Need of Smart Services will increase the need of Smart Transportation and Its Market Globally

Smart Transportation Market

Smart transportation uses information technology and artificial intelligence to efficiently manage and coordinate transportation systems. The application of smart transportation network allows the travelling population to have better knowledge of the traffic for better coordination. In addition, the use of smart transportation also ensures safety for the drivers.

Smart Transportation and Its Global Market Description at: http://is.gd/oare2n

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.

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 the proper utilization 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.

Traffic Management Leads Market Due to Demand for Efficient Management of Traffic Congestion

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.

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.

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 Accenture Plc, Siemens, IBM, GE Transportation, Cubic Corporation, Alstom SA and Cisco Systems among others.

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