NEW YORK, April 12, 2017 /PRNewswire/ -- Rising demand of integrated security and safety system for enhancing public safety is expected to drive the growth of the smart transportation market
The smart transportation market size is expected to grow from USD 72.05 billion in 2016 to USD 220.76 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 25.1% during the period 2016–2021. The major drivers for an upsurge in demand for the smart transportation market include the rising urban population and demand of integrated security & safety system for transportation. Investment in legacy systems precluding the Return of Investment (ROI) is one the restraining factors that affect the growth of the market. Passenger information solution is estimated to have the largest market share The passenger information solution is expected to have the largest market share during the forecast period. Passenger information solutions make an important link between commuters and transit service providers. Keeping commuters informed with their current journey information is one of the top most priorities of the transit agencies. Passenger information solutions provide real-time information of the transit services, such as current location, estimated arrival & departure time, and causes for disruption. Asia-Pacific is expected to grow at the highest CAGR during the forecast period As per the geographic analysis, Asia-Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The competition in this region is fragmented and smart transportation solution providers are looking at expanding the base of their operations to most of the countries in the region, as a result of business strategic moves, such as improved infrastructure and implementation of various smart city projects. The government in this region is spending heavily on the transport infrastructure and working on Public–Private Partnership (PPP) model to ramp up the smart transportation projects. In the process f determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key industry personnel.
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