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

  • Open data gives new lease of life to public travel information screens
    March 4, 2014
    David Crawford finds resurgent interest in travel information screens for buildings. With city governments worldwide increasingly opening up and sharing their public transport data for general use, attention is focusing on the potential financial benefits – to transit operators and businesses more widely. Professor Stephen Goldsmith, who directs the US’ Harvard University’s Data-Smart City Solutions Project says: “Amid nationwide public-sector budget cuts, open data is providing a road map for improving tra
    Read More
  • Latin America projected to invest in metro systems
    April 22, 2014
    Latin American countries are expected to invest some US$40 billion in metro projects by 2025, according to a report from the Inter-American Development Bank (IDB). "In total, they will build or expand more than US$40bn in 20 projects," stated the report entitled Latin America and the Caribbean in 2025. The report, Latin America and the Caribbean 2015, indicates that some of the projects include construction of line 3 and line 6 in Chilean capital Santiago's subway, expansion of Brazil's São Paulo met
    Read More
  • CO₂ mitigation measures for transport ‘will not achieve climate ambitions’
    January 31, 2017
    Current and foreseeable policies to mitigate carbon-dioxide (CO₂) emissions from global transport activity will not suffice to achieve the international community’s climate ambitions, according to a new study published by the International Transport Forum (ITF). Continued strong growth in demand for mobility means that even in the most optimistic scenario, transport CO₂ emissions in 2050 will still be at 2015 levels of around 7.5 giga-tonnes, according to projections published in the ITF Transport Outlook 2
    Read More
  • Policy decisions are ‘key determinant for more sustainable transport’
    December 16, 2013
    The volume of global transport could double or even quadruple by 2050, according to a new study released by the International Transport Forum (ITF). GDP growth, freight intensity of economic activity and demographic change are important drivers of this growth, but key determinants for the level of future increases are policy choices, according to the ITF Transport Outlook: a report containing long-run scenarios for global transport activity and related CO2 emissions. China and India drive transport volu
    Read More

Highlighted Content