The “Smart Transportation Market by Transportation Mode, Solution, Service, Application, and Region – Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.
The smart transportation market is expected to grow from USD 75.00 billion in 2018 to USD 149.21 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period.
The market is expected to witness massive growth, due to factors, such as the rising urban population and high demographic rates, the increasing adoption of connected and smart technologies in the transportation infrastructure, and the increasing free trade agreements.
Furthermore, 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.
The designing and developing connected vehicles compatible with Intelligent Transportation System (ITS), declining vehicle ownership with shared mobility, and advancing semi-autonomous and autonomous vehicles are expected to provide growth opportunities for smart transportation vendors.
Smart transportation is an array of technologies that efficiently manage the existing, as well as new transportation systems to increase operational efficiencies, provide better safety, and ease the transportation needs of commuters at a low and efficient cost. The smart transportation technology comprises solutions and services for all the modes of transport roadways, railways, airways, and maritime. The improving technological advancements in the transport industry are having a significant impact on the transport industry. The adoption of smart technologies in the transport industry is widely adopted to digitally transform the conventional transportation systems to smart transportation systems.
Europe is estimated to hold the largest market share in 2018. The European Commission has put forward an investment plan worth USD 13 billion in the transport infrastructure for 276 transport projects, selected under the Connecting Europe Facility (CEF). These planned investments help improve the urban transport and traffic infrastructures in France and the UK that are expected to drive the European railway transportation industry.
The smart transportation market has been demonstrating considerable growth, but recovering Return on Investment (ROI) from legacy systems, compliance with stringent transportation regulatory policies, and lack of standardized and uniform technology may restrain the growth of this market.
Source: Press Release