The ever-increasing population of the world leads to rapid urbanization as well as many problems like congestion and safety issues on the road. The need for sustainable solutions to counter these problems is dire. The emergence of cloud-based technologies and advances in vehicle-to-vehicle and vehicle-to-grid infrastructure are making smart transportation a reality.
The market is expected to grow from USD 48.03 billion to USD 117.20 billion by the end of 2021. The lion’s share of the market is taken by the traffic management system with an estimated CAGR of 19.3% in the forecasted period.
The report highlights the recent trends that are being seen across the world like electric vehicles, self-driven cars and the role of ICT in making cities smarter. The report offers a unique perspective on the current applications of ICT in traffic management, road safety and security, freight control, environment protection, automotive telematics, parking management and road-user charging across various regions of the world.
North America is expected to remain the leader with the highest market share. APAC is emerging and is expected to surpass Europe by 2021 because of the ever-increasing population and the greater need for smart systems. Emphasis has been laid on the various systems that can be used to make urban transport smarter.
With the technology making progress by leaps and bounds, commercialization of V2V and V2I is expected in the next few years, thereby creating interconnected networks of all the vehicles ensuring reduced congestion and a smoother traffic flow. The report explores on specific examples of mega cities in the process of becoming smart, the initiatives being taken by the government and the opportunities for monetization for ecosystem players. The major players are Cisco, IBM, Xerox, Oracle, Hitachi, Siemens, Orange and many more.
WHAT THE REPORT OFFERS