Smart Transportation Market Growing Globally: And What Comes Next?
The global smart transportation market was valued at $63,667 million in 2015 and is expected to reach $237,701 million by 2022, growing at a CAGR of 18.6% from 2016 to 2022. The cloud services segment is anticipated to dominate the market during the forecast period. Europe was the dominant region, accounting for approximately 33% share of the smart transportation market revenue in 2015.
A rise in the number of vehicles results in high traffic congestion, leading to the requirement of the smart transportation network to ease traffic congestion, enhance the safety, sustainability, and efficiency of the transportation network. In addition, most consumers are now demanding smart transportation options that can easily navigate the roads with the least possible scope of congestion. The increasing government support and investments towards the development of smart cities provides a major boost to the market. For instance, the Government of India aims to develop 100 smart cities by using smart technology to improve the efficiency of services and meet the residents’ needs. However, the need for high capital investment, owing to the complete restoration of the existing transport system, restrains the market growth.
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“Smart transportation system is a necessity, owing to the rising demand for efficient transportation networks worldwide. These systems have witnessed the highest growth in the cloud services segment, due to the advancement in technology and increased demand for storage, access, and management of data remotely. In addition, parking management systems are expected to increase their market share at a notable rate. Asia-Pacific and Brazil possess enormous opportunities for the players operating in the smart transportation systems market.“ states Sheetanshu Upadhyay, Research Analyst at Allied Market Research.
The solutions segment is divided into the hybrid ticketing management system, parking management & guidance system, integrated supervision system, and traffic management system. In 2015, the traffic management system accounted for the largest revenue, owing to rapid urbanization and the emerging concept of smart cities and smart traffic. However, the parking management system market is anticipated to witness the highest growth, with a CAGR of 18.8% from 2016 to 2022.
The service segment is further divided into business, professional, and cloud services. In 2015, cloud services generated the largest revenue, owing to the rapid increase in demand for cloud services smart transportation system. However, this segment is anticipated to witness the highest growth over the forecast period, with a CAGR of around of 18.8% from 2016 – 2022.
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Europe held the largest market share in 2015 and is anticipated to maintain its dominance throughout the forecast period. This is due to an increase in demand for smart transportation and concern of users towards the environment. Additionally, investments in emerging smart cities would create growth opportunities for the smart transportation market in the region.
Smart Transportation Market Key Segments
- Hybrid Ticketing Management System
- Parking Management & Guidance System
- Integrated Supervision System
- Traffic Management System
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Market Players in Value Chain
- Accenture Plc
- Cisco Systems
- GE Transportation
- Xerox Corporation
- Cubic Corporation
- Thales S.A.
- Kapsch AG
- Alstom SA
- LG CNS Corporation
- Indra Sistema S.A.
- Iteris Inc.
- TomTom NV
- Garmin International Inc.
- Q-Free ASA
Questions answered in Smart Transportation Market research study:
• What is the market growth rate of Smart Transportation Market from 2019-2026?
• What will be the global market size of the market from 2019 to 2026?
• Who are the leading global manufacturing companies in the Smart Transportation Market?
• What are the major current trends and predicted trends?
• What are the challenges faced in the Smart Transportation Market?
• Which will be the niches at which players profiling with thorough plans, financials, and also recent advancements should set a presence?
• Which will be the anticipated growth rates for your own Smart Transportation economy altogether and also for every segment inside?
• Which will be the Smart Transportation application and types and forecast accompanied closely by producers?
• What are the conclusions of the Smart Transportation Market report?
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