Traffic management systems top earner for the smart transportation market, says report
First publishedon www.ITSInternational.com
According to Research and Markets’ latest report, smart transportation solutions have been successfully deployed in some of the metropolitan cities around the world. The solutions have proven to be proficient in diminishing the traffic congestion issues. The global smart transportation market size was estimated to be US$46.72 Billion in 2015 and is projected to reach US$138.76 billion by 2020, growing at a CAGR of 24.3 per cent from 2015 to 2020.
The report, Smart Transportation Market by Solutions (Ticketing Management, Parking Management, Traffic Management, Smart Signalling, Multimodal Information System, Passenger Information Systems, Cloud Services, Business Services) - Global Forecast to 2020, claims that Accenture, Alstom, Cisco Systems, GE Transportation, IBM Corporation, Indra, Kapsch, LG CNS Corporation and Xerox Corporation are the leading players in the smart transportation market.
Recent smart transportation market developments include the introduction of BIG-IP and Local Director traffic management software by F5 Networks and Cisco, while IBM has partnered with the New Jersey Turnpike Authority to deploy a new smart traffic system on two of its busiest highways - Garden State Parkway and the Turnpike.
LG CNS has launched a 3D CCTV camera armed with video analysis engine and equipped with smart vision sensors, which monitor and capture frequent human patterns and raise alarms in the event of an abnormality.
GE has been selected by Singapore Transport Authority (STA) to supply automated train control and supervision, signalling systems for Thomson and Eastern Lines valued at US$159 million.