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Smart Transportation Market Growth attributed to Demand for Remote Access and Safety Management
Summary of press release here.
Published 03 November 2015
Smart transportation enables the travelling population to get information about the traffic through artificial intelligence and use of information technology. Increased security, better coordination, and efficient management of transportation systems are the outcomes of using smart transportation. The global smart transportation market’s expansion is anticipated due to increase in traffic congestions in developed and developing regions and the need to implement smart transportation networks across regions to ensure efficient transportation.
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Increased Automobile Sales and Improved Safety Measures Drive Market
The smart transportation market is expected to record a robust CAGR of 18.5% and reach a value of US$176.49 billion by 2021. This growth is attributed to various reasons. Automobile sales have increased globally and increased measures for driving safety are among the driving factors for the smart transportation market all over the world. The application of improved road safety standards are also elevating demand from the smart transportation market.
Additionally, these requirements are resulting in the application of smart transportation systems for managing proper utilization of space used for parking. Smart transportation systems help find efficient parking spots effectively. Another driving factor for the smart transportation market is the emergence of smart cities across the globe. Smart cities have created opportunities for smart transportation market worldwide. National governments such as the U.K. have initiated implementation of smart transportation in regions across the country.
Traffic Management Leads Market Due to Demand for Efficient Management of Traffic Congestion
Segmentation for the global smart transportation market is based on geographical regions, services, and solutions. In the solution segments of the global smart transportation market, traffic management systems had the largest market share with US$16.09 billion in 2014 and this growth trend is expected to continue over the years. Need for controlling traffic congestion situations and implementing efficiency in tolling and freight management are driving factors for the solution segment expansion of smart transportation market.
Among the services segments of the global smart transportation market, cloud services had the major market share with 40% and reached a value of US$19.39 billion. The increased use of remote data access, which helps improve control over transportation has boosted the market for the cloud services segment of smart transportation globally. This segment is considered as the fastest growing segment and is anticipated to expand at an 18.7% CAGR over the next few years. The cloud segment was followed by business services in terms of market share.
North America and Europe Lead Market Due to Government Initiatives
Among to the geographical segments of the global smart transportation market, Europe has the largest market share in 2015 and this region is predicted to dominate the global smart transportation market over the coming years. Government initiatives to implement smart transportation and the presence of principal organizations such as Siemens AG and Alstom SA are contributing to the market growth of smart transportation in this region. North America was second to Europe with a 25% market share. North America and Europe together had a global share of 55% in 2014 in the global market for smart transportation.
Key market players for smart transportation include IBM, Accenture Plc., GE Transportation, and Cisco Systems.
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