Global smart transportation market size expected to attain $237,701 million by 2022
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.
The rise in a 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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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.
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.
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The key players profiled in the smart transportation market report include Accenture Plc, Siemens, IBM, Cisco Systems, GE Transportation, Xerox Corporation, Cubic Corporation, Thales S.A., Kapsch AG, and Alstom SA.
Smart Transportation Market Key Segments
- Hybrid Ticketing Management System
- Parking Management & Guidance System
- Integrated Supervision System
- Traffic Management System
- North America
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