The smart transportation system market is anticipated to cross a double-digit CAGR in the forthcoming period according to a report published by S&P consulting. Transportation is witnessing a change due to innovative technologies that enable safety, consistency and agility of transportation systems worldwide.
— The smart transportation system market is anticipated to cross a double-digit CAGR in the forthcoming period according to a report published by S&P consulting. Transportation is witnessing a change due to innovative technologies that enable safety, consistency and agility of transportation systems around the globe.
5G systems in several countries have enabled machine-to-machine communication that enables cities, transportation and infrastructure to transfer real-time data for enhanced maintenance and increased operational efficiency. In a recent news, it was stated that transportation systems when loaded with 5G connectivity, revolutionizes the mode of travel resulting in a well-designed network infrastructure and economic. It is assumed that public transports and buses might run more smoothly coupled with business models that are supported by sensors embedded in railways, airbases and railway tracks to communicate with other devices.
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Opportunity areas accounting for a wider deployment is mainly due to connected bus stops, connected cars, connected trucks and autonomous automobile. Deploying 5G systems for transportation enables fleet monitoring, augmented reality, and safety, sustainability and eco-system scalability.
Technological innovations, growing urban population across the globe, rise in the transportation requirements, and huge production of connected cars are some of the key factors that anticipate in fuelling the Smart Transportation System market in the years to follow.
The Smart Transportation System Market could be categorized based on product type, application, and geography. The prominent product types associated with the system may entail Vehicle-to-Vehicle Interaction and Vehicle-to-Infrastructure Interaction, and Advanced Traveller Information System. Geographical segmentation for smart transportation system market includes North America, Latin America, Europe, Asia-Pacific, Middle East and Africa.
Prominent players in the smarOracle Corporation, Cisco Systems Inc., Schneider Inc., SAP SE, AGT International, Logica, Hitachi Inc., Siemens Corporation, IBM Corporation, ERTICO-ITS, GSM Association, Orange Inc, and others. The leading manufacturers are taking up policies such as partnerships, mergers and acquisitions, and joint ventures to propel the inorganic market growth.
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