Smart Transportation Market by Solution (Ticketing Management System, Parking Management & Guidance System, Integrated Supervision System, and Traffic Management System) and Service (Business, Professional, and Cloud Services)

Smart Transportation Market report published by Allied Market Research, 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. 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.

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Rise in number of vehicles results in high traffic congestion, leading to the requirement of smart transportation network to ease traffic congestion, enhance the safety, sustainability, and efficiency of 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 development of smart cities provides a major boost to the market.

The solutions segment is divided into hybrid ticketing management system, parking management & guidance system, integrated supervision system, and traffic management system. In 2015, 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.

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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 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.

Rise in use of vehicles results in increase in parking issues worldwide, which can be overcome with the introduction of advanced parking management system (APMS), a type of smart transportation system. APMS assists people to find parking spots quickly, thereby enhancing the visitor’s experience. These systems include elements from traditional traveler information systems, as well as specialized parking management applications.

The leading market players focus to expand their business operations in emerging countries. These companies have consistently introduced innovative solutions to enhance their product portfolio. The major players profiled in this report include Accenture Plc, Siemens, IBM, Cisco Systems, GE Transportation, Xerox Corporation, Cubic Corporation, Thales S.A., Kapsch AG, and Alstom SA.

Key Benefits

• The study provides an in-depth analysis of the global smart transportation market, with current trends and future estimations to elucidate the imminent investment pockets.
• It offers a quantitative analysis from 2014 to 2022, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
• The report provides historical figures for 2014 and 2015 and year-on-year forecasts from 2016 to 2022, considering 2015 as base.
• Competitive intelligence highlights the business practices followed by leading players across various regions.

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