Market Analysis The global smart commute market is predicted to touch USD 104.22 billion and at a whopping 25.52% CAGR between 2020- 2027, states the recent Market Research Future (MRFR) analysis.
Smart commute, simply put, is traveling from a particular place to another regularly through metro, bicycle pooling, bike pooling, vanpooling, and others.
Traffic management, parking management, smart ticketing, mobile app, and others are different solutions.
According to the recent MRFR report, such factors include high demographic rates, growing urban population, the use of smart and connected technologies in transportation infrastructure, growing demand for transportation as a service, decline in ownership of vehicles with shared mobility.
Additional factors adding market growth include several upcoming railway projects, growing urbanization and industrialization, demand for public transport and smart transportation solutions as well as related components, services, and software, advances in technology like the implementation of electronic payment systems, traveler information systems, and automatic vehicle location systems, and benefits such as an increase in traveler convenience, reduce traffic congestion, lower emission levels, and improve fuel economy.
On the contrary, high component cost, concerns about security and management & data storage, the slow growth rate of GDP, susceptibility to cyberattacks, and the on-going COVID-19 impact are factors that may impede the global smart commute application market growth over the forecast period.