Smart Transportation Market: Government Initiatives to Develop Smart Cities Behind Growth

San Francisco, California, Feb 05, 2017: TMR Research has published a new report titled, “Smart Transportation Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025. According to the report, the global smart transportation market is receiving an impetus on account of the rising number of initiatives taken by governments across the developing nations for developing smart cities. The rising investments in the transportation sector is also aiding the growth of this market. In addition to this, the level of competition among market players is increasing which in turn is proving to be beneficial for the global smart transportation market. Some of the other factors leading to a growth in the smart transportation market include rising open population, growing concerns regarding the protection of environment, high rate of demography growth, and rising adoption of connected technologies and smart technologies.

The tremendous rise in the use of smartphones is undeniably an important factor boosting the growth of the global transportation market. In addition to this, the rising number of analytics-based transportation solution providers has increased tenfold across the globe, and this is helping the market for smart transportation to grow. The rising adoption of e-flexi payment systems is also expected to create many growth opportunities in the future for the players within the global smart transportation market.

On the other hand, there are a few factors which are expected to challenge the growth of the smart transportation market. The unavailability of uniform standards and technologies is one of the important factors expected to restrict the growth of this market. The lack of necessary ICT infrastructure is also acting as a huge setback. This is especially true in emerging economies where there is a lack of interoperability as well as network, apart from ICT infrastructure. Nevertheless, governments across the emerging nations are taking great efforts for encouraging the concept of smart cities as well as taking initiatives for the same and this will bolster the growth of transportation market in the years to come.

On the basis of geography, it is expected that Europe will continue to lead in the global smart transportation market from 2017 to 2025 on account of the growing rate of digitalization across industry verticals. The technological developments as well as the rising adoption of smart connected devices within Europe are other important factors attributed to the growth of the European smart transportation market. Apart from all these factors the presence of a strong government vision which encourages the development of smart transportation systems as well as the presence of advanced network infrastructure are expected to boost the growth of the smart transportation market in Europe through 2025.

The leading players within the global smart transportation market are concentrating on developing advanced technology in order to gain a competitive edge among the rest of the players. Development of new products, innovations, and a rising number of mergers and acquisition activities are expected to be three important strategies adopted by key players within the global smart transportation market. The competition within the market is anticipated to increase as it is estimated that many new players will enter the market in the next few years.

The names of the leading players within the global smart transportation market are: Tomtom International Bv, Kapsch Trafficcom AG, General Electric Company, Cisco Systems, Inc., Siemens AG, Thales Group, International Business Machines Corporation, WS Atkins PLC, Alstom SA, Q-Free ASA, LG CNS Co., Ltd., Indra Sistemas, S.A., and Cubic Corporation.

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