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Smart Transportation Market: A Big Business Opportunity for Start Ups and Leading Companies
Smart Transportation Systems involve a combination of electronic systems connected through efficient communications and managed by advanced IT systems that can be connected to wider platforms which deliver real time on-line information. The smart transportation market has shown good progress in recent years, which is expected to continue in the coming years. Players which are active in this market space include IBM, LG CNS, Cisco, Cubic, Accenture, and many others.
Smart transportation market offers a significant growth opportunity for the players that are active in this market. The total revenue is composed by the summation of solutions and services. The solutions provide management systems for ticketing, traffic, parking and passengers. Smart transportation solutions have the largest market share in this market.
North America is the largest revenue generator for this market in 2014, which is followed by Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). The APAC market is expected to grow at the highest Y-o-Y in 2018-2019 because of factors such as emerging trade blocs, and increase in the intra-Asian, inter-Asian trade. It is expected that APAC will surpass Europe in the forecast period up to 2019. So, APAC is a lucrative market for the players who are trying to expand their businesses across the globe.
According to the announcements of findings, the global market for Smart transportation is expected to grow from $45.05 billion in 2014 to $104.19 billion in 2019 at a Compound Annual Growth Rate (CAGR) of 18.3% from 2014 to 2019. In the current scenario, in solutions Traffic management system and in services cloud services, are the largest revenue generators in the smart transportation market. In terms of regions, North America is expected to be the biggest market in terms of revenue contribution, while Europe and Asia Pacific (APAC) is expected to experience increased market traction, in due course.
Smart Transportation Market (Ticketing Management, Parking Management, Traffic Management, Smart Signalling System, Multimodal Information System, Cloud Services, Business Services) – Global Advancements, Forecasts and Analysis (2014 - 2019)
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