- The key vendors on the Global Transportation System and Analytics market include Cubic Corp., IBM Corp., Kapsch TrafficCom AG, Oracle Corp., Siemens AG, Thales Group and TomTom NV.
London, 20 August 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on the Global Transportation Systems and Analytics Market 2014-2018. The Global Transportation Systems and Analytics market is expected to grow at a CAGR of 15.46 percent during the forecast period of 2013-2018. One of the most prominent trends emerging in this market is the increasing number of smart vehicles and the growing usage of smart roads. These vehicles are likely to make use of information technology to reduce road accidents.
The hyper-urbanization in major countries across the world as well as the rapid growth in the population has increased traffic congestion, leading to a higher number of accidents. To control the number of accidents, the transportation industry is in need of advanced solutions, applications, and devices that will assist transportation agencies to reduce the travel time for passengers by clearing congestion, and providing them with safe and reliable services.
“The demand for a better transportation system as a result of the improving economic and demographic growth is a major factor leading to growth of the Global Transportation Systems and Analytics Market over the next few years,” says Faisal Ghaus, Vice President of TechNavio Research.
Increased Usage of Telematics
Telematics refers to the use of informatics and telecom-based technologies for real-time communication. It uses telecom devices to control various features of the vehicle remotely and provides real-time information including information on traffic conditions, weather conditions, and navigation systems. it provides speech-based internet access to the user through wireless links. This new trend is expected to propel the growth and adoption of transportation systems and analytics during the forecast period.
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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