(Delaware U.S) How will the upsurge in global smart traffic management market complement the smart transportation industry outlook by 2024?
Robust penetration of smart technologies in the transit space has led the global smart transportation market trends to accrue massive momentum in the recent years. This growth can be appropriately credited to the mounting adoption of connected vehicle technologies to support the public safety.
Also, an upsurge in the number of passenger and commercial vehicles across the developing economies has escalated the product demand over the years, eventually propelling the industry outlook.
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The constant efforts of the automotive industry players to introduce innovative products and latest technologies to suffice the public demands have supplemented the business dynamics during 2018-2024.
Moreover, the stringent governmental norms and initiatives to deploy smart technologies with an intent to solve the traffic problems have fueled the market size. As a matter of fact, the government of India in 2017 announced an investment of over USD 15 billion for the advancement of smart infrastructure and management services under the banner of smart city initiative.
It has been speculated that smart transportation industry would emerge as one of the most transforming business spaces of the 21st century.
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The global smart transportation market size is anticipated to record a total valuation of over USD 130 billion by 2024, as cited by a Global Market Insights, Inc., research report.
How will the rising deployment of smart transportation business trends amongst airways and roadways segment contribute towards the growth of global smart transportation market?
The global smart transportation industry, as per the mode of transportation spectrum, is segmented into 3 different modes- airways, railways, and roadways.
The airways segment is likely to perform exceptionally over the forecast period on the grounds of the technological advancements and increasing affluence in the growing economies. Proliferating adoption of advanced software with a necessity to offer real-time data would further accelerate the growth of smart airways market.
Apparently, the airways segment is likely to record a CAGR of over 20 per cent through 2024.
Meanwhile, the roadways segment would leverage hefty proceeds in the global smart transportation market share and is expected to dominate the market in the upcoming years.
As per estimates, the roadways segment accounted for over USD 36 billion in 2017 and is probable to be valued at USD 108 billion by 2024.
What are the parameters propelling smart traffic management business dynamics by the end of 2024?
Based on the components segmentation, the global passenger information systems market trends are projected to accrue noticeable gains in the upcoming years owing to the product’s provision of news broadcasting, entertainment, emergency communication services.
According to reports, the global passenger information systems market is expected register a CAGR of 20 per cent through 2024.
Moreover, the proliferating needs for smart traffic management systems to regulate the flow of traffic would propel the market demands over the projected timeframe. For instance, a Chinese firm, Didi Chuxing in 2018 introduced a smart city traffic management solution in tandem with Chinese traffic management for the country’s traffic management. Additionally, the product has been brought to use by over 20 Chinese cities to cater to the smart transportation requirements by the masses.
As per estimates, smart traffic management solutions held over USD 9.3 billion in 2017 and is probable to be worth USD 25.4 billion by 2024.
How will Europe emerge as an important region for the growth of smart transportation industry size?
Europe is one of the most profitable grounds for the global smart transportation market. In fact, Europe smart transportation market is predicted to witness a growth rate of 10 per cent through 2024. This growth is ascribed to the burgeoning presence of automobile industry giants and smart city projects undergoing in the region. Additionally, the governmental bureaucracy is also to be credited for the substantial rise.
The UK government in 2017 invested over USD 112 million pertaining to launch smart ticketing rail software which would ensure the traveler’s fast, easy and secure transit in the near future.