The smart transportation is observed as a prominent part of the smart city projects where the infrastructure is playing an important role in delivering a platform to introduce an effective connected ecosystem. With the significant growth in urbanization across the globe, investments are bucketing into the smart transportation market. In the recent trend, vehicles that are connected by a series of sensors, which guides them in traffic, and is very beneficial for the vehicle management. With the beginning of the Internet of Things (IoT), the revelation of harmless transportation is evolving at a speedy pace. Significant utilization of smart technologies with the purpose of construction smart cities is frantically enlarging across the globe. The key players of this market are playing an important role across the globe more actively for dominating the highest market share by analyzing the strength of competitors which become further beneficial for leading the prominent market growth in the near future.
According to the report analysis, ‘Global Smart Transportation Market (2018-2023)’ states that there are several key players which are presently functioning in this market more significantly across the globe for attaining the huge market share by doing significant developments in the technology of smart transportation includes Siemens AG, Cubic Corporation, IBM, Accenture PLC, Cisco Systems, Xerox Corporation, General Electric Company, LG CNS, Thales Group, Alstom SA and several others. Moreover, with the effective working of the key players of this market are adopting the effective market strategies and policies which make the market more competitive and enforced the investors for investing in the market for enhancing the specifications and applications of this smart transportation technology. Over 1 billion connected things are fitted across the globe under smart cities’ project initiatives. Hence, in the near future the global market of smart transportation will grow more actively.
In 2016, the US Department of Transportation financed approximately USD 160 Billion for smart cities resolutions. These projects are proposed to deliver better parking and traffic administration solutions. Additionally, the developing trend of smart connected technology is booming the recognition of smart vehicles. The ultimatum for smart parking is ever accumulative because of the enormous traffic congestion and absence of parking space caused by increasing number of vehicles. Utilizing the smart sensors and parking meters supports the drivers check for free parking space and standby it in advance.
Smart transportation is guaranteeing public safety as the previous accessibility of traffic and speed related information is tumbling the number of accidents and suspension. Smart transportation is environment-friendly and assistances in protecting the ecosystem clean and safe. Moreover, the governments are taking creativities in the enlargement of smart transport network which is carrying investments for the improvement of smart transportation networks. Therefore, in the near future, it is expected that the market of smart transportation across the globe will grow more actively over the recent few years with the effective working of the key players and vast amount of investment by the new investors.
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