Grid infrastructure (V2I). For instance, Indian government provided a funding of $7.6 billion for the development of smart infrastructure and management services under the smart city initiative program over a five year period from 2016 to 2021. Such investments and initiatives are likely to improve the smart transportation market.Key Takeaways:
North America dominated the smart transportation market share for about 35%, due to rapid deployment of smart transportation solutions.
According to Smart transportation market analysis, technological innovations such as Vehicle-to-Vehicle (V2V) and Vehicle-to-Grid infrastructure (V2I), are making transport systems more efficient, reliable and brought major changes in the way everything operates.
Smart traffic management solutions hold the highest share in the smart transportation due to smart traffic management systems, which are inbuilt with sensors and regulate the flow of traffic by reducing traffic congestion.
Smart Transportation top 10 companies include Accenture, Cisco, GE, IBM, Siemens, Thales, SAP, Huawei, Cubic, Toshiba, Bentley Systems, Descartes, Rockwell Collins, Trimble, DNV, Conduent among others.
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Application - Segment Analysis
Smart traffic management solutions hold the highest CAGR of 20.22% during forecast period 2020-2025. With the growing traffic congestion, pollution, and accidents, smart traffic management are gaining popularity in various countries. For instance, in January 2018, the China-based firm, Didi Chuxing together with Chinese traffic management authorities launched a smart city traffic management solution known as DiDi Smart Transportation Brain which uses artificial intelligence (AI) capabilities to promote the transformation and upgrading of the taxi and bus industries, and help cities develop sustainable smart transportation ecosystems.
Drivers –Smart Transportation Market
Advancement in Parking Management and smooth flow of traffic
Rise in demand for efficient transportation
Market Landscape: Smart Transportation industry outlook has been fragmented by several companies. Smart Transportation top 10 companies include Accenture, Cisco, GE, IBM, Siemens, Thales, SAP, Huawei, Cubic, Toshiba, Bentley Systems, Descartes, Rockwell Collins, Trimble, DNV, Conduent among others.
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