Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Smart transportation is new method to design and planning of roadways which would provide the finest and safest transport solution. The design would provide support to pedestrians, bicyclists and transit users for regular and safe travel. Hence, lack of safe and quality transportation, poor road conditions are the problems faced by most cities. Therefore, smart transportation would anticipate to overcome the challenges posed by the growing number of megacities in developing and developed region in sustaining the smooth traffic flow and safety. Smart transportation is applicable in parking management and guidance, passenger information and traffic management.
The global smart transportation market is expected to grow at a CAGR of 19.5% over the forecast period i.e.2017-2024. The growing number of on-road vehicles and ineffective existing transport infrastructure will drive the need for the smart transportation system. Initiatives by government towards building a better infrastructure and running the transport system smoothly are expected to grow the smart transportation market globally. In addition, smart transportation systems can provide better safety and security by integrating intelligent communication systems in the infrastructure, thus increasing the market growth.
North America is expected to remain the leader with highest market share by 2024. The increasing government investment in transportation infrastructure is expected to boost the growth of smart transportation.
Asia-Pacific is expected a robust growth over the forecast period. The growth is anticipated to be specifically higher in India, China, Japan and South Korea. The competition in this region is fragmented and smart transportation solution providers are looking at expanding the base of their operation to the most countries, as a result of business strategic moves, such as improved infrastructure and implementation of various smart city projects.CLICK TO DOWNLOAD FREE SAMPLE REPORT
The European region is expected to expand at moderate pace owing to early adoption of technology. The Middle East is anticipated to witness an upliftment in the next few years in terms of smart transportation.
Our in-depth analysis segmented the smart transportation market in the following segments:
Global smart transportation Market is further classified on the basis of region as follows:
The growth of smart transportation market is driven by the time and fuel saving ability. It also encourages the development and promotion of substitute green fuels such as natural gas and biodiesel. The major factors anticipating the growth of smart transportation are growing population, increasing number of vehicles, concern over rising of greenhouse gas along with increase in adoption of internet of things. Further, smart cities are supporting the growth of smart transportation. The rise in urbanization and megacities are key factors for the adoption of smart transportation. The use of smart transportation is expected to curb the excess use of private vehicles on limited road space and reduce carbon emission.
However, the requirement of a huge capital for replacing the existing infrastructure with the smart transportation advancement and large database requirement of road network is expected to restrain the growth of the smart transportation market globally.
The key players of smart transportation market are as follows:
Overview of the Parent Market
Analyst View
The smart transportation market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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