Smart Transportation Market Growth Attributed to Demand for Remote Access and Safety Management

Smart transportation uses information technology and artificial intelligence to efficiently manage and coordinate transportation systems. The application of smart transportation network allows the travelling population to have better knowledge of the traffic for better coordination. In addition, the use of smart transportation also ensures safety for the drivers. The market is experiencing growth due to their increasing demand across all geographic locations.

Browse the full Smart Transportation Market report at http://www.transparencymarketresearch.com/smart-transportation-market.html

The global smart transportation market is expected to grow significantly during the forecast period. The market is primarily being driven due to the rising demand for efficient transportation networks across the globe. In addition, the growth in sale of automobiles is resulting in traffic congestion. This in return is creating the demand for smart transportation market. Furthermore, the application of smart transportation systems ensures safety of the drivers. The rising awareness for safety is ensuring the need for better road safety standards which fuelling the need for smart transportation systems. Various governments such as the UK government have shown their interest to implement smart transportation networks across their countries. Moreover, the emerging idea of building smart cities is also creating an opportunity for the smart transportation market. In addition, the application of smart transportation also ensures better parking management by coordinating with the drivers and helping them to easily locate the parking spaces.

However, the high installation cost is acting as a restraint for the market. Moreover the use of smart transportation requires a large database of road networks which may not be available with the developing nations. This is acting as a restraint for the market. Currently, Europe has the largest market share in the smart transportation market...