Smart Transportation Market Expected to Reach $237,701 Million, Brief Analysis on Top Key players Accenture Plc, Siemens, IBM, Cisco Systems, GE Transportation, Xerox Corporation, Cubic Corporation, Thales S.A., Kapsch AG, and Alstom SA.

Smart transportation system is a necessity, owing to the rising demand for efficient transportation networks worldwide. These systems have witnessed the highest growth in cloud services segment, due to the advancement in technology and increased demand for storage, access, and management of data remotely. In addition, parking management systems are expected to increase their market share at a notable rate. Asia-Pacific and Brazil possess enormous opportunities for the players operating in the smart transportation systems market.

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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The smart transportation market growth is driven by the time-and fuel-saving ability of this infrastructure. Supportive government initiatives, such as the EU Directive on ITS, passed on July 7, 2010, to manage road traffic efficiently, play a major role in promoting the growth of Global Smart Transportation market. In addition, smart transportation systems can provide better safety and security by integrating intelligent communication systems in the infrastructure, thus, supplementing the market growth. ITS also encourages the development and promotion of substitute green fuels such as natural gas and biodiesel. However, the need for high capital investment, owing to the complete restoration of the existing transport system, and large database requirement of road network, which may not be possible in developing nations, restrain this market growth.

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.

Smart transportation utilizes information technology and artificial intelligence to efficiently manage and coordinate transportation systems. The application of smart transportation network allows the traveling population to be aware of the traffic for better coordination and to ensure safety of the drivers. Rise in traffic congestions owing to increase in number of vehicles further gives rise to growth in demand for smart transportation. Furthermore, demand for smart cities is another major factor that is responsible for this increasing demand.

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Product launches, agreements, acquisitions & mergers, expansions, and partnerships are the prominent strategies adopted by key players in this industry to remain competitive in the market. Almost 29% of the top strategies were new service and product launches. Expansions, agreements & partnerships, and acquisitions & mergers accounted for 22%, 23%, and 26% of the overall key strategies, respectively.

LIST OF FIGURES

FIG. 1 TOP IMPACTING FACTORS
FIG. 2 TOP WINNING STRATEGIES, 2013-2016
FIG. 3 TOP WINNING STRATEGIES (%), 2013-2016
FIG. 4 TOP INVESTMENT POCKETS
FIG. 5 PORTERS FIVE FORCES ANALYSIS OF SMART TRANSPORTATION MARKET
FIG. 6 WORLD SMART TRANSPORTATION MARKET, BY SOLUTIONS, 2015 (%)
FIG. 7 KEY MARKET TRENDS OF TICKETING MANAGEMENT SYSTEM, 2014-2021 ($MILLION)
FIG. 8 KEY MARKET TRENDS OF INTEGRATED SUPERVISION SYSTEM, 2014-2021 ($MILLION)
FIG. 9 WORLD SMART TRANSPORTATION MARKET, BY SERVICES, 2015 (%)
FIG. 10 KEY MARKET TRENDS OF CLOUD SERVICES, 2014-2021 ($MILLION)
FIG. 11 KEY MARKET TRENDS OF PROFESSIONAL SERVICES, 2014-2021 ($MILLION)
FIG. 12 WORLD SMART TRANSPORTATION MARKET BY GEOGRAPHY, 2015 (%)

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