The smart transportation system is an advanced transportation infrastructure provides secure & safe traffic and transport management services. Smart transportation system includes employment of advanced technology solutions such as electronic surveillance system, advanced signal management systems, and advanced sensor systems, which provides traffic details, optional route details, service station details, fuel station details, and other information to drivers. These facilities help to improve safety and performance of the overall transportation systems. Also, smart transportation system is frequently being used in order to improve traffic management.
Global smart transportation market has been segmented into ticketing management system, parking management system, traffic management system, and integrated supervision system on the basis of service type. The traffic management system segment in the smart transportation market is anticipated to hold largest market in terms of revenue throughout the forecast period. This is owing to services offered such as smart signaling systems, route guidance systems, traditional signaling and video surveillance systems, and intelligent video management systems.
The global smart transportation market has been segmented into cloud services, professional services, and business services on the basis of vertical. The cloud services segment is anticipated to grow at highest CAGR in next ten years, also it is anticipated to contribute major market share in terms of revenue in next five years.
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The global smart transportation market report has been segmented on the basis of solution, services, and region. On the basis of region, the global smart transportation market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is considered to be a major market for the global smart transportation system. In addition, government initiatives to enhance transportation infrastructure is anticipated to favor overall market growth.
Key players operational in the global market include Cisco Systems, Inc., Cubic Corporation, General Electric Company, Tomtom International Bv, International Business Machines Corporation, Kapsch Trafficcom AG, Indra Sistemas, S.A., LG CNS Co., Ltd., Siemens AG, and Thales Group.