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Global Smart Transportation Market: Size, Trend, Share, Opportunity Analysis & Forecast, 2014-2025
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Smart transportation offers tools for ticketing, fare collection, passenger information, traffic estimation, data analytics, and decision support. Use of advanced equipment such as RFID tags and readers, CCTV cameras, GPS, and advanced sensors and control systems offer monitoring and control of traffic around cities, while enabling passengers to make informed decisions regarding transportation requirements. The global smart transportation market is expected to grow at a CAGR of over 18% from 2017 to 2025.
Based on solution, the market is divided into traffic management system, parking management system, passenger information system, integrated supervision system, and ticketing management system. According to services, the market is categorized into cloud services, professional services, and business services. Geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific, and LAMEA.
Market Dynamics:
Drivers:
• Growth in population and rapid urbanization
• Growing number of on-road vehicles coupled with increasing need to manage traffic flow
• Increase in need to reduce greenhouse gas emission
• Increasing adoption of IOT technology
• Favorable government investments and initiatives
Restraints:
• High initial capital expenditure
• Security and privacy concerns
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Market Players:
The top players in the global smart transportation market include Cisco System, Inc., Alstom, SA, Xerox Corporation, Accenture PLC, General Electric Company, LG CNS Corporation, Indra Sistema S.A., International Business Machine (IBM) Corporation, Cubic Corporation, The Kapsch Group.
KEY TAKEAWAYS
MARKET LANDSCAPE
• By Solution
o Traffic Management System
o Parking Management System
o Passenger Information System
o Integrated Supervision System
o Ticketing Management System
• By Service
o Cloud Services
o Professional Services
o Business Services
• By Geography
o North America
? U.S.
? Canada
? Mexico
o Europe
? UK
? Germany
? France
? Spain
? Italy
? Rest of Europe
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