Global Smart Transportation Market Report, published by Variant Market Research, forecast that the global market was valued at $67 Billion in 2016 and is expected to reach $278 Billion by 2024; growing at a CAGR of 19.4% from 2016 to 2024. In geographical segments, Asia Pacific and RoW are expected to grow at a CAGR of 20.7% and 19.5%, respectively, during the forecast period 2016-2024.

The rising number of vehicles, growing population, hyper-urbanization, growing number of smart cities and growing adoption of Internet of Things (IoT) are some of the key factors driving the global smart transportation market. However, the long downtime and huge capital required for replacing existing infrastructure may restrict the market growth. Government initiatives to control greenhouse emission and increasing popularity of smart cities in emerging economies is anticipated to boost the market.

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The global smart transportation market has been classified into solution, service, and geography. Solution segment is further divided into parking management system, traffic management system, ticketing management system, and integrated supervision system. Among which, traffic management system and integrated supervision system accounted for the major market share of 35.4% and 30.8% respectively in the year 2016. By service, the market is categorized as business services, cloud services, and professional services.

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North America, Europe, Asia-Pacific and Rest of the world (RoW) are the major geographical segments of global smart transportation market. Europe dominated the market with highest share of 31.2%, in 2016, driven by concern for the environment and high adoption of latest technologies, followed by North America accounting with 29.3%. However, Asia Pacific is expected to lead the market with fastest CAGR during the forecast period, due to the technological improvements and government investments.

The key players in the market include International Business Machines Corporation, Siemens AG, Accenture plc, Cubic Corporation, General Electric Company, LG CNS Co., Ltd., Tom-tom International Bv, Alstom SA, KapschTrafficCom AG, and Thales Group, among others.

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Scope of Smart Transportation Market

Solution Segments
• Parking Management System
• Ticketing Management System
• Traffic Management System
• Integrated Supervision System

Service Segments

• Cloud Services
• Business Services
• Professional Services

Geography Segments

• North America
o US
o Canada
o Mexico

• Europe
o U.K.
o Germany
o France
o Others

• Asia-Pacific
o India
o China
o Japan
o Others

• RoW
o South America
o Middle East
o Africa

About Variant Market Research

Variant Market Research offers syndicated and customized reports to fulfil clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.

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