India smart transportation market is projected to grow at a significant CAGR of around 14.8% during the forecast period (2020-2026). The market for smart transportation in India is projected to grow at a high rate during the forecast period, backed by the rising government initiatives for the smart city. In June 2015, the Government of India launched a Smart City Mission that aims at the building of around 100 smart cities across the country. The Indian government is planning on providing a huge funding for the smart city infrastructure. For instance, in August 2014, the Government of India announced a plan of spending $1.1 billion on Smart City Mission.
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The Asian Development Bank (ADB) has stepped forward to assist smart city projects development in India, by offering funding of over $2.0 billion for both national and state levels. The United Smart Cities program was jointly initiated by the United Nations Economic Commission for Europe (UNECE) and other industrial partners. The major areas include urban mobility, ICT, waste management, sustainable housing, smart transportation, and clean energy. The government initiatives are significantly contributing to the development of smart cities in India, which in turn, are offering significant opportunity for smart transportation market.
India Smart Transportation Market – Segmentation
By Transportation Mode
- Railways
- Roadways
- Airways
- Maritime
By Application
- Ticketing Management System
- Parking Management System
- Traffic Management System
- Others (Integrated Supervision System)
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