Smart transportation uses information technology and artificial intelligence to efficiently manage and coordinate transportation systems. The application of smart transportation network allows the travelling population to have better knowledge of the traffic for better coordination. In addition, the use of smart transportation also ensures safety for the drivers. The market is experiencing growth due to their increasing demand across all geographic locations.
The rising need for safe and secured transportation and planning of smart cities by governments have propelled the growth of the global smart transportation market. However, the high initial investment and lack of data might restrain the market’s growth during the forecast period. The growing demand for smart transportation services across regions holds significant potential for the growth of the market.
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In terms of solution, the global smart transportation market has been categorized into parking management systems, ticketing management systems, integrated supervision systems, and traffic management systems. In 2014, the traffic management system solution accounted for US$16.09 bn. During the forecast period, this segment is anticipated to dominate the market owing to the rising need for reduction in traffic congestion with the implementation of efficient tolling systems and freight management.
On the basis of service, the report segments the global smart transportation market into professional services, cloud services, and business services. The cloud services led the overall market in 2014 and registered revenue worth US$19.39 bn. The growing need for remote data access for better control of transportation across the globe has boosted the demand for cloud services. During the forecast horizon, the cloud services segment is expected to register the fastest growth at a CAGR of 18.7%.
According to a recent market research report published by Transparency Market Research, the global smart transportation market is anticipated to expand robustly at a CAGR of 18.5% during the period between 2015 and 2021. The report, titled “Smart Transportation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,” projects the market to be worth US$176.49 bn by 2021. The overall market stood at a valuation of US$45.10 bn in 2014.
The report studies the global smart transportation market across four key regions: Europe, North America, Asia Pacific, and Rest of the World. In 2015, Europe dominated the market the region is expected to continue as the leading region throughout the forecast period.
The Europe market’s rapid growth can be attributed to the reformed traffic regulations implemented by the European nations. Furthermore, the presence of some of the key market players such as Siemens and Alstom SA in the region has contributed towards the growth of the market. In 2014, North America and Europe together accounted for over 55% of the overall market.
Describing the competitive landscape, this report features profiles some key players operating in the global smart transportation market such as Siemens, Accenture Plc, IBM, GE Transportation, Cubic Corporation, Alstom SA, Cisco Systems, LG CNS, Kapsch, and AECOM. The report provides detailed information pertaining to the key players. This includes their company overview, revenue, financial overview, business strategies, product portfolio, and recent developments.