The Latin America, Middle East and Africa Smart Transportation Market would witness market growth of 12.1% CAGR during the forecast period (2022-2028).
Developments in vehicle-to-vehicle (V2V) and vehicle-to-grid infrastructure (V2I) technology, as well as cloud-based technologies, have made smart transportation a reality. These technologies are designed to deliver modern services for various forms of transportation and traffic management. It allows consumers to be more informed and make safer and more efficient use of transportation networks. For example, Cubic Corporation updated its NextBus platform in November 2019, making it a cloud-based solution with better reliability and scalability that provides real-time passenger information systems to over 100 transit agencies, businesses, institutions, and airports. As a result, the rising adoption of cloud services in transportation, as well as the rise in demand for efficient transportation, is important factors in the expansion of smart transportation.
Increased automobile use leads to an increase in parking challenges around the world, which can be mitigated by implementing advanced parking management systems (APMS). APMS makes it easier for people to locate parking spots quickly, which improves the visiting experience. Similarly, smart transportation systems enable municipal managers to better monitor traffic flow and provide the optimum routes for emergency and law enforcement officials, as well as vehicles transporting products, and responding to emergencies.
Because public transportation networks are so vulnerable to disease outbreaks, transit authorities are increasingly relying on data-driven decisions to adjust services and regain rider confidence. Artificial intelligence (AI) and the Internet of Things (IoT) can aid in the balancing of operations by responding to detailed data on ridership peaks and lows. Smart transportation technologies will give consumers specific transportation data like real-time arrival information to avoid waiting at congested stations and the capacity of a train or bus, among other advantages. Transit agencies and communities may improve their services by combining real-time data and mobile fare payments to give more sustainable transportation options and prevent people from reverting to single-car usage. For example, Israel's transportation system is very deficient. It is heavily reliant on inefficient and dispersed public transportation, as well as single-occupancy rides.
The Brazil market dominated the LAMEA Smart Transportation Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3,324.5 million by 2028. The Argentina market is anticipated to grow at a CAGR of 12.7% during (2022 - 2028). Additionally, The UAE market would showcase a CAGR of 11.8% during (2022 - 2028).
Based on Component, the market is segmented into Solution (Traffic Management System, Parking Management & Guidance System, Ticketing Management System, and Integrated Supervision System) and Services (Business, Professional, and Cloud Services). Based on Transportation Type, the market is segmented into Roadways, Railways, Airways, and Maritime. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Smart Transportation Market is Predict to reach $190.6 Billion by 2028, at a CAGR of 9.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Cisco Systems, Inc., Accenture PLC, Cubic Corporation, ALSTOM Holdings, Siemens AG, Thales Group S.A., TomTom N.V., MSR-Traffic GmbH (MSR-Group GmbH), and Iteris, Inc.
By Component
By Transportation Type
By Country
Related Reports:
Global Smart Transportation Market Report 2022-2028
North America Smart Transportation Market Report 2022-2028
Asia Pacific Smart Transportation Market Report 2022-2028
LAMEA Smart Transportation Market Report 2022-2028
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