Global Smart Transportation Market Forecast 2018-2026
The global Smart transportation market is expected to grow at a CAGR of 25.11% over the forecast period of 2018-2026. This prosperous growth in the market can be attributed to the global rise in the number of vehicles, a need for road safety and traffic management, and the emerging smart city projects in the developing nations.
The market segmentation for global smart transportation market is done on the basis of smart transportation services and smart transportation solutions. The smart transportation services can be further divided into cloud services, business analytics services, and support & maintenance services. The market by smart solutions is further divided into integrated supervision systems, traffic management systems, passenger information systems, parking management systems, and ticketing systems.
The global smart transportation market is regionally segmented into Asia-Pacific, Europe, North America and the rest of the world. The European market accounted for the highest market share in 2017. A key driver for this region is the presence of several smart transportation automotive and technology companies in the region. On the other hand, the market for Asia-Pacific is predicted to grow with the highest CAGR over the forecast period. Several smart city projects in the developing countries of the Asia-Pacific region can be attributed to this market’s growth.
The key market players for the global smart transportation market include MSR-Traffic GmbH, Kapsch Trafficom GmbH, Nedap N.V, On Track Innovations (OTI) Ltd, Orange Business Services, Q-Free Asa, Serco Group Plc, Skidata Ag, Siemens Ag, Swarco Ag, T2 Systems Inc, Xerox Corporation and Synapt (Division Of Prodapt Solutions Pvt. Ltd.)