Smart Transportation Market Is Expected to Reach $237,701 Million, By Leading Industry Players Accenture Plc, Siemens, IBM, Cisco Systems, GE Transportation, Xerox Corporation, Cubic Corporation, Thales S.A., Kapsch AG, and Alstom SA.

Global smart transportation market size was valued at $63,667 million in 2015, and is projected to reach $237,701 million by 2022, growing at a CAGR of 18.6% from 2016 to 2022. Smart transport or intelligent transport system (ITS) is an advanced transportation infrastructure that aims to provide innovative services for traffic and transport management systems. This transport also enables various users to be more coordinated, better informed, and make safer and smarter use of transport networks. Smart transportation is applicable in parking management & guidance, passenger information, and traffic management.

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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. 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.

The service segment is further divided into business, professional, and cloud services. In 2015, cloud services generated the largest revenue. 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.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 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.

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.

Analyst Review:

Smart transportation utilizes information technology and artificial intelligence to efficiently manage and coordinate transportation systems. Implementation of smart transportation network enables the travelers to have better knowledge of traffic for better coordination and to ensure safety of the drivers. Rise in sale of automobiles that leads to increased traffic congestions leads to high demand for smart transportation. Furthermore, the demand for smart cities is another major factor responsible for the increased demand for smart transportation.

Professional service is a major service sector of smart transportation, due to increase in customers of professional services (dealing in either B2B (business to business) or B2C (business to customer services)) firms and growth in international business. The smart transportation market is projected to exhibit consistent growth by 2022. The demand for new technological innovations in intelligent transportation system market is anticipated to be high in Europe, followed by Asia-Pacific, especially in India and China. Global industrialization of smart transportation is expected to maintain the growth.

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Europe has attained a leading position in this market, owing to the growth in environment awareness and increase in standard of living. This region provides lucrative opportunities for growth to global smart transportation providers, owing to its huge potential to set up infrastructure plants and increase in demand for smart transportation.

Renowned global market leaders, such as Accenture Plc, Siemens, IBM, Cisco Systems, Cubic Corporation, and Kapsch Trafficcom, have adopted various growth strategies to expand their market presence and cater to the growing demand for smart transportation. Asia-Pacific is perceived as a lucrative markets for the smart transportation industry, owing to the ongoing and planned investments in smart cities and transport infrastructure.

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