Smart Transport To Grow 20%
The global smart transportation market, including autonomous aircraft, cars, buses and trucks, is expected to grow by 20 percent over the next five years. Research firm Global Insights says the air transport sector will see some of the largest growth, due to factors such as technological advancements and rising affluence in developing and developed economies.
Software will see a similar rise, due to increased usage in traffic and parking management, security and surveillance, ticketing and passenger information.
The US smart transportation market is expected to reach US$36 billion by 2024, with the majority investment coming from governments as they build smart city projects. Increased demand for connected roadways, planes, and railways to enhance communication with roads, ports and rails, and improved safety measures will drive the push.
India and China will drive the sector in the Asia-Pacific region, while smart city developments in Saudi Arabia, South Africa and Qatar will drive the MEA market.