Portland, OR -- (SBWIRE) -- 02/16/2018 -- 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.

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.

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

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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.

Smart Transportation Market Key Segments

By Solution

-Hybrid Ticketing Management System
-Parking Management & Guidance System
-Integrated Supervision System
-Traffic Management System

By Service

-Business
-Professional
-Cloud