Surge in number of vehicles and rise in high traffic congestion propel the growth of the global smart transportation market. The cloud services segment contributed to more than two-fifths of the total market share in 2016. The parking management system segment is projected to grow at the fastest CAGR of 18.8% throughout the estimated period.

Portland, OR, July 17, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart transportation market was estimated at $85.59 billion in 2016 and is expected to hit at $237.70 billion by 2022, registering a CAGR of 18.6% from 2016 to 2022. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and wavering market trends.

Rise in the number of vehicles and increase in high traffic congestion drive the growth of the global smart transportation market. On the other hand, need for high capital investment due to the complete restoration of the existing transport system hampers the market growth to some extent. Nevertheless, increasing government support and investments toward the development of smart cities are anticipated to create lucrative opportunities for the key players in the industry.

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The cloud services segment to lead the trail through 2016–2022

Based on services, the cloud services segment accounted for more than two-fifths of the total market share in 2016 and is expected to maintain its dominance till 2022. The same segment is also projected to grow at the fastest CAGR of 18.7% during the study period.

The traffic management system to dominate by 2022

Based on solution, the traffic management system segment generated the largest share in 2016, accounting for more than one-third of the total market. Simultaneously, the parking management system segment is predicted to cite the fastest CAGR of 18.8% throughout the estimated period.

Europe garnered the largest share in 2016

Based on geography, Europe contributed to more than one-third of the total market revenue in 2016 and is anticipated to retain its top status till 2022. At the same time, the Asia-Pacific region would showcase the fastest CAGR of 22.6% throughout the forecast period.

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Key players in the industry

The frontrunners analyzed in the global smart transportation market report include Siemens, IBM, Kapsch AG, Xerox Corporation, Cisco Systems, Alstom SA., GE Transportation, Cubic Corporation, Accenture Plc, and Thales S.A. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.

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