Global Smart Transportation Market Report, published by Variant Market Research, forecast that the global market was valued at $67 Billion in 2016 and is expected to reach $278 Billion by 2024; growing at a CAGR of 19.4% from 2016 to 2024. In geographical segments, Asia Pacific and RoW are expected to grow at a CAGR of 20.7% and 19.5%, respectively, during the forecast period 2016-2024.
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Internet of Things (IoT) will drive the global smart transportation market
Key drivers of global smart transportation market include rising number of vehicles, growing number of smart cities, increasing population, hyper-urbanization, and growing adoption of Internet of Things (IoT). Though, the long downtime and huge capital required for replacing existing infrastructure may hamper the market growth. Government initiatives to control greenhouse emission and increasing popularity of smart cities in emerging economies are the major growth opportunities.
The global smart transportation market is bifurcated into solution, service, and geography. Solution segment comprises parking management system, ticketing management system, traffic management system, and integrated supervision system. Service segment includes cloud services, business services, and professional services. North America, Europe, Asia-Pacific and Rest of the world (RoW) are the key regions of global smart transportation market.
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Traffic Management System Dominated the Market with Highest Market Share In 2016
Traffic management system and integrated supervision system accounted for the major market share of 35.4% and 30.8% respectively in the year 2016.
Europe is expected to remain the leading region during forecast period 2016 -2024
Europe smart transportation system dominated the market with highest share of 31.2%, in 2016, driven by concern for the environment and high adoption of latest technologies, followed by North America accounting with 29.3%. North America comprises US, Canada, and Mexico. However, Asia Pacific is expected to lead the market with fastest CAGR during the forecast period, due to the technological improvements and government investments in emerging economies such as India.
The key players in the market include International Business Machines Corporation, Accenture plc, Siemens AG, Cubic Corporation, LG CNS Co., Ltd., General Electric Company, Tomtom International Bv, Alstom SA, KapschTrafficCom AG, and Thales Group, among others.
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Scope of Smart Transportation Market
- Parking Management System
- Ticketing Management System
- Traffic Management System
- Integrated Supervision System
- Cloud Services
- Business Services
- Professional Services
- North America
- South America
- Middle East
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfil clients’ objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise is data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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