Smart Transportation Market
Summary
Advanced technologies are taking people way ahead of time where unconnected travelling is transforming into a new world of connected transportation. Nowadays, vehicles are connected with Wi-Fi or sensors so that they can not only use internet connectivity but it can also guide in traffic and vehicle management. As of 2015, North America has successfully provided in-flight connectivity to over 3,000 aircrafts out of 5,500 commercial aircraft with the help of aircraft connection companies Gogo, Global Eagle, Thales/LiveTV, and Panasonic. Internet of Things (IoT) is changing the vision of transportation and ensuring safety of people. Vehicles such as buses, trains, connected cars and planes are providing internet connectivity to deliver efficient services to the consumers.
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Market Size and Forecast (2016-2024)
World wide acceptance of cloud based technologies and solutions are advancing the smart transportation technology. Automotive industry is adopting cloud technology for navigation, infotainment, social connection etc. Moreover, storage of data is enhancing the qualitative analysis of current transportation infrastructure and helps in implementation of smart technologies. The market of smart transportation business is driven due to upsurge in the demand for improvement in public transport facilities and safety. High penetration of connected cars is transforming the automotive industry by its high efficiency, productivity and safety. Emerging trend of smart technology is boosting the acceptance of smart vehicles. The global smart transportation market is projected to reach a market size of USD 251.40 billion by 2024, growing at a CAGR of 16.75% from 2016 to 2024. Smart parking market is projected to grow at a CAGR of 10.9% during the forecast period, to reach a market value of USD 6.2 billion by the end of 2024. The demand of smart parking is increased due to huge traffic congestion and lack of parking space caused by increasing number of automobiles. Use of smart sensors and parking meters helps the drivers to check for free parking space and reserve it in advance.
Growth Drivers and Challenges:
Market Drivers
Rising population and urbanization across the globe is increasing the need for improvement in public and private transportation system. Strong involvement of government in development of transportation facilities is increasing the investment on smart technology based projects. Smart transportation is ensuring safety of people as prior availability of traffic and speed related information is reducing the delay and number of accidents. Smart transportation is environment friendly and helps in keeping ecosystem clean and safe. A smart vehicle reduces the harmful vehicle emission which is a step towards safe environment. These are some of the key factors which are driving market for smart transportation across the globe.
ChallengesHigh initial investment in improving the infrastructures of existing transportation industry is obstructing the growth of smart transportation market. Improvement of existing roads or rail projects requires long time period which creates an obstacle for pedestrian and day to day communication gets affected. Long span of projects with huge financial investment are also a major challenge for the smart transportation market players. Complexity of infrastructure and limited availability of data which can monitor transportation system is restraining the adoption of smart technology in transportation industry. Lack of internet penetration in developing and under developed countries is a challenging factor to expand the market and increase the adoption rate of smart transportation.
Table of Contents
For Detailed Reading Please visit @ https://www.wiseguyreports.com/reports/2111665-global-smart-transportation-market-outlook-2024-global-opportunity-and-demand-analysis
About Us
Wise Guy Reports is part of the Wise Guy Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe. Wise Guy Reports understand how essential statistical surveying information is for your organization or association. Therefore, we have associated with the top publishers and research firms all specialized in specific domains, ensuring you will receive the most reliable and up to date research data available.
Contact Us:
NORAH TRENT
Partner Relations & Marketing Manager
sales@wiseguyreports.com
www.wiseguyreports.com
Ph: +1-646-845-9349 (US)
Ph: +44 208 133 9349 (UK)
Summary
Advanced technologies are taking people way ahead of time where unconnected travelling is transforming into a new world of connected transportation. Nowadays, vehicles are connected with Wi-Fi or sensors so that they can not only use internet connectivity but it can also guide in traffic and vehicle management. As of 2015, North America has successfully provided in-flight connectivity to over 3,000 aircrafts out of 5,500 commercial aircraft with the help of aircraft connection companies Gogo, Global Eagle, Thales/LiveTV, and Panasonic. Internet of Things (IoT) is changing the vision of transportation and ensuring safety of people. Vehicles such as buses, trains, connected cars and planes are providing internet connectivity to deliver efficient services to the consumers.
Click here for sample report @ http://www.wiseguyreports.com/sample-request/2111665-global-smart-transportation-market-outlook-2024-global-opportunity-and-demand-analysis
Market Size and Forecast (2016-2024)
World wide acceptance of cloud based technologies and solutions are advancing the smart transportation technology. Automotive industry is adopting cloud technology for navigation, infotainment, social connection etc. Moreover, storage of data is enhancing the qualitative analysis of current transportation infrastructure and helps in implementation of smart technologies. The market of smart transportation business is driven due to upsurge in the demand for improvement in public transport facilities and safety. High penetration of connected cars is transforming the automotive industry by its high efficiency, productivity and safety. Emerging trend of smart technology is boosting the acceptance of smart vehicles. The global smart transportation market is projected to reach a market size of USD 251.40 billion by 2024, growing at a CAGR of 16.75% from 2016 to 2024. Smart parking market is projected to grow at a CAGR of 10.9% during the forecast period, to reach a market value of USD 6.2 billion by the end of 2024. The demand of smart parking is increased due to huge traffic congestion and lack of parking space caused by increasing number of automobiles. Use of smart sensors and parking meters helps the drivers to check for free parking space and reserve it in advance.
Growth Drivers and Challenges:
Market Drivers
Rising population and urbanization across the globe is increasing the need for improvement in public and private transportation system. Strong involvement of government in development of transportation facilities is increasing the investment on smart technology based projects. Smart transportation is ensuring safety of people as prior availability of traffic and speed related information is reducing the delay and number of accidents. Smart transportation is environment friendly and helps in keeping ecosystem clean and safe. A smart vehicle reduces the harmful vehicle emission which is a step towards safe environment. These are some of the key factors which are driving market for smart transportation across the globe.
ChallengesHigh initial investment in improving the infrastructures of existing transportation industry is obstructing the growth of smart transportation market. Improvement of existing roads or rail projects requires long time period which creates an obstacle for pedestrian and day to day communication gets affected. Long span of projects with huge financial investment are also a major challenge for the smart transportation market players. Complexity of infrastructure and limited availability of data which can monitor transportation system is restraining the adoption of smart technology in transportation industry. Lack of internet penetration in developing and under developed countries is a challenging factor to expand the market and increase the adoption rate of smart transportation.
Table of Contents
- Parent Market Synopsis
2. Executive Summary
3. Research Methodology
4. Regional Opportunity Analysis on the basis of Competitors
5. Global Smart Transportation Market Size (USD Billion) and Forecast Analysis, 2016-2024
6. Market Dynamics: Growth Drivers, Restraints and Opportunities
6.1. Risk Factors
6.2. Regional Variations
6.3. Recent Trends and Developments
7. Global Smart Transportation Market Segmentation
7.1. By Components (Market Size ($ Billion) & Y-o-Y Growth Analysis, 2016-2024)
7.1.1. Adoption Rate (%) by Components
7.1.2. Hardware (Market Size ($ Billion) & Y-o-Y Growth Analysis, 2016-2024)
7.1.2.1. Adoption Rate (%) by Hardware
7.1.2.2. Sensors (Market Size ($ Billion) & Market Share (%), 2016-2024)
7.1.2.3. RFID Tags (Market Size ($ Billion) & Market Share (%), 2016-2024)
For Detailed Reading Please visit @ https://www.wiseguyreports.com/reports/2111665-global-smart-transportation-market-outlook-2024-global-opportunity-and-demand-analysis
About Us
Wise Guy Reports is part of the Wise Guy Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe. Wise Guy Reports understand how essential statistical surveying information is for your organization or association. Therefore, we have associated with the top publishers and research firms all specialized in specific domains, ensuring you will receive the most reliable and up to date research data available.
Contact Us:
NORAH TRENT
Partner Relations & Marketing Manager
sales@wiseguyreports.com
www.wiseguyreports.com
Ph: +1-646-845-9349 (US)
Ph: +44 208 133 9349 (UK)
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