Smart transportation market worth US$138.76 billion by 2020

According to a new market research report, Smart Transportation Market by Solutions (Ticketing Management, Parking Management, Traffic Management, Smart Signalling, Multimodal Information Systems, Passenger Information Systems, Cloud Services, Business Services) - Global Forecast to 2020, published by 6418 MarketsandMarkets, the smart transportation market is set to grow from US$46.72 billion in 2015 to US$138.76 billion by 2020, growing at a CAGR of 24.3 per cent from 2015 to 2020.

The market report defines and segments the market on the basis of solutions, services, and regions with in-depth analysis and forecasting of market size. It also identifies drivers and restraints for this market with insights on trends, opportunities, and challenges.

MarketsandMarkets has broadly segmented the smart transportation market on the basis of solutions into ticketing management systems, parking management and guidance systems, passenger information systems, integrated supervisory systems and traffic management systems. The smart transportation market is also segmented on the basis of services into business services, professional services, and cloud services, and on the basis of regions into North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and Latin America.

Planning smart cities becomes a viable option for governments and municipal authorities as the emphasis on reducing carbon emissions is growing due to the fact that conventional cities form a major source of CO2 emissions. Smart technologies are environmental friendly encouraging greener technologies and provide operational ease making them the engines of growth for the smart transportation market.

North America is expected to have the highest market share in terms of revenue for the global Smart Transportation Market, while, Asia Pacific (APAC) is expected to show a potential growth with the highest Compound Annual Growth Rate (CAGR) for the overall forecast period due to technological advancements and leading smart transportation vendors concentrating in the region for expansion. Middle East and Africa (MEA) and Latin America (LA) markets are showing are also in the growth phase of the Smart Transportation Market, hence could be good regions for investment in the next five years.

The report also draws the competitive landscape of the smart transportation market, providing an in-depth comparative analysis of the technological and marketing strategies that the key players are adopting to gain an edge over their competitors. The key strategies followed by most companies in the Smart Transportation Market are innovative technologies, customized solutions, and acquisitions of relatively small domain expert players. The leading players in this market are Cisco Systems, General Electric Company, IBM Corporation, Accenture, Indra, Cubic Corporation, Kapsch, and LG CNS.