Smart transportation market worth US$138.76 billion by 2020

According to a new market research report, Smart Transportation Market by Solutions (Ticketing Management, Parking Management, Traffic Management, Smart Signalling, Multimodal Information Systems, Passenger Information Systems, Cloud Services, Business Services) - Global Forecast to 2020, published by MarketsandMarkets, the smart transportation market is set to grow from US$46.72 billion in 2015 to US$138.76 billion by 2020, growing at a CAGR of 24.3 per cent from 2015 to 2020.
July 24, 2015 Read time: 3 mins

According to a new market research report, Smart Transportation Market by Solutions (Ticketing Management, Parking Management, Traffic Management, Smart Signalling, Multimodal Information Systems, Passenger Information Systems, Cloud Services, Business Services) - Global Forecast to 2020, published by 6418 MarketsandMarkets, the smart transportation market is set to grow from US$46.72 billion in 2015 to US$138.76 billion by 2020, growing at a CAGR of 24.3 per cent from 2015 to 2020.

The market report defines and segments the market on the basis of solutions, services, and regions with in-depth analysis and forecasting of market size. It also identifies drivers and restraints for this market with insights on trends, opportunities, and challenges.

MarketsandMarkets has broadly segmented the smart transportation market on the basis of solutions into ticketing management systems, parking management and guidance systems, passenger information systems, integrated supervisory systems and traffic management systems. The smart transportation market is also segmented on the basis of services into business services, professional services, and cloud services, and on the basis of regions into North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and Latin America.

Planning smart cities becomes a viable option for governments and municipal authorities as the emphasis on reducing carbon emissions is growing due to the fact that conventional cities form a major source of CO2 emissions. Smart technologies are environmental friendly encouraging greener technologies and provide operational ease making them the engines of growth for the smart transportation market.

North America is expected to have the highest market share in terms of revenue for the global Smart Transportation Market, while, Asia Pacific (APAC) is expected to show a potential growth with the highest Compound Annual Growth Rate (CAGR) for the overall forecast period due to technological advancements and leading smart transportation vendors concentrating in the region for expansion. Middle East and Africa (MEA) and Latin America (LA) markets are showing are also in the growth phase of the Smart Transportation Market, hence could be good regions for investment in the next five years.

The report also draws the competitive landscape of the smart transportation market, providing an in-depth comparative analysis of the technological and marketing strategies that the key players are adopting to gain an edge over their competitors. The key strategies followed by most companies in the Smart Transportation Market are innovative technologies, customized solutions, and acquisitions of relatively small domain expert players. The leading players in this market are Cisco Systems, General Electric Company, IBM Corporation, Accenture, Indra, Cubic Corporation, Kapsch, and LG CNS.

Urban Traffic Control

For more information on companies in this article

Related Content

  • The bottom line - US surface transportation system needs major investment
    December 12, 2014
    The 2015 Bottom Line Report on transportation investment needs, released by the American Association of State Highway and Transportation Officials and the American Public Transportation Association, estimates that to meet current demand it will require an annual capital investment over six years by all levels of government in the amount of $120 billion in the nation’s highway and bridge network and US$43 billion in America’s public transportation infrastructure. To meet the combined surface transportation
    Read More
  • Spanish city wins 2015 Smart City award
    July 7, 2015
    The Smart Cities 2015 Award, presented by the Socinfo Foundation and Sociedad de la Información magazine, has been awarded to the Pozuelo de Alarcón, Spain, smart city project. The award was given for a project that consists of four integrated systems: smart irrigation, street lighting, energy efficiency and smart parking. Wireless parking specialist Nedap played a part in the project, installing the intelligent parking system using its Sensit wireless parking sensors that detect the occupancy of a park
    Read More
  • Cubic and University of Melbourne to partner on multimodal transport
    October 14, 2016
    Cubic Transportation Systems (CTS) and the University of Melbourne, Australia are to partner on the development of a National Connected Multimodal Transport (NCMT) test bed, which aims to deliver the first implementation of Cubic’s surface transport management solution worldwide. The NCMT test bed will be an urban laboratory capable of large-scale testing and implementation of emerging technologies in complex urban environments. The testing will explore ways to relieve pressures created by population gr
    Read More
  • Full electric vehicle shipments to exceed 2 million by 2020
    October 11, 2013
    According to ABI Research, the number of full electric vehicles (EV) shipping yearly will increase from 150,000 in 2013 to 2.36 million in 2020, representing a CAGR of 48 per cent. Asia-Pacific will exhibit the strongest growth, driven by mounting pollution issues in its many megacities; however, true mass-market uptake will only start happening in the next decade.
    Read More

Highlighted Content