Ottawa, Feb. 01, 2022 (GLOBE NEWSWIRE) -- Precedence Research predicts, the global smart transportation market size was reached at USD 90.37 billion in 2021. Smart transportation, also known as intelligent transportation system, is a high-tech transportation infrastructure that aspires to provide cutting edge traffic, and transportation management services. This mode of transportation also allows multiple users to be better coordinated, informed, and makes safer and more intelligent use of transportation networks. Parking management and assistance, passenger information, and traffic management are all areas where smart transportation can be used on a large scale.
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To improve safety and efficiency, smart transportation employs a variety of technologies to evaluate, monitor, and manage transportation systems. It makes commuting throughout a city more cost effective and convenient, and safer by utilizing innovative technologies. The factors such as increased acceptance of internet of things-based technology, rising urbanization, and the spread of 5G based connectivity make smart transportation infrastructure easier to deploy.
Scope of the Smart Transportation Market Report
| Report Highlights | Details | |
| Market Size by 2030 | USD 377.1 Billion | |
| Growth Rate from 2021 to 2030 | 17.2% | |
| Fastest Growing Region | Asia Pacific | |
| Largest Revenue Holder | Europe | |
| Base Year | 2021 | |
| Forecast Period | 2021 to 2030 | |
| Companies Covered | IBM Corporation, Harris Corporation, Huawei Technologies Co. Ltd, Veson Nautical, Toshiba, Cubic Corporation, Bentley Systems, BASS Software, Amadeus IT Group SA, DNV GL | |
Report Highlights
- Based on the service, the cloud service segment is expected to grow at the fastest rate in the global smart transportation market in 2020. Smart transportation provides real time visibility and reliable data, allowing local transportation authorities and enterprises to improve efficiency and effectiveness, boosting the demand for cloud services.
- Europe is the largest segment for smart transportation market in terms of region. In any city of the Europe region, urban transportation is becoming increasingly important for residents to have a higher quality of life. Currently, private and public road transportation is required for everyday travel in most European cities.
- Asia-Pacific region is the fastest growing region in the smart transportation market. The lack of quality and safety in public transit, as well as poor traffic management in overcrowded road networks, an increase in theft, and increased parking challenges are factors driving market for smart highways, which, in turn, is fueling the smart transportation market in the Asia-Pacific region.
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Market Dynamics
Drivers
Surge in demand for efficient transportation
The artificial intelligence and information technology are used in smart transportation to efficiently manage and coordinate transportation networks. The use of smart transportation networks allows the traveling public to be more aware of traffic, allowing for improved coordination and driver safety. The increased traffic congestion caused by an increase in the number of automobiles drives up the demand for smart transportation in the market. Moreover, the growing desire for smart cities is a big contributor to this rise in demand for smart transportation. Thus, the surge in demand for efficient transportation is driving the growth of smart transportation market during the forecast period.
Restraints
Integration of technologies
Several technology components, including hardware, software, and network elements, are integrated into the smart transportation ecosystem, which involves multiple manufacturers. Due to the lack of an open interface and protocol difficulties, integrating smart technology aspects with legacy transportation systems is extremely difficult. As a result of these integration challenges, communication gaps between traditional and technologically advanced systems would emerge. In addition, upgrading outdated systems necessitates a significant financial investment. In the upcoming years, these difficulties are projected to stifle the smart transportation market expansion.
Opportunities
Technological advancements
People can use internet of things-based devices to gather and communicate real time information about traffic, climate, and accidents, to better plan their journeys. The increased use of technologies such as train control systems, toll collecting systems, fleet telematics, and transportation logistics by transportation agents has increased system capacity while lowering operational costs. Moreover, the requirement to manage the growing volume to data generated by the enormous number of internet of things sensors deployed in transportation infrastructure is generating major new revenue streams for service providers and independent software suppliers.As a result, the technological advancements is creating lucrative opportunities for the growth of the smart transportation market during the forecast period.
Challenges
Lack of standardization
Smart transportation systems are made up of a variety of components, including various technologies, hardware, and software from various vendors. As a result, there is a lack of standardization and uniformity in the solutions, which causes compatibility issues. Furthermore, different countries and regions have different communication and network standards and protocols, limiting vendors' ability to offer global solutions. As a result, in order for traffic management solutions to be adopted globally, a common protocol for communication and workflow for traffic management systems is required. As a result, the absence of globally binding mandates, procedures, and specifications for the deployment of traffic management solutions acts as a market challenge. National mandates, procedures, and specifications for smart transportation systems may restrict the adoption of smart transportation solutions.
Related Reports
- On-Demand Transportation Market Research Report 2021 – 2030
- Intelligent Transportation System Market Research Report 2021 - 2030
- Barge Transportation Market Research Report 2020 - 2027
Segments Covered in the Report
By Solution
- Ticketing Management System
- Parking Management & Guidance System
- Integrated Supervision System
- Traffic Management System
By Service
- Business
- Professional
- Cloud Services
By Transportation Mode
- Roadways
- Railways
- Airways
- Maritime
By Application
- Mobility as a Service
- Route Information and Route Guidance
- Public Transport
- Transit Hubs
- Connected Cars
- Video Management
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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