Smart Transportation Market Availability of Substitute Products,
Applications By 2024
“Smart Transportation Market is anticipated to reach USD 285.12 billion by
2024. The market is anticipated to grow at a healthy rate in the years to come.
Smart transportation system implies sustainable and efficient intermodal
transport system and infrastructure that can transport high level of
performance and intelligence.”
Global Smart Transportation Market is anticipated to reach USD 285.12 billion by 2024. The market is
anticipated to grow at a healthy rate in the years to come. Smart transportation system implies sustainable and
efficient intermodal transport system and infrastructure that can transport high level of performance and
intelligence. Smart transportation system comprises use of advanced technologies such as telecommunication,
computers, electronics information, and progressive sensors to offer information to customers to develop
efficiency and safety of the transportation system. Smart transportation system is progressively being accepted
to reduce environmental impact of greenhouse gasses emitted by vehicles, improve traffic management, and
reduce congestion.
On the other hand, there are factors that may hamper the growth of the market such as smart transportation
requires a big database of road networks that could not be accessible in the emerging countries, and huge capital
investment. Smart transportation industry is anticipated to grow at a significant CAGR of 22.5% in the upcoming
period as the scope, product types, and its applications are increasing across the globe. Smart transportation
market may be explored by solution, service, and geography. The market may be explored by solution as Traffic
management system, Parking management system, Integrated supervision system, and Ticketing management
system. The “Traffic Management” segment dominated the smart transportation industry in 2016 and is
anticipated to maintain its dominance by 2024.
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