US 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 US is projected to grow at a high rate during the forecast period, backed by the rising government initiatives for the smart city. US have launched various initiatives for implementing the smart cities services such as smart home and smart transportation in their countries. For instance, the US Department of Transportation leveraged around $350 million in public and private funds for smart city and advanced transportation technologies as a part their smart city challenge.
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According, to US Mayors, $10 million in proposed investments and more than $35 million in new grants to build a research infrastructure for smart city development by the National Science Foundation and National Institute of Standards and Technology in the North American region. Almost $70 million in new spending and more than $45 million in proposed investments was announced by the Department of Homeland Security, the Environmental Protection Agency and Department of Transportation, Department of Energy, Department of Commerce to develop new smart city solutions.
US 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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