Report Says Smart Transportation Market to Reach $176 Billion in 2021

Smart Transportation is critical to the future of supply chain, personal mobility and mass transit, and, although steps are being made every day, we’re still a long way from full adoption. One new study says we’ll get there within the next six years, however.

The new market report by Transparency Market Research “Smart Transportation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,” found that the global smart transportation market was valued at about $45 billion in 2014, and that it will grow at a rate of 18.5 percent from 2015 to 2021, resulting in a value of $176.49 billion in 2021.

The report went through the biggest and fastest growing segments of the vertical. In terms of solutions, it identified traffic management systems as the largest segment, accounting for $16 billion in 2014. Traffic management was predicted to dominate the market during the forecast period.

Cloud services, the report said, are the services market leaders in terms of revenue. In 2014, cloud earned about 19 billion, thanks mostly to the rise in remote data access for better controls on transportation. This will also be the fastest growing segment of smart transportation during the forecast period, according to the report, reaching 18.7 percent.

By region, Europe is leading the smart transportation market in 2015 and the region is expected to continue 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. Europe and North America collectively accounted for more than 55 percent of the global smart transportation market in 2014.

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