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

  • New ticket purchase methods expected to drive advance of US public transit
    April 2, 2015
    New analysis from Frost & Sullivan, Strategic Analysis of the US Automated Fare Collection Market in Rail and Urban Transit Systems, finds that the market earned revenues of US$324.5 million in 2014 and estimates this to reach US$634.8 million by 2021. The rising cost of fare management, coupled with the increasing presence of computing, sensors and connected devices, have made public transit systems more accessible to end users, thus boosting interest in automated fare collection (AFC) systems. With 33
    Read More
  • Smart transport systems investment will continue to grow despite public sector cuts
    May 30, 2012
    The ITS sector is now going through an evolution driven by the maturation of communications technologies and their increasing adoption in major cities worldwide. The widespread availability of high-speed networks, both fixed and wireless, along with the ability to embed intelligence in physical objects throughout the urban environment and the diffusion of mobile devices that can send and receive real-time vehicle or infrastructure information, is driving the adoption of smart transportation systems in citie
    Read More
  • Cable cars come of age in trans-continental expansion
    April 30, 2015
    David Crawford explores a high-level option of public transport. Sharing its origin with that of ski lifts at winter sports resorts in the European Alps, urban aerial cable transport is attracting growing interest as a low-footprint, low-energy alternative to conventional public transport that can swoop over ground-level traffic congestion.
    Read More
  • New riders get onboard the metabustrip
    October 5, 2016
    Bus travel booking is moving into the digital age as David Crawford discovers. A global surge in demand for intercity bus travel is fuelling new initiatives to make it easier for passengers to access information and book via the web by, fo example, using multi-sourced metasearch engines
    Read More

Highlighted Content