Smart Transportation Market Trends Analysis
The smart transportation market size is projected to grow from USD 122.4 billion in 2023 to USD 248.7 billion by 2028, at a CAGR of 15.2% during the forecast period. Adoption of IoT and automation technologies will drive the growth of smart transportation market. As the Internet of Things (IoT) gets more pervasive, the railway industry is implementing more advanced analytics for streamlined operations. Rail transport carries a comparatively large number of commuters to their destinations. Therefore, safety and surveillance are among the important measures that must be considered to avoid causalities.
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