Global Smart Transportation Market is projected to register a healthy CAGR of 19.7% in the forecast period of 2019 to 2026
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Smart transportation is basically an application of Internet of Things (IoT) combined with various sensors, electronic components, transport infrastructure and recording equipments. This concept of smart transportation is combined with ITS (Intelligent Transportation System) to provide services like traffic management, mobility management, car navigation, container management systems, automatic number plate recognition and security CCTV systems.
Global smart transportation market is segmented on the basis of:
Few of the major competitors currently working in the global smart transportation market are Kapsch Traffic Com, Gemalto NV, Thales Group, Alstom, Schneider Electric, Siemens Ltd., MSR-Traffic, Cubic Corporation, WS ATKINS PLC, Cisco System, Inc., Accenture, IBM, LG CNS, Indigo Group and Toshiba Corporation and others.
The prevalence of IoT has resulted in major authorities of the various regions trying to embark on the path which leads to complete autonomy. This also essentially means that major governments have started adoption of IoT technologies along with the various components, such as sensors, cameras, software services including artificial intelligence. The integrated technology is used in different applications for different industry verticals, for example – major hospitals have started the usage of artificial intelligence and IoT to provide better healthcare procedures to their patients. In the same way, major governments have started utilizing IoT in transportation and civilian services such as in government administration, banks and others.
This level of adoption shown by the authorities for IoT, artificial intelligence, smart sensors, cameras is expected to positively affect the growth of the market.
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