According to a report, the Global Smart Transportation Market is expected to reach $237.143 billion by 2026, from the current level of $59.07 billion growing at a CAGR of 16.7%. The report suggests that growth in transportation infrastructure, rising megacities and population and rising number of on-road vehicles are the major key factors driving the market growth. However, the lack of standardized and uniform technology may hamper market growth.
By deployment model, the cloud segment is likely to have a huge demand due to the growing need for storage of data generated through these systems. Cloud solutions have a major impact on traffic management and road safety by using the internet and the storage for traffic-related decision making. Based on geography, Europe is expected to grow significantly during the forecast period due to growing parking issues and growing investments to improve urban transport and traffic infrastructures in this region.
Smart transportation utilizes information technology and artificial intelligence to efficiently manage and coordinate transportation systems. Smart transportation systems have emerged to be a sustainable solution to serve traffic management issues. These solutions apply to both public and private transportation and are critical to economic growth.