European smart transportation market is projected to grow at a significant CAGR of around 14.8% during the forecast period (2020-2026). The market for smart transportation in European is projected to grow at a high rate during the forecast period, backed by the rising demand for traffic management solutions to cater the growing vehicle emission and congestion problems in the region. Therefore, the European Commission is working with the Member States, public authorities, and industry personnel to find the solutions and achieve a more efficient management of the traffic and transport network for business and passengers. Therefore, a significant growth can be expected for the smart transportation market in Europe during the forecast period.
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The Transport Challenge is allocated a budget of around $7460 million (€6,339 million) for the period 2014-2020. Horizon 2020 that aims at the less congestion, less mobility, more safety, and security, in order to reduce significant reduction in the traffic congestion. The plan will support the global key players operating in the European transport industry, which reinforces the performance of transport manufacturing industries and its associated services, which includes logistic processes. Moreover, the rising tourism in France, UK, and Germany is further rising the traffic in the respective countries, which in turn, is augmenting the growth of the smart transportation market in the region.
European Smart Transportation Market – Segmentation
By Transportation Mode
- Railways
- Roadways
- Airways
- Maritime
By Application
- Ticketing Management System
- Parking Management System
- Traffic Management System
- Others (Integrated Supervision System)
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