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(Wireless-NewsWire.Com, May 02, 2019 ) 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.
[251 Pages Report] The smart transportation market was valued at USD 55.00 billion in 2017 and is expected to reach 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.
Major vendors covered in the smart transportation market include Thales (France), Huawei (China), Siemens (Germany), IBM (US), Cisco Systems (US), SAP (Germany), Cubic (US), ALSTOM (France), Bombardier (Canada), Toshiba (Japan), Harris (US), Saab (Sweden), Veson Nautical (Massachusetts), Advanced Navigation Positioning Corporation (ANPC) (Australia), BASS Software (Norway), BENTLEY SYSTEMS (US) and many more.
The airways segment is expected to grow at the highest CAGR during the forecast period. With the growing urbanization across the globe, the airways industry has evolved over the years. The demand for aviation services has increased significantly in the last decade. With the improvement in living standards and reduction in the cost of air travel, the air transportation has become affordable to several people. It has increased the demand for commercial aircraft. New technologies and digitalization of services are driving the airlines industry to ensure smooth maintenance, reduce operating cost, and take advantage of the increasing air travel.
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