The Worldwide Smart Transportation Industry is Expected to Reach $285 Billion by 2030 – QNT Press Release


DUBLIN, May 27, 2022 /PRNewswire/ — The “Smart Transportation Market Size, Share & Trends Analysis Report by Solution (Ticketing Management System, Parking Management System), by Service, by Region, and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.

The global smart transportation market size is estimated to reach USD 285.12 billion by 2030, growing at a CAGR of 12.6% from 2022 to 2030. The need for an efficient management system is predicted to increase with the growing number of on-road cars and the reducing efficiency of existing transport infrastructure. Favorable government initiatives for building better infrastructure and smooth running of existing transport systems are expected to boost the market growth.

Artificial Intelligence (AI) and the Internet of Things (IoT) aid in balancing operations by responding to detailed data on ridership peaks and lows. Smart transportation technologies offer specific data such as real-time arrival information to consumers to avoid waiting at congested stations. They also provide details on the capacity of a train or a bus. Such factors are increasing the demand for these technologies. Furthermore, increasing investments in smart city projects are anticipated to create new growth avenues over the forecast period as smart transportation is an integral part of a smart city.

Many countries are investing in smart transportation solutions owing to the benefits offered by these solutions. For instance, Israel’s transportation system was inefficient, dispersed, and dealt with single-occupancy rides, resulting in traffic bottlenecks, high pollution levels, and limited accessibility. To reinvent mass commuting during the pandemic, Israel Conducted a large-scale study that combined on-demand transit with carpooling to promote low-occupancy travel. It involved routing buses using a custom algorithm to ensure efficient travel.

The requirement of massive capital for replacing the existing infrastructure…

Full story available on Benzinga.com



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