The global smart transportation market has been valued at USD 45.10 billion in 2014, growing at a CAGR of 18.5% from 2015 to 2021. The smart transportation market finds their application in developing smart networks for better coordination of traffic. In addition, the concept of smart transportation is majorly applicable in smart cities. They ensure better traffic management, safety of the commuters and smart parking of vehicles.
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The global smart transportation market is segmented by regions into North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW). The market is primarily being driven due to increasing demand for smart networks. In addition, the rising awareness of traffic congestion is also aiding to the growth of the market.
In 2015, Europe lead the market of smart transportation and the region will be dominating during the forecast period. The application of smart transportation for better coordination of traffic is acting as a driver for the market. North America follows Europe accounting for more than 25% of the global market share. However, Asia Pacific is the fastest growing region due to the presence of major economies such as China, Japan and India. Rest of the world is expected to maintain steady growth due of the developing regions as the application of smart transportation involves high initial investment.
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The global smart transportation market by solutions is categorized into ticketing management systems, parking management systems, integrated supervisory systems and traffic management systems. The traffic management system has the highest market share in 2015 and is expected to dominate the market during the forecast period. The growth is attributed to the demand for better traffic management by using innovative toll systems.
On the basis on services, the smart transportation market can be segmented into: cloud services, business services and professional services. Cloud services have dominance in the market with its market share accounting to more than 40% of the global market. Business services follow the cloud services. Cloud services are becoming increasing popular across various organization due absence of physical devices. Moreover, the application cloud services enables the users to access their data remotely. Thus, cloud services are very helpful in efficient management of traffic.
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