The study reports that the global Smart Transportation Market is expected to grow from $45.05 billion in 2014 to $104.19 billion by 2019, at an estimated Compound Annual Growth Rate (CAGR) of 18.3% from 2014 to 2019.
MarketsandMarkets recently conducted a study on the "Smart Transportation Market by Solutions (Ticketing Management, Parking Management, Passenger Information, Traffic Management) & Services (Cloud, Professional, Business) Global Advancements, Application Roadmaps - Forecasts and Analysis (2014 – 2019)" which analyzed and studied the major market drivers, restraints, and opportunities in North America, Western Europe, CIS + Eastern Europe, Middle East and Africa, Asia Pacific (including Japan), and Latin America.
The study reports that the global Smart Transportation Market is expected to grow from $45.05 billion in 2014 to $104.19 billion by 2019, at an estimated Compound Annual Growth Rate (CAGR) of 18.3% from 2014 to 2019.
Out of all the regions, North America is the largest revenue generator for services in the Smart Transportation Market. Asia Pacific (APAC) is expected to show a significant rise in the revenues because of the budding inter-Asian and intra-Asian trade that exists between different countries of Asia. North America region is expected to account for the largest market share during the period 2014–2019. Smart Transportation market consists of cloud services which have the largest market share in the overall Smart transportation market by services. As businesses actively embraces cloud services, the need for more specialized technologies, infrastructure and applications is on the rise.
The report also draws the competitive landscape of the Smart Transportation Market, providing an in-depth comparative analysis of the technological and marketing strategies that the key players are adopting in order to gain an edge over their competitors. The key strategies followed by most companies in the global Smart Transportation Market are geographic expansion, diversification, acquisitions and investment in R&D. Some of the major players in this market are IBM, LG CNS, Cisco, Accenture, Cubic, Affiliated computer services, Thales, KAPSCH, ESRI, GE transportation, Siemens, and many more Congestion, emergence of cloud services, need of sustainable solutions, and hyper-urbanization and globalization is leading to building of more and more avenues for Smart Transportation Market. With the increasing population, congestion has become a major problem in all developing economies, creating opportunities for development of smart transportation solutions and services. This report highlights the various services such as Cloud services, Professional services, and Business services.
There are a wide range of solutions such as Ticketing management systems, Parking management systems, Passenger information systems, Traffic management systems and integrated supervision systems. Traffic management system has the major market share in this market and is expected to grow in the forecast period. The future of these solutions can be urban tolling and freight systems to address problems of congestion and pollution. New technologies like V2I (Vehicle to infrastructure), V2G (Vehicle to grid) are expected to commercialize in the coming years. Cloud services have the largest market size in the overall Smart Transportation Market by services, because of the advancement in performance and functions of smart devices. As businesses actively embrace cloud services, the need for more specialized technologies and infrastructures is on the rise.