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

  • Middle East Looks to road charging for congestion relief
    January 26, 2012
    On the eve of the Gulf Traffic show in Dubai, ITS Arab secretary general and Innova Consulting managing director Zeina Nazer reviews prospects for road user charging in the Middle East and North Africa
    Read More
  • Electric buses: more billion dollar orders
    August 3, 2015
    China will spend up to one trillion dollars on electric buses over the coming 15 years according to analysts IDTechEx. This will reduce the impact of over 22.5 trillion dollars from air pollution over that time, at least one percent of GDP. More insurrection will occur if corrective action is insufficient because hundreds of thousands are dying from traffic pollution and far more are suffering resultant serious disease. According to the World Health Organisation (WHO), outdoor air pollution caused 3.7 m
    Read More
  • When weather warnings get hyperlocal
    August 24, 2016
    David Crawford looks at new technologies to cope with the age-old problem of driving in bad weather. On the 10-year average, between 2005 and 2014 bad weather contributed to more than 1.5 million vehicle crashes in the US each year, resulting in more than 800,000 injuries and 7,400 deaths. These were the findings of analysis by Booz Allen Hamilton of NHTSA data which concluded that the loss of life, hospital treatment and damage to assets costs an annual average of $42bn.
    Read More
  • Report analyses multiple ITS projects to highlight cost and benefits
    March 16, 2015
    Every year in America cost benefit analysis is carried out on dozens of ITS installations and pilot studies and the findings, along with the lessons learned, are entered into the Department of Transportation’s (USDOT’s) web-based ITS Knowledge Resources database. This database holds more than 1,600 reports and periodically the USDOT reviews the material on file to draw conclusions from this wider body of evidence. It has just published one such review ITS Benefits, Costs, and Lessons Learned: 2014 Update Re
    Read More

Highlighted Content