Dublin, Oct. 17, 2013 (GLOBE NEWSWIRE) -- Research and Markets (http://www.researchandmarkets.com/research/4w2dz5/global_smart) has announced the addition of the "Global Smart Transportation Market 2012-2016" report to their offering.
One of the key factors contributing to this growth is the growing Global Smart Cities market. The Global Smart Transportation market has also been witnessing an increased investment in traffic management systems. However, high maintenance costs could pose a challenge to the growth of this market.
The report covers the Global Smart Transportation market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
The key vendors dominating this market space include Kapsch TrafficCom AG, Siemens AG, Schneider Electric Co., and Thales Group.
The other vendors mentioned in this report are Cisco Systems Inc., International Business Machines Corp., Intel Corp., and Iteris Inc.
Commenting on the report, an analyst from the automotive team said: The increasing number of road accidents and traffic congestion is a major factor forcing governments across the globe to spend heavily on improving road transportation. The increased purchasing power of families and the increasing urbanization worldwide are some of the reasons behind increased traffic on roads. Thus, the need for better traffic control is expected to lead to increasing investment in traffic management system. In 2012, the total investment in traffic management systems was valued at US$790 million and it is expected to reach US$1,860 million by 2016.
According to the report, one of the major factors is the growing popularity of the Global Smart Cities market. Since, smart transportation is an integral part of smart cities, the growth of the Global Smart Cities market is expected to foster the demand for smart transportation.
For more information visit http://www.researchandmarkets.com/research/4w2dz5/global_smart
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Source:Research and Markets