SMART TRANSPORTATION MARKET ANALYSIS

Market Challenges And Opportunities

One of the key factors responsible for driving the market growth is increasing vehicle parc worldwide. According to statistics by Organisation Internationale des Constructeurs d\'Automobiles, globally, 93,856,388 units of vehicles were sold in 2016, which is 4,171,780 units over 2015 total global sales. Moreover, rising need for efficient traffic management, increasing need for public safety and security, and environmental concerns over emission of greenhouse gases, along with rise in number of smart cities. For instance, in 2015 Government of India launched "100 Smart Cities Mission".  

However, high initial investment for replacement of present infrastructure with advanced smart transportation solutions and requirement of large database for road network are factors expected to adversely affect the global smart transportation market growth.

Restaints

However, high initial investment for replacement of present infrastructure with advanced smart transportation solutions and requirement of large database for road network are factors expected to adversely affect the global smart transportation market growth.