Smart Transportation Market 2023 - Key Opportunities and Challenges

Report provide detailed information related to the major factors, such as drivers, restraints, opportunities, and challenges, influencing the growth of the Smart Transportation Market

(EMAILWIRE.COM, October 21, 2019 ) The smart transportation market was valued at USD 55.00 billion in 2017 and is expected to reach USD 149.21 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7% during 2018–2023, as per a report by MarketsandMarkets.

How synthesizing raw data from several touchpoints could pose a major challenge?

Smart transportation environment comprises different interconnected sensors which collect large amounts of raw data. This raw data can be leveraged to extract insights and further enhance the functionality of the environment. However, smart transportation vendors have been facing a major challenge in integrating data from different sensors. Deployment of multi-sensor data fusion technology can help resolve this challenge by collating all recorded signals and creating a highly informed environment for remote sensing, traffic control, and ticketing management.


Why designing and developing connected vehicles compatible with ITS is a good opportunity?

Designing and developing connected vehicles with integrated intelligent mobility technologies can enhance safety and communication, and lessen congestion. Connected vehicles can sense their surroundings by leveraging radar, Global Positioning System (GPS), Light Detection and Ranging (LiDAR), and computer vision. Introduction of Intelligent Transportation Systems (ITS) Cooperative, Connected, and Automated Mobility (CCAM) programs are expected to transform mobility industry globally. CCAM will allow road users and traffic managers to share traffic-related information and manage their actions accordingly. They will enable wireless data exchange within the transport system, and also help in establishing connections among vehicles (V2V) and between vehicles and transport infrastructure (V2I). C-ITS will collectively improve road safety and traffic efficiency by enabling the driver to adapt to different traffic situations and take right decisions. Automotive companies such as BMW (Germany), Nissan Motors (Japan), and Volkswagen (Germany) are working to implement V2V communications. Also, Toyota (Japan) plans to launch Automated Highway Driving Assist (AHDA), an advanced driving support system to reduce road accidents.

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