According to a new market research report from 6418 MarketsandMarkets, Europe is expected to hold the largest share of the smart transportation market, which is expected to grow from US$72.05 billion in 2016 to US$220.76 billion by 2021.
The major drivers for an upsurge in demand for smart transportation include the rising requirement for integrated security and safety to enhance public safety and government initiatives to incorporate smart technologies into the existing transportation infrastructure.
The smart ticketing segment is expected to grow at the highest CAGR during the forecast period. Smart ticketing integrates online ticketing, onboard ticketing, smart card ticketing, and mobile application ticketing. Smart ticketing solutions enable transport agencies to provide better service to their customers and also minimise fund leakage and fare avoidance situations. Increasing mobile phone penetration and demand for digital payment would drive the smart ticketing solution segment in the smart transportation market.
The deployment and integration services segment is expected to have the largest market share and projected to grow at the highest CAGR during the forecast period. Deployment and integration service helps in reducing the deployment and integration time and is crucial for developing end-to-end traffic management, ticketing, passenger and parking management system solutions for the smart transportation market. The increasing requirement for upgrading the existing transport infrastructure to support various smart solutions would drive the deployment and integration services segment in the smart transportation market.
Geographic analysis of the market indicates that Europe is expected to benefit from its rapid digitisation across verticals. Increasing adoption of smart connected devices and technological advancements, followed by a robust network infrastructure and strong government vision toward smart transportation is expected to drive continuous growth in the smart transportation market. In addition, Europe is witnessing a large number of investments in the smart transportation sector. This is expected to upsurge the smart transportation market in the upcoming years.
The major drivers for an upsurge in demand for smart transportation include the rising requirement for integrated security and safety to enhance public safety and government initiatives to incorporate smart technologies into the existing transportation infrastructure.
The smart ticketing segment is expected to grow at the highest CAGR during the forecast period. Smart ticketing integrates online ticketing, onboard ticketing, smart card ticketing, and mobile application ticketing. Smart ticketing solutions enable transport agencies to provide better service to their customers and also minimise fund leakage and fare avoidance situations. Increasing mobile phone penetration and demand for digital payment would drive the smart ticketing solution segment in the smart transportation market.
The deployment and integration services segment is expected to have the largest market share and projected to grow at the highest CAGR during the forecast period. Deployment and integration service helps in reducing the deployment and integration time and is crucial for developing end-to-end traffic management, ticketing, passenger and parking management system solutions for the smart transportation market. The increasing requirement for upgrading the existing transport infrastructure to support various smart solutions would drive the deployment and integration services segment in the smart transportation market.
Geographic analysis of the market indicates that Europe is expected to benefit from its rapid digitisation across verticals. Increasing adoption of smart connected devices and technological advancements, followed by a robust network infrastructure and strong government vision toward smart transportation is expected to drive continuous growth in the smart transportation market. In addition, Europe is witnessing a large number of investments in the smart transportation sector. This is expected to upsurge the smart transportation market in the upcoming years.
