ALBANY, New York, July 2, 2015 /PRNewswire/ --
As per the new market report published by Transparency Market Research "Smart Transportation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021," 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 smart transportation market is primarily driven due to the emerging need for smart services across the globe. Moreover, the global increase in sale of automobile is increasing the traffic congestion. This is creating need for intelligent transportation systems. In addition, the growing awareness for safety of drivers is also acting as the major driver for this market. Furthermore, the implementation of smart transportation systems also assists in the parking of vehicles with the proper utilization of space and easy identification of parking spots. Moreover, the emerging concept of smart cities across the globe is creating an opportunity for the smart transportation market. The market has been segmented into three types: by solutions, services and region.
The Detailed TOC of the Smart Transportation Market Report can be browsed at: http://www.transparencymarketresearch.com/smart-transportation-market.html
In terms of solutions, traffic management system was the largest segment accounting for 16.09 billion in 2014. It is expected to dominate the market during the forecast period. The dominance in the market is aided to the rising need for reduction in traffic congestion with implementation of efficient freight management and tolling systems. In addition, the rising sale of automobiles is creating the demand for smart traffic management systems and Europe is expected to dominate the market during the forecast period.
By services, cloud services were the market leader in terms of revenue and recorded UD 19.39 billion in 2014. The reason behind the dominance is the rise in remote data access for better control of transportation across the globe. In addition, cloud service is also analyzed to be the fastest growing for smart transportation and is expected to grow significantly during the forecast period. The cloud services are expected to grow with a CAGR of 18.7% during the forecast period.
A sample of the report in PDF obtained by visiting: http://www.transparencymarketresearch.com/sample/sample.php?flag=s&rep_id=1401
By region, Europe is leading the smart transportation market in 2015 and the region is expected to dominate during the forecast period. Europe has the highest market share due to reformed traffic regulation by governments which involve the use of smart transportation. Moreover, the presence of major organization such as Alstom SA and Siemens AG in this region is also contributing to the growth of smart transportation. Europe and North America collectively accounted for more than 55% of the global smart transportation market in 2014.
Browse the Press Release of this report, here: http://www.transparencymarketresearch.com/pressrelease/smart-transportation-market.htm
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.
The report analyses the global smart transportation market, and provides estimates in terms of revenue (USD Billion) from 2015 to 2021. Market estimates have been done on the basis of types of solutions and services for each region.
Browse the Article of this report, here: http://www.transparencymarketresearch.com/article/smart-transportation-market.htm
The market has been segmented as follows
Smart Transportation Market: By Geography
- North America
- Asia Pacific
- Rest of the World
Smart Transportation Market: By Solutions
- Ticketing management systems
- Parking management systems
- Integrated supervisory systems
- Traffic management systems
Smart Transportation Market: By Services
- Cloud services
- Business services
- Professional services
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
- North America
- Asia Pacific
- Rest of the World (RoW)
Other Published Reports by Transparency Market Research:
- Power Banks Market: http://www.transparencymarketresearch.com/power-banks-market.html
- Bulk Material Handling Products & Technologies Market: http://www.transparencymarketresearch.com/bulk-material-handling-products.html
- Surge Protection Devices Market: http://www.transparencymarketresearch.com/surge-protection-devices-market.html
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