Princeton, NJ -- (SBWIRE) -- 06/18/2018 -- SUMMARY
The smart transportation market size is expected to grow from USD 72.05 Billion in 2016 to USD 220.76 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 25.1% during the period 2016–2021. The major drivers for an upsurge in demand for the market include rising demand of integrated security & safety for enhancing public safety and government initiative to incorporate smart technologies in the existing transportation infrastructure.
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This report covers the smart transportation market by solution type, service, and region. The smart ticketing solution is expected to grow at the highest CAGR during the forecast period. Smart ticketing integrates online ticketing, onboard ticketing, smart card ticketing, and mobile application ticketing. Smart ticketing solutions enable the transport agencies to provide better services to their customers and also minimize fund leakage & fare avoidance situations. Smart ticketing provides a great ticket booking flexibility to the travelers and also helps the transit agencies to resolve the issue of ticket booking bottleneck during peak hours. Increasing penetration of mobile devices and demand for digital payment would drive the smart ticketing solution in the smart transportation market.
The deployment and integration services segment is expected to have the largest market share and projected to grow at the highest CAGR during the forecast period. The deployment and integration services segment helps in reducing the deployment and integration time. This service is crucial for developing end-to-end traffic management, ticketing, passenger, and parking management system solutions for the smart transportation market. The increasing requirement for upgrading the existing transport infrastructure to support various smart solutions would drive the deployment and integration services segment in the market.
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As per the geographic analysis, Europe is expected to have the largest market share. Europe is expected to benefit from its rapid digitization across verticals. Increasing adoption of smart connected devices and technological advancements, followed by a robust network infrastructure and strong government vision toward smart transportation is expected to drive the continuous growth in the smart transportation market.
Investment in legacy systems precluding the Return of Investment (ROI) is one the restraining factors that affect the growth of the market. The smart transportation vendors profiled in the report include Alstom SA (Levallois-Perret, France), Cisco Systems, Inc. (California, U.S.), Cubic Corporation (California, U.S.), General Electric Company (Massachusetts, U.S), IBM Corporation (New York, U.S.), Indra Sistemas S.A. (Madrid, Spain), Kapsch TrafficCom AG (Vienna, Austria), LG CNS Co. Ltd. (Seoul, South Korea), Q-Free ASA (Trondheim, Norway), Siemens AG (Munich, Germany), Thales Group (La Defense, France), TomTom International B.V. (Amsterdam, Netherlands), and WS Atkins (Epsom, U.K.).
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