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The smart transportation market will reach 150 billion US dollars in 2023
Jan 17, 2019

  According to the latest report from Marketsandmarkets, the global intelligent transportation market is estimated to be $75 billion in 2018, and is expected to reach $149.21 billion by 2023. The compound annual growth rate (CAGR) is 14.7%. In the report, analysts pointed out that the growth factors driving the global intelligent transportation market are mainly the growth of urban population, the connectivity of transportation infrastructure, the increasing popularity of smart technology and the increase of free trade. It is particularly emphasized that the government's ppp model promoted by smart cities and government agencies is also rapidly driving the development of the intelligent transportation market. In all intelligent transportation systems, the aviation industry has the highest annual growth rate during the forecast period. With the global urbanization process, the demand for aviation services has increased significantly. New technologies and digitization are transforming the aviation industry and ensuring stability in the future. Maintaining and reducing operating costs will be at the heart of the solution in this area. Road solutions still account for the largest market share within expectations. More and more countries are deploying smart technologies in vehicles to ensure safe driving and control, while governments are aiming to improve vehicle efficiency and promote smarter management solutions. The report concludes that the Asia-Pacific region will be the fastest growing region for the intelligent transportation market during the forecast period due to the adoption of new technologies, high investment in digital transformation and growth in GDP. Areas such as Australia, Singapore, China, South Korea, Hong Kong, China and India are rapidly investing in technological transformations to improve infrastructure and implement smart city projects. In the future, market competition in the region will become more intense, and intelligent transportation solution providers should consider expanding their business to other countries in the region to increase the penetration rate of technology in the market.

 

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