Wilmington, Delaware, United States, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global smart transportation market is projected to flourish at a CAGR of 21.30% from 2021 to 2031. As per the report published by TMR, a valuation of US$ 400.77 billion is anticipated for the market in 2031. As of 2023, the demand for smart transportation is expected to close at US$ 85.5 billion.
Growing rate of population across the developing economies, increases the use of different transportation services either for commercial or residential purposes, which is anticipated to provide an opportunity for the growth of the market during forecast period
Growing awareness about traffic congestion and increasing need of safe, reliable, and efficient transportation services are driving the global market. The market is primarily being driven due to increasing demand for smart networks. The growing demand for proper traffic management system and improved transportation infrastructure facilities for safety of passengers are driving the global market growth.
Many governments around the world are investing in smart transport initiatives to alleviate traffic congestion, improve public transportation, and promote sustainable mobility. Funding and policy support play a significant role in the growth of the smart transportation market. Climate change and environmental degradation have spurred a greater emphasis on sustainable transportation solutions. Smart transport technologies, such as electric vehicles (EVs), can help reduce carbon emissions and promote eco-friendly mobility options.
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Integration of advanced technological features in the existing or in traditional transportation systems, requires huge investment. The existing system is very complex, as it lacks open interfaces, which further cause communication gaps among technically advanced and traditional systems. Such high investments in transport infrastructure hampers the growth of the smart transportation market.
Competitive Landscape
Market players are adopting innovating strategies to increase growth opportunities in the global smart transportation market.
Key players operating in the global smart transportation market include
- General Electric Company
- IBM Corporation Inc.
- WS Atkins
- Cisco Systems
- Accenture PLC
- Cubic Corporation
- Thales Group
- Siemens AG
- Huawei Technologies Co., Ltd.
- Bombardier Inc.
- Harris Corporation
- TomTom International BV.
- Amadeus IT Group SA
- Hitachi Ltd.
- Bentley Systems, etc.
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Key Takeaways from the Market Study
- As of 2022, the smart transport market was valued at US$ 70.4 billion
- Based on solution, the traffic management system segment dominated the global smart transportation market, in terms of revenue, in 2020.
- Based on service, the cloud services segment dominated the global smart transportation market, in terms of revenue, in 2020.
Smart Transport Market: Key Trends and Opportunistic Frontiers
- Advances in technology, including IoT (Internet of Things), 5G connectivity, artificial intelligence (AI), and data analytics, are enabling the development of smart transportation systems.
- Increasing consumer demand for convenient, cost-effective, and environmentally friendly transportation options. This demand is driving innovation in the smart transport market, leading to new services and technologies.
- The growing development of smart cities and rising investment in intelligent traffic management, smart parking solutions, is likely to boost the smart transportation market growth.
Smart Transportation Market – Regional Analysis
- Europe holds dominant share of the global smart transportation market in terms of revenue as this region has highest adoption of technological features in the transport services and also has advanced infrastructural development. The railway transport sector in France and the United Kingdom has highly improved connectivity and traffic management solutions.
- Germany has many transportation operators and has prevalent transportation infrastructure across the Europe, which mostly uses different advanced technological solutions for its operations.
- The North American smart transportation market, including the United States and Canada, is well-developed and characterized by significant investments in intelligent transportation systems (ITS) and smart city initiatives.
- The adoption of autonomous vehicles, electric mobility solutions, and advanced traffic management systems is relatively high. Public-private partnerships and collaborations with tech companies are driving innovation in the region.
Key Developments in the Smart Transportation Market
- Siemens AG is a major player in providing intelligent traffic management solutions, including traffic signal control systems, smart parking solutions, and transportation infrastructure.
- IBM Corporation offers a range of solutions for smart transportation, including predictive maintenance, real-time traffic analytics, and urban mobility management.
- Cisco Systems Inc. provides networking and communication solutions for smart transportation systems, enabling connectivity and data exchange between various components of intelligent transportation networks.
- General Electric offers solutions for smart city initiatives, such as smart grid technologies, which play a crucial role in electric vehicle (EV) charging infrastructure.
Smart Transportation Market – Key Segments
Solution
- Ticketing Management System
- Parking Management System
- Integrated Supervisory System
- Traffic Management System
Service
- Cloud Services
- Business Services
- Professional Services
Application
- Mobility as a Service
- Route Information and Route Guidance
- Public Transport
- Transit Hubs
- Connected Cars
- Video Management
- Others
Transportation Mode
- Roadways
- Railways
- Airways
- Maritime
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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