Smart Transportation Market Size with Impressive Growth Rate 2021Competitors Analysis, and Global Opportunities Forecast to 2030

In a recent published report, Kenneth Research has updated the market report for Smart Transportation Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Transportation Market products.

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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.

Global Smart Transportation Market is estimated to reach $278 billion by 2024 with CAGR of 19.4% between 2016 and 2024. Smart transportation involves planning and designing of new roadways with improved features that would provide safe transport solutions. Absence of quality transport, poor movement system, poor rood conditions and others are the major issues confronted by most of the cities. A transit friendly design provides regular and safe travel to pedestrians, bicyclists and transit users. The adoption of smart transportation will aid to curb the excess use of fuel and use of private vehicles on limited road space. It consist of number of benefits such as better network connectivity, access & corridor management, air quality, accident mitigation and competent use of emergency services, among others.

Some of the major drivers of the global smart transportation market are high adoption of IoT & smart cities, increasing government investments along with need for public safety & security. Rising number of road accidents and concern over increasing greenhouse gas emission also support the growth of the market. Additionally, growing popularity of smart cities in emerging economies would provide growth opportunities during the forecast period. Though, high cost involved in the construction and long downtime may hinder the growth of the market.

The global smart transportation market is categorized on the basis of service, solution and geography. By service, it is segmented into business services, cloud services, and professional services. Furthermore, by solution, the market is segmented parking management system, integrated supervision system, ticketing management system, and traffic management system.

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By geography the market is segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers U.K., Germany, France and Rest of Europe. Asia-Pacific covers India, China, Japan and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.

Key market players include Accenture plc, Thales Group, Siemens AG, Cubic Corporation, General Electric Company, LG CNS Co., Ltd. Tomtom International Bv, International Business Machines Corporation, Alstom SA, and Kapsch TrafficCom AG, among others.

The key takeaways from the report:
The report will provide detailed analysis of Smart Transportation Market with respect to major segments such as service and solution
The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024. Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report. An exhaustive regional analysis of Smart Transportation Market has been included in the report.

Profile of the key players in the Smart Transportation Market, will be provided, which include key financials, product & services, new developments and business strategies.

Scope of Smart Transportation Market
Solution Segments
Parking Management System
Ticketing Management System
Traffic Management System
Integrated Supervision System
Service Segments
Cloud Services
Business Services
Professional Services

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Geography Segments
North America
South America
Middle East

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