Pune India, Dec. 05, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Smart Transportation market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Smart Transportation market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the Solution, Transportation, Service, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Smart Transportation market are Accenture PLC, Veson Nautical, Alstom, SA, Cisco Systems, Inc., Bombardier Inc., LG CNS Corporation, Xerox Holdings Corporation, Thales Group, Cubic Corporation, General Electric Company (GE), Indra Sistema S.A., Siemens AG, Amadeus IT Group SA, Conduent, Kapsch, Hitachi Ltd., Descartes, DNV GL, International Business Machines Corporation, Kapsch, and among others. To achieve a substantial market share in the worldwide Smart Transportation market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The phrase "smart transportation" describes how contemporary technology and managerial techniques are applied in concert with transportation infrastructures. You're probably closer to it than you realize. Simple management systems like automatic number plate recognition, traffic signal control, and speed cameras are examples of what is generally referred to as "smart transportation." Intelligent Transportation Systems (ITS) "use a variety of technologies to monitor, evaluate, and manage transportation systems to promote efficiency and safety," according to the US Department of Transportation. This definition can be condensed into the following ideas for smart transportation: management, efficiency, and safety. For the time being, we will set aside notions of transportation in the style of science fiction. The implementation of smart transportation in various cities today is not simply a notion for the future; the successes and failures of these implementations are being used to develop systems in new locations. You might first be surprised by some cities introducing innovative transportation technologies. Of course, major cities with high urban intelligence, like New York City, have adopted smart transportation. Wyoming's rural areas, however, serve as a key testing ground for linked automobiles. Due to the fact that the cowboy state is a significant freight corridor, autonomous freight transit across the nation can significantly increase supply chain efficiency and decrease the need for long-haul truckers who must balance strict deadlines with their desire for rest.
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Scope of Smart Transportation Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | By Solution, By Transportation, By Service, region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | Accenture PLC, Veson Nautical, Alstom, SA, Cisco Systems, Inc., Bombardier Inc., LG CNS Corporation, Xerox Holdings Corporation, Thales Group, Cubic Corporation, General Electric Company (GE), Indra Sistema S.A., Siemens AG, Amadeus IT Group SA, Conduent, Kapsch, Hitachi Ltd., Descartes, DNV GL, International Business Machines Corporation, Kapsch, and among others. |
Segmentation Analysis
Traffic management system segment is expected to be the fastest growing segment in 2021.
The solution segment is a ticketing management system, integrated supervision system, parking management system, and traffic management system. Traffic management systems are expected to witness the highest growth rate during the forecast period. High levels of safety and traffic congestion management are made possible by traffic management systems, which also minimize energy use, pollution, and transit delays, and promote public safety. Intelligent signaling, route guiding, conventional signaling & video surveillance, and intelligent video management are important traffic management systems.
The roadways segment is expected to be the fastest growing segment in 2021.
The transportation segment includes roadways, airways, railways, and maritime. The roadways segment is expected to witness the highest CAGR during the forecast period. Given that technology may reduce traffic congestion and increase road safety by effectively monitoring and managing vehicle traffic, smart transportation is growing in popularity. Increasing road safety for drivers, passengers, and pedestrians is one of the main driving forces behind smart transportation solutions for highways. In-pavement warning lights and sophisticated radar are increasingly being installed on highways to alert cars driving forward.
The cloud services segment is expected to be the fastest growing segment in 2021.
The service segment includes cloud services, business services, and professional services. The cloud services segment is expected to witness the highest CAGR during the forecast period. Given that technology may reduce traffic congestion and increase road safety by effectively monitoring and managing vehicle traffic, smart transportation is growing in popularity. Increasing road safety for drivers, passengers, and pedestrians is one of the main driving forces behind smart transportation solutions for highways. In-pavement warning lights and sophisticated radar are increasingly being installed on highways to alert cars driving forward.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Smart Transportation include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
- Europe region witnessed a major share. In terms of implementing new technologies and building infrastructure, Europe is the most developed region. It contributes significantly to the market for smart transportation. In 2020, Europe is anticipated to have the largest market share. The Connecting Europe Facility (CEF) was used to select 276 transportation projects, and the European Commission has proposed an investment plan worth USD 13 billion for the transportation infrastructure. The planned investments to upgrade the traffic and urban transportation infrastructures in France and the UK are anticipated to drive the European railway transportation market.
Country Analysis
- Germany
Germany's smart transportation market size was valued at USD 2.6 billion in 2021 and is expected to reach USD 4.38 billion by 2029, at a CAGR of 9.9% from 2022 to 2029.
Due to Germany's established transportation infrastructure and the use of some cutting-edge smart transportation solutions by several regional transportation operators, the market is growing in the country.
- China
China smart transportation’s market size was valued at USD 5.04 billion in 2021 and is expected to reach USD 12.21 billion by 2029, at a CAGR of 11.7% from 2022 to 2029. China is working to develop multilayered, integrated, and comprehensive transportation hubs as well as a smart transportation system that is competitive internationally and supports the infrastructure's transformation into one that is intelligent, digital, and networked. This stimulates the local market.
- India
India's smart transportation market size was valued at USD 4.82 billion in 2021 and is expected to reach USD 11.26 billion by 2029, at a CAGR of 11.2% from 2022 to 2029. The nation's requirement for smart transportation is predicted to rise dramatically as a result of the public's increased awareness of road safety. Additionally, it is anticipated that the Indian government's ambition to develop 100 smart cities will open up new company expansion opportunities.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the growing increasing use of smart features in the automotive industry.
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