Global Smart Transportation Market Size, Trends and Forecast 2014 - 2024

Global Smart Transportation Market Size, Trends and Forecast 2014 - 2024

The global smart transportation market is estimated to reach a market size of USD 285.12 billion by 2024, according to this new study. The increasing number of on-road vehicles and the futile existing transport infrastructure will drive the need for a systematic management system. The government approved initiatives toward building a better infrastructure and running the transport system smoothly are expected to boost the industry growth. Increasing investments in the smart city product are expected to open new avenues for growth in the coming years as smart transportation is an integral part of the smart city. The developing government focus to reduce greenhouse gas emission and rising traffic congestion are anticipated to drive industry growth over the next eight years. The growing number of government mandates by the European Union (EU) and the Directive on Intelligent Transport System is also expected to favor the industry growth over the forecast period. The need for a huge capital for restoring the existing infrastructure with the smart technological advanced system is expected to hamper the industry growth. The long pause for replacing the existing system may also create a competitive situation to its growth and will hit the daily commutation activities. Further crucial uncovering from the study suggest: Key solutions accessible in the market include the ticketing management system, parking management system, traffic management system, and integrated supervision system. The consolidated supervision system is brought for reducing traffic blocks, minimizing accidents, and providing better safety measures and holds high growth potential. Basic services include cloud service, professional service, and business service. The cloud service segment is expected to observe a surge in the demand, owing to the need for the storage of data generated through these systems. Professional service vendors offer consulting services and may observe an increase in the demand over the next eight years, due to the requirement of services for upgrading the existing infrastructure. The North American region accounted for over 27% of the global revenue share in 2015 and the Asia Pacific is estimated to be the fastest-growing segment, offering lucrative growth opportunities for the industry players. The increasing absorption of leading vendors for expansion and technological advancement in this region is likely to favor the regional growth over the next eight years. The European Union (EU) and government initiatives to strengthening transport infrastructure are also expected to support the European market growth. The Middle East is predicted to witness an upsurge in the demand, due to the increasing government investment in the transport infrastructure. Prime industry participants include Accenture PLC, Alstom, SA, Cubic Corporation, Cisco System, Inc., General Electric Company (GE), International Business Machine (IBM) Corporation, Indra Sistema S.A., Kapsch, LG CNS Corporation, and Xerox Corporation.

Table of contents:

• Methodology and Scope
• Executive Summary
• Smart Transportation Industry Outlook
• Smart Transportation Solution Outlook
• Smart Transportation Service Outlook
• Smart Transportation Regional Outlook
• Competitive Landscape

1. Accenture PLC
2. Alstom, SA
3. Cisco System Inc.
4. Cubic Corporation

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I am Zahid Kazi. I am director of a Frank n Raf Market Research. We have expertise in market research and consulting services.