According to a new market report published by 7801 Transparency Market Research, Smart Transportation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021, the global smart transportation market was valued at US$45.10 billion in 2014, growing at a CAGR of 18.5 per cent from 2015 to 2021 to account for US$176.49 billion in 2021.
The smart transportation market is primarily driven due to the emerging need for smart services across the globe. Moreover, the global increase in sale of automobile is increasing the traffic congestion. This is creating need for intelligent transportation systems. In addition, the growing awareness for safety of drivers is also acting as the major driver for this market. Furthermore, the implementation of smart transportation systems also assists in the parking of vehicles with proper utilisation of space and easy identification of parking spots. Moreover, the emerging concept of smart cities across the globe is creating an opportunity for the smart transportation market. The market has been segmented into three types: by solutions, services and region.
In terms of solutions, traffic management systems were the largest segment accounting for 16.09 billion in 2014. It is expected to dominate the market during the forecast period. The dominance in the market is aided to the rising need for reduction in traffic congestion with implementation of efficient freight management and tolling systems. In addition, the rising sale of automobiles is creating the demand for smart traffic management systems and Europe is expected to dominate the market during the forecast period.
By services, cloud services were the market leader in terms of revenue and recorded US$19.39 billion in 2014. The reason behind the dominance is the rise in remote data access for better control of transportation across the globe. In addition, cloud service is also analysed to be the fastest growing for smart transportation and is expected to grow significantly during the forecast period. The cloud services are expected to grow with a CAGR of 18.7 per cent during the forecast period.
By region, Europe is leading the smart transportation market in 2015 and the region is expected to dominate during the forecast period. Europe has the highest market share due to reformed traffic regulation by governments which involve the use of smart transportation. Moreover, the presence of major organisations such as Alstom and Siemens in this region is also contributing to the growth of smart transportation. Europe and North America collectively accounted for more than 55 per cent of the global smart transportation market in 2014.
The key industry players in the smart transportation market have been profiled on the basis of the company overview, financial overview, historical roadmap, future strategies and key developments in the smart transportation market. Major vendors profiled in this report include1968 Accenture, 189 Siemens, 62 IBM, 940 GE Transportation, 378 Cubic Corporation, Alstom and 1028 Cisco Systems among others.
The smart transportation market is primarily driven due to the emerging need for smart services across the globe. Moreover, the global increase in sale of automobile is increasing the traffic congestion. This is creating need for intelligent transportation systems. In addition, the growing awareness for safety of drivers is also acting as the major driver for this market. Furthermore, the implementation of smart transportation systems also assists in the parking of vehicles with proper utilisation of space and easy identification of parking spots. Moreover, the emerging concept of smart cities across the globe is creating an opportunity for the smart transportation market. The market has been segmented into three types: by solutions, services and region.
In terms of solutions, traffic management systems were the largest segment accounting for 16.09 billion in 2014. It is expected to dominate the market during the forecast period. The dominance in the market is aided to the rising need for reduction in traffic congestion with implementation of efficient freight management and tolling systems. In addition, the rising sale of automobiles is creating the demand for smart traffic management systems and Europe is expected to dominate the market during the forecast period.
By services, cloud services were the market leader in terms of revenue and recorded US$19.39 billion in 2014. The reason behind the dominance is the rise in remote data access for better control of transportation across the globe. In addition, cloud service is also analysed to be the fastest growing for smart transportation and is expected to grow significantly during the forecast period. The cloud services are expected to grow with a CAGR of 18.7 per cent during the forecast period.
By region, Europe is leading the smart transportation market in 2015 and the region is expected to dominate during the forecast period. Europe has the highest market share due to reformed traffic regulation by governments which involve the use of smart transportation. Moreover, the presence of major organisations such as Alstom and Siemens in this region is also contributing to the growth of smart transportation. Europe and North America collectively accounted for more than 55 per cent of the global smart transportation market in 2014.
The key industry players in the smart transportation market have been profiled on the basis of the company overview, financial overview, historical roadmap, future strategies and key developments in the smart transportation market. Major vendors profiled in this report include
