The global smart transportation market is progressing at a CAGR of 18.50% between 2015 and 2021. The market was valued at US$45.1 bn in 2014 and is expected to reach US$176.5 bn in 2021, according to a research report released by Transparency Market Research, titled “Smart Transportation Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021”.
The report reveals the primary driving force of the global smart transportation market to be the globally growing need for smart services. The number of vehicles on the road is rapidly increasing, creating a heightened chance of traffic congestions. Consequently, most consumers are now demanding smart transportation options that can easily navigate around the roads with the least possible scope of congestion. This is further boosted by a growing demand for safer traveling options in light of the increasing number of traffic accidents around the world. The report also aligns the growth of the global smart transportation market with the emergence of smart cities that can easily facilitate smooth mobility for smart cars.
For simplicity, the report divides the global smart transportation market according to the criteria of solution, service, and region.Among the various solutions on offer in the global smart transportation market, traffic management systems dominated the market. In 2014, the traffic management segment generated almost US$19.4 bn in revenue. The segment leads the global smart transportation market due to a high requirement for solutions that can help reduce road congestions and accidents. Traffic management solutions allow for streamlined tolling and freight management systems. The segment is further propelled by the booming automobile industry, which is recording a high volume of vehicle sales in Europe and North America.
The report’s segmentation according to service reveals cloud services to be the leader in the global smart transportation market. This segment earned US$19.4 bn in 2014, owing to growth in the use of remote data access systems for improved control of transportation across a wider coverage area. The cloud services segment is also expected to be the fastest-growing one in the global smart transportation market, with a CAGR of 18.70% from 2015 to 2021.
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Geographically, the global smart transportation market is led by Europe in 2015, which will continue to lead the market till 2021. Europe has displayed a high rate of traffic reform while adopting smart transportation and smart city technologies to improve the flow of traffic. This increased rate of technology adoption is possible due to Siemens AG and Alstom AG, two of the largest companies in the global smart transportation market, being located in Europe.In 2014, Europe and North America held a joint market share of over 55% in the global smart transportation market.The key players in the global smart transportation market are Cisco Systems, Siemens AG, Alstom AG, Cubic Corporations, GE Transportation, IBM, and Accenture Plc.