Albany, NY -- (SBWire) -- 08/31/2016 --According to a recent market research report published by Transparency Market Research, the global smart transportation market is anticipated to expand robustly at a CAGR of 18.5% during the period between 2015 and 2021. The report, titled "Smart Transportation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021," projects the market to be worth US$176.49 bn by 2021. The overall market stood at a valuation of US$45.10 bn in 2014.
Artificial intelligence and information technology are integrated in smart transportation to efficiently manage vehicles. Information about traffic congestion can be relayed to commuters on a real time basis with the help of smart transportation networks. Furthermore, these networks help in easy identification of parking spots, assist in parking of vehicles, and proper utilization of space.
The rising need for safe and secured transportation and planning of smart cities by governments have propelled the growth of the global smart transportation market. However, the high initial investment and lack of data might restrain the market's growth during the forecast period. The growing demand for smart transportation services across regions holds significant potential for the growth of the market.
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In terms of solution, the global smart transportation market has been categorized into parking management systems, ticketing management systems, integrated supervision systems, and traffic management systems. In 2014, the traffic management system solution accounted for US$16.09 bn. During the forecast period, this segment is anticipated to dominate the market owing to the rising need for reduction in traffic congestion with the implementation of efficient tolling systems and freight management.
On the basis of service, the report segments the global smart transportation market into professional services, cloud services, and business services. The cloud services led the overall market in 2014 and registered revenue worth US$19.39 bn. The growing need for remote data access for better control of transportation across the globe has boosted the demand for cloud services. During the forecast horizon, the cloud services segment is expected to register the fastest growth at a CAGR of 18.7%.
The report studies the global smart transportation market across four key regions: Europe, North America, Asia Pacific, and Rest of the World. In 2015, Europe dominated the market the region is expected to continue as the leading region throughout the forecast period.
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The Europe market's rapid growth can be attributed to the reformed traffic regulations implemented by the European nations. Furthermore, the presence of some of the key market players such as Siemens and Alstom SA in the region has contributed towards the growth of the market. In 2014, North America and Europe together accounted for over 55% of the overall market.
Describing the competitive landscape, this report features profiles some key players operating in the global smart transportation market such as Siemens, Accenture Plc, IBM, GE Transportation, Cubic Corporation, Alstom SA, Cisco Systems, LG CNS, Kapsch, and AECOM. The report provides detailed information pertaining to the key players. This includes their company overview, revenue, financial overview, business strategies, product portfolio, and recent developments.
Global smart transportation market has been segmented as:
Smart Transportation Market: By geography
North America
Europe
Asia Pacific
Rest of the World
Smart Transportation Market: By Solutions
Ticketing management system
Parking management system
Integrated supervisory system
Traffic management system
Proximity and displacement sensors Market: By Services
Cloud services
Business services
Professional services
Cloud Services Steer Growth of Global Smart Transportation Market at 18.5% CAGR During 2015-2021
The global smart transportation market has been valued at USD 45.10 billion in 2014, growing at a CAGR of 18.5% from 2015 to 2021. The smart transportation market finds their application in developing smart networks for better coordination of traffic