According to a new market publication by Transparency Market Research (TMR), the global smart transportation market is considerably fragmented. Despite being a nascent one, the smart transportation market witnesses the presence of several large players. Some top players having significant presence in this market are Cisco Systems, Siemens AG, GE Transportation, Alstom AG, and Cubic Corporations. These players are striving to design newer systems that are accordance with pollution control norms. To attain this, top companies in the smart transportation market are working closely with government bodies for environment protection regulations.

As per the TMR report, the global smart transportation market is likely to rise at a stellar 18.50% CAGR between 2015 and 2021. Rising at this rate, the market which was valued at US$45.10 bn in 2014 will become US$176.5 bn by the end of 2021.

Among the key segments based on solutions, traffic management system is likely to rake in the lion’s share of the market over the forecast period. Geography-wise, Europe leads the pack due to higher adoption of smart transportation processes in most urban areas.

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Efforts for Sustainable Traffic Congestion Solution boosts Adoption

The worldwide smart transportation market is expected to display stellar growth in the coming years. Firstly, nations across the world are grappling with traffic congestion issues and are seeking sustainable solutions. Huge hours of traffic congestion in urban areas is leading to spike in air pollution, waste of fuel, and reduced manpower productivity. Traffic congestion in urban areas, especially emerging economies, is often related to poor traffic management, soaring number of vehicles, insufficient infrastructure, and poor road conditions.