IMARC Group has recently released a new research study titled “Smart Transportation Market: Global Industry Trends, Share, Growth, Opportunity and Forecast 2023-2028“, The global smart transportation market size reached US$ 96.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 184.7 Billion by 2028, exhibiting a growth rate (CAGR) of 12% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Smart transportation refers to the integration of various advanced technologies and management strategies into the existing transportation systems. These technologies include traffic signal control systems, car navigation and speed cameras for improving services related to different transportation modes and traffic management. In recent years, smart transportation has gained prominence as it offers reliable, convenient and affordable ways to commute for the masses.
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Smart Transportation Market Trends and Drivers:
The rising working population is accelerating the need for interconnected mobility solutions to reduce commute times, which represents the primary factor driving the global smart transportation market. Additionally, the growing usage of the internet of things (IoT)-enabled devices, machine learning(ML),and 5G technology is contributing to the market growth. Furthermore, the escalating vehicle sales due to rapid urbanization and high disposable incomes are also encouraging the development of smart transportation networks. Other factors, including technological advancements in automobiles, increasing investments and various government initiatives to develop smart cities, and rising road congestion and safety issues, are also expected to propel the market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Solution:
Breakup by Service:
Breakup by Transportation Mode:
Breakup by Application:
Market Breakup by Region:
Competitive Landscape with Key Player:
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