Smart transportation market worth $104.19 billion by 2019

MarketsandMarkets recently conducted a study on the Smart Transportation Market by Solutions (Ticketing Management, Parking Management, Passenger Information, Traffic Management) & Services (Cloud, Professional, Business) Global Advancements, Application Roadmaps - Forecasts and Analysis 2014-2019, which concludes that the smart transportation market is expected to grow from US$45.05 billion in 2014 to US$104.19 billion by 2019. Congestion, emergence of cloud services, need of sustainable solutions, and
April 1, 2014 Read time: 2 mins
6418 MarketsAndMarkets recently conducted a study on the smart Transportation Market by Solutions (Ticketing Management, Parking Management, Passenger Information, Traffic Management) & Services (Cloud, Professional, Business) Global Advancements, Application Roadmaps - Forecasts and Analysis 2014-2019, which concludes that the smart transportation market is expected to grow from US$45.05 billion in 2014 to US$104.19 billion by 2019.

Congestion, emergence of cloud services, need of sustainable solutions, and hyper-urbanisation and globalisation is leading to building of more and more avenues for smart transportation market. With the increasing population, congestion has become a major problem in all developing economies, creating opportunities for development of smart transportation solutions and services. This report highlights the various services such as Cloud services, professional services, and business services.

There are a wide range of solutions such as ticketing management systems, parking management systems, passenger information systems, traffic management systems and integrated supervision systems. Traffic management system has the major market share in this market and is expected to grow in the forecast period. The future of these solutions can be urban tolling and freight systems to address problems of congestion and pollution. New technologies like V2I (vehicle to infrastructure), V2G (vehicle to grid) are expected to commercialise in the coming years. Cloud services have the largest market size in the overall smart transportation market by services, because of the advancement in performance and functions of smart devices. As businesses actively embrace cloud services, the need for more specialised technologies and infrastructures is on the rise.

Out of all the regions, North America is the largest revenue generator for services in the smart transportation market. Asia Pacific (APAC) is expected to show a significant rise in the revenues because of the budding inter-Asian and intra-Asian trade that exists between different countries of Asia.

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 in order to gain an edge over their competitors. The key strategies followed by most companies in the global smart transportation market are geographic expansion, diversification, acquisitions and investment in R&D.

For more information on companies in this article

Related Content

  • Smart parking key to sustainable urban mobility
    April 26, 2013
    Smart parking looks like a market poised to take off in the US. It could bring many benefits, not just for parking facility operators and their customers but also for society as a whole. Steven Bayless, senior director, telecommunications and telematics at ITS America, looks at some of the opportunities and challenges involved. Parking is an estimated $24-25 billion industry in the US and although highly fragmented, it is experiencing a growing trend towards consolidation and outsourcing of parking operatio
    Read More
  • 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 parking for a smarter city says Beecham Research
    March 28, 2014
    Smart Parking could relieve congestion, reduce driver frustration, improve health and give a vital boost to the future of our cities, says Dr Therese Cory, the principal author of a new report from Beecham Research. Cities are centres for business, government and culture, attracting high volumes of workers and visitors. But today, the use of modern communications and information technology is enabling City authorities to explore new ways to make their cities work better. The Beecham report examines a nu
    Read More
  • Arup picks 8 ways ITS can save the planet
    January 6, 2022
    The solutions we need to accelerate carbon-free transport are known, available and ready to be deployed. Tim Gammons from Arup explains what the ITS industry can do now to help…
    Read More

Highlighted Content