The global smart transportation market size was valued at $63,667 million in 2015, and is projected to reach $237,701 million by 2022, growing at a CAGR of 18.6% from 2016 to 2022. Smart transport consists of intelligent transportation systems (ITSs) that aim to offer innovative and superior services for different modes of transport and traffic management. Use of this system increases the coordination of users and makes them better informed of safer and smarter use of transport networks. Smart transportation is implemented in parking management & guidance, passenger information, and traffic management.
Investments in smart cities, which are expected to integrate smart transportation, provide numerous opportunities for this market. Moreover, introduction of parking management system, which induces various functions to help drivers to locate parking space easily, presents opportunity for growth. However, large database requirement of a road network and the need for high capital investment, as the existing transport system requires a complete restoration, impedes the market growth.
The smart transportation market is segmented into service, solution, and geography. By service, it is divided into business, professional, and cloud services. The solution segment includes ticketing management system, parking management & guidance system, integrated supervision system, and traffic management system.
Geographically, it is segmented across North America (U.S. and Canada), Europe (UK, Germany, France, and rest of the Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the smart transportation market include Accenture Plc, Siemens, IBM, Cisco Systems, GE Transportation, Xerox Corporation, Cubic Corporation, Thales S.A., Kapsch AG, and Alstom SA.
Smart Transportation Market Key Segmentation
Market Players in the Value Chain
Other players in value chain include (profiles not included in the report):
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