Albany, NY -- (SBWIRE) -- 06/19/2018 -- The global market for smart transportation much of its growth from the tremendous rise in the number of daily commuters across the world. The significant increase in travel and tourism industry is also influencing the growth of this market positively and the trend will continue in the near future.
According to Transparency Market Research (TMR), the worldwide market for car rental is estimated to expand at a CAGR of 18.50% over the period from 2015 to 2021. Rising at this pace, the overall opportunity the market is anticipated increase from US$45.1 bn in 2014 to US$176.5 bn by the end of 2021.
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Here is a snapshot of the global market for smart transportation:
Cloud Services to Report High Demand
Cloud services, professional services, and business services are the main services available in the global market for smart transportation. The demand for cloud services is relatively higher than other. This segment dominated the overall market in 2014 with a market share of more than 40%. The scenario is anticipated to remain so over the next few years.
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Cloud services are fast becoming popular across various organizations, thanks to the absence of physical devices. Furthermore, the application of cloud services allows the users to access their data remotely, making it more efficient in managing the traffic.
Europe to Continue to Dominate
The worldwide smart transportation market is mainly spread across North America, Europe, Asia Pacific (APAC) and the Rest of the World (RoW). The global market is majorly being driven by the increasing preference for smart networks. Apart from this, the increasing consciousness about traffic congestion is also helping the market in rising significantly.
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In 2015, Europe lead the global market of smart transportation and the regional market will continue to dominate over the next few years. The utilization of keen transportation for better coordination of movement is going about as a driver for the market. North America takes after Europe representing over 25% of the worldwide share of the overall industry.
The Asia Pacific market, however, is the likely to grow very fast because of the presence of significant economies, such as, Japan, China, and India. The Rest of the world is expected to witness consistent rise in the near future due of the presence of emerging economies, where the utilization of smart transportation is increasing.
Companies to Focus on Mergers and Acquisitions
The global market for smart transportation is led by Cisco Systems, Alstom AG, Siemens AG, Cubic Corp., IBM, GE Transportation, and Accenture Plc. This rise in the adoption rate of technology has been established Alstom AG and Siemens AG as the two of the key companies in the global market. The leading players are expected to focus on the