Researcher predicted to dominate the global smart transportation market over the coming years

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. The market is experiencing growth due to their increasing demand across all geographic locations.

“global smart transportation market was valued at USD 45.10 billion in 2014, growing at a CAGR of 18.5% from 2015 to 2021 to account for USD 176.49 billion in 2021.”

The global smart transportation market is expected to grow significantly during the forecast period. The market is primarily being driven due to the rising demand for efficient transportation networks across the globe. In addition, the growth in sale of automobiles is resulting in traffic congestion. This in return is creating the demand for smart transportation market. Furthermore, the application of smart transportation systems ensures safety of the drivers. The rising awareness for safety is ensuring the need for better road safety standards which fuelling the need for smart transportation systems.

Smart transportation enables the travelling population to get information about the traffic through artificial intelligence and use of information technology. Increased security, better coordination, and efficient management of transportation systems are the outcomes of using smart transportation. The global smart transportation market’s expansion is anticipated due to increase in traffic congestions in developed and developing regions and the need to implement smart transportation networks across regions to ensure efficient transportation.

Increased Automobile Sales and Improved Safety Measures Drive Market

The smart transportation market is expected to record a robust CAGR of 18.5% and reach a value of US$176.49 billion by 2021. This growth is attributed to various reasons. Automobile sales have increased globally and increased measures for driving safety are among the driving factors for the smart transportation market all over the world. The application of improved road safety standards are also elevating demand from the smart transportation market.

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

Segmentation for the global smart transportation market is based on geographical regions, services, and solutions. In the solution segments of the global smart transportation market, 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.

key players

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.