Market Overview

Global Smart Transportation Market to Expand by 9% till 2023

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Research
on Global Markets
, a global market research firm, released a report
on the Global Smart Transportation Market today. The highlight of the
report is that the global smart transportation market is expected to
expand at a compound annual growth rate (CAGR) of 9% and be worth USD
116.85 Bn by 2023.

Research on Global Markets believes that smart transportation networks
are a significant step toward achieving smart cities across the globe.
The advent of Internet of Thing (IoT) devices and smart sensors, coupled
with the rise in population and urbanization across the world, is
driving the demand for global
connected vehicles
and improved transport systems for the public.

However, according to Research on Global Markets, the high initial
investment required for implementing smart transportation network
remains a challenge. Improvement of existing roads or rail networks
takes time, which can inconvenience commuters and affect day to day
communication.

Other key highlights of the report are –

  1. The United States' smart transportation market, is witnessing the
    highest investments, with around USD 160 Bn already pumped in, in
    2016. Connected vehicles in the U.S., as a result of this, will thrive.
  2. Sluggish internet penetration in developing and underdeveloped
    countries is a major challenge.
  3. The growth of smart transportation networks is driving the adoption of
    smart vehicles.

For more information, download the Global
Smart Transportation Market
report

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