Intelligent Transportation Market Size Expected to Reach USD 208.86 Billion at a CAGR of 10.4%, 2028
Intelligent Transportation Market Size – $ 94.37 Billion in 2020, Market Growth – at a CAGR of 10.4%, Market Trends – Technological Advancement
NEW YORK, NY, UNITED STATES, December 28, 2021 /EINPresswire.com/ – Growing Demand for Integrated Safety and Security Systems for Better Public Safety in Automotive Industry Drives Market Revenue Growth
The Global intelligent transport market The size is expected to reach $ 208.86 billion in 2028 and register a CAGR of 10.4% over the forecast period, according to the latest report from Reports and Data. The increase in the number of road vehicles and the increase in parking problems around the world is driving the revenue growth of the intelligent transportation market.
Intelligent transportation uses artificial intelligence and information technology to effectively manage the transportation system. It allows travelers to be aware of traffic and provide them with a safer, better and more pleasant place to live and work. Rapid advancements in technology are contributing to the growth of intelligent transportation market.
The emergence of smart cities is also driving the growth of the market. An efficient, convenient and reliable transportation system is an important characteristic of a smart city. It guarantees a faster response in an emergency, cleaner air and convenient ways to reach destinations. Smart cities have various mobility options such as carpooling, carpooling, cycling and public transport, among others. Smart cities include interconnected pedestrian bridges and bicycles, which encourage people to leave their vehicles at home more often, resulting in a more sustainable environment.
Additionally, with the increase in the number of electric vehicles, cities need to install charging stations to ensure that electric vehicle owners can charge easily, again contributing to overall environmental sustainability. As more and more cities adopt smart transportation networks to improve living standards, the market is experiencing increased levels of growth.
Companies featured in the global market report include Siemens AG, Thales Group, Cubic Corporation, General Electric Company, Accenture PLC, Cisco Systems, International Business Machines (IBM) Corporation, Trapeze Software Group, TransCore Inc., and Huawei Technologies Co. , Ltd. .
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Some highlights of the report
• In December 2021, the Ontario government launched a flagship program to stimulate investment and innovation in the city’s electric, connected and autonomous vehicle sector. The government will invest $ 56.4 million in the “Ontario Vehicle Innovation Network (OVIN)”, which is part of “Driving Prosperity: The Future of Ontario’s Automotive Sector”. Previously, the city had invested $ 85 million in the Autonomous Vehicle Innovation Network (AVIN).
• The services segment is expected to register a significant revenue growth rate during the forecast period as software deployment will create demand for maintenance and consulting. Training services help users understand this software and implement it for better network management. In addition, intelligent transportation management software needs to be updated over time to help it keep up with changing vehicles and road demands.
• Cloud segment is expected to register a significant revenue growth rate during the forecast period due to the increase in data generated by intelligent transport software and services. The cloud enables cities to collect, store and analyze data of all kinds. The information derived from this data is limitless and helps cities identify gaps, issues and trends.
• A smart train uses data to help passengers and keep them connected, informed and entertained with stable Wi-Fi or 4G in stations and cars. Smart ticketing, freight information and online catering become a reality and contribute to transport efficiency and reduce overall costs in the long run. The Covid-19 pandemic has accelerated the digitization of railways in countries with poor digital services.
• Mobility as a service (MaaS) is a consumer-centric model that provides accessibility to different modes of transport through an integrated application. It is a real-time platform that includes many combinations of public transportation methods such as carpooling, bus sharing, bike sharing, and self-driving cars. The MaaS segment will experience increased revenue growth in the future due to the growth in the use of smartphones with the availability of high-speed network connectivity. Additionally, with the introduction of 5G, IoT, and smart cities, MaaS is expected to have an upward trend.
• The European market accounted for the largest share of income in 2020. The region has published a “smart and sustainable mobility strategy” which outlines a number of targets for the movement of people and goods around and between cities and for achieve a green and digital transformation in the future. According to the European Green Deal, adopting a mobility strategy will reduce emissions by 90% by 2050 and provide a smart, accessible and safer transport system
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For the purpose of this report, Reports and Data has segmented the intelligent transportation market on the basis of solution, transportation mode, deployment, application, and region:
Solution Outlook (Revenue, USD Billion; 2018-2028)
Transportation Mode Outlook (Revenue, USD Billion; 2018-2028)
Deployment outlook (revenue, billion USD; 2018-2028)
• On the site
Application Outlook (Revenue, USD Billion; 2018-2028)
• Mobility as a service
• Route information and route guidance
• Public transport
• Transit centers
• Connected cars
• Video management
Regional Outlook (Revenue, USD Billion; 2018-2028)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Key Benefits of Intelligent Transportation Report:
• Identification and analysis of market size and competition
• Qualitative and quantitative analysis of market data
• Data validated by industry experts after extensive primary and secondary research
• In-depth regional analysis of the intelligent transportation industry
• Profiling of key players as well as their business insight, business strategies, agreements and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for an in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, constraints, challenges, risks and limitations
To conclude, all aspects of the Intelligent Transportation Market are quantitatively and qualitatively assessed to study the Global and Regional Market in a comparative manner. This market research presents critical information and factual data about the market, providing an overall statistical study of this market on the basis of market drivers, its limitations and future prospects.