Global Smart Transportation Market Is Driven By High Population Growth And Surge In Adoption Of IoT says, Variant Market Research

Global Smart Transportation Market Report, published by Variant Market Research, forecast that the global market is expected to reach $278 Billion by 2024 from $ 67 Billion in 2016; growing at a CAGR of 19.4% from 2016 to 2024. By geography, Asia-Pacific and RoW are expected to grow at a CAGR of 20.7% and 19.5%, respectively, during the forecast period.

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Major drivers of the global smart transportation market are increasing population, rising greenhouse gas, growing number of vehicles on road, high adoption of IoT, need for public safety, and growing government investments. Moreover, increasing popularity of smart cities in emerging economies would provide growth opportunities in near future. However, high investment and long downtime may hinder the growth of the market.
The global smart transportation market is segmented by solution, service, and geography. Solution segment includes ticketing management system, parking management system, integrated supervision system, and traffic management system. In 2016, traffic management system dominated the solution segment with largest market share of 35.4%. On the basis of service, the market is segmented as cloud services, business services, and professional services.

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Geographically, the global smart transportation market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (Row). In 2016, Europe dominated with the largest market share of 31.2% owing to high adoption of latest technologies, followed by North America with 29.3% market share. However, with fastest CAGR, Asia-Pacific is likely to dominate the market during the forecast period, driven by advanced technology and government investments.

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To increase market share and global presence, market players have used various strategies. For instance, in June 2016, companies such as Kapsch TrafficCom has signed a contract with Highway Operations Center (HOC) to upgrade and modernize the Integrated Transportation System (ITMS). The key players in the market include Siemens AG, Thales Group., Ltd., Tomtom International By, International Business Machines Corporation, Accenture plc, Alstom SA, General Electric Company, KapschTrafficCom AG, Cubic Corporation, and LG CNS Co., among others.

Scope of Smart Transportation Market

Solution Segments

• Parking Management System
• Ticketing Management System
• Traffic Management System
• Integrated Supervision System

Service Segments

• Cloud Services
• Business Services
• Professional Services

Geography Segments

• North America
o US
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Others
• Asia-Pacific
o India
o China
o Japan
o Others
• RoW
o South America
o Middle East
o Africa

About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.

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