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

  • Dutch pavilion at Intertraffic focuses on smart mobility
    March 3, 2016
    The Netherlands has the ambition to head the field in the area of cooperative ITS and smart mobility. The country needs innovative mobility solutions to keep its urban delta open, healthy and safe and to support economic growth. For the Netherlands, ITS creates an opportunity to foster innovation and strengthen its competitive position within supplier- and after-markets. Thanks to the country’s highly developed and dense traffic network, the Netherlands is eminently suitable as a development and large-scale
    Read More
  • Aptiv: the world needs smarter cities
    March 18, 2020
    As the world’s population migrates to ever-larger urban areas, Aptiv’s Ingo Stuermer believes that a number of ITS technologies will encourage mobility to power change for smarter cities
    Read More
  • PTV Group and Inrix partner on smart cities
    September 9, 2014
    PTV Group and Inrix are to collaborate on smart city solutions that will use big data and demand-based modelling software to solve urban mobility problems worldwide. As part of a multi-year global agreement, PTV Group is integrating Inrix XD Traffic into PTV Optima, its state-of-the-art tool for traffic prediction. With real-time information on traffic speeds and travel times for more than four million miles of roads in 40 countries, Inrix XD Traffic improves accuracy and offers detailed traffic informat
    Read More
  • Plug-in EV sales in North America ‘expected to exceed 1.1 million by 2024’
    May 29, 2015
    According to a new report from Navigant Research, North American plug-in electric vehicle (PEV) sales are expected to exceed 1.1 million annually by 2024. The report, Electric Vehicle Geographic Forecasts, analyses the North American market for light duty plug-in electric vehicles (PEVs), including detailed geographic forecasts of PEV sales by US state, metropolitan statistical area (MSA), Canadian province, Canadian city, and selected utility service area.
    Read More

Highlighted Content