Dublin, Aug. 01, 2024 (GLOBE NEWSWIRE) -- The "Smart Transportation Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
Global Smart Transportation Market was valued at USD 29.24 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 6.03% through 2029
Increasing traffic volume, government initiatives to reduce greenhouse gas emissions, rising city projects, and the growth of megacities, urbanization, and population are key factors driving market growth. As urbanization increases, cities face growing complexities, particularly in transportation. Addressing these complexities is a primary challenge for the smart transportation market. The trend of rising IoT and connected devices is expected to continue with smart city projects during the forecast period. The growing use of connected products like smart homes, meters, transportation, and lighting, all utilizing IoT communication, is anticipated to drive market expansion. 
Smart mobility, which includes transportation, is a major objective of innovative city development, aiming to create efficient, flexible, and integrated transportation networks. Smart mobility is a significant development driver in modern urban centers, improving daily life for residents and visitors. By 2040, cities are expected to accommodate 65% of the world's population. Urban mobility management prioritizes healthy transportation modes such as walking and cycling, minimizes carbon emissions, and optimizes traffic flow analysis for communities.
Integration of Multimodal Transportation
The integration of multimodal transportation is a driving force in the global smart transportation market, reshaping the way people move within urban and interurban areas. This trend, often encapsulated under the concept of Mobility as a Service (MaaS), represents a fundamental shift from traditional, single-mode transportation to a comprehensive, interconnected system that offers a seamless travel experience.
MaaS platforms allow travelers to plan, book, and pay for journeys involving various transportation modes, such as buses, trains, subways, trams, ride-sharing, car-sharing, electric scooters, and even walking or cycling. By aggregating these options into a single, user-friendly interface, MaaS simplifies travel for individuals, making it more efficient, convenient, and cost-effective.
The integration of multimodal transportation is driven by several factors, including urbanization, environmental sustainability, and the need to alleviate traffic congestion. It offers numerous benefits, such as reducing the reliance on private car ownership, curbing emissions, and enhancing the overall efficiency of transportation networks.
As smart transportation solutions continue to evolve, the integration of various transportation modes will play a pivotal role in creating smarter, more accessible, and more sustainable urban mobility ecosystems, ultimately shaping the future of transportation in smart cities and beyond. This trend aligns with the broader goals of improving transportation efficiency, enhancing accessibility, and reducing the environmental impact of urban mobility systems.
Autonomous and Connected Vehicles
Autonomous and connected vehicles are poised to be major drivers of the global smart transportation market, revolutionizing the way people and goods move within urban and interurban environments. These cutting-edge technologies are at the forefront of innovation, offering the potential to transform transportation systems, improve road safety, and enhance overall efficiency. Autonomous vehicles, often referred to as self-driving cars, have the potential to reduce accidents and traffic congestion by eliminating human error. As they become more reliable and widespread, they can pave the way for highly efficient transportation systems, with vehicles communicating with each other and infrastructure to optimize traffic flow.
Connected vehicles, on the other hand, leverage vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication to enhance safety and traffic management. This connectivity enables real-time data exchange, allowing vehicles to react to changing conditions, receive updates on road conditions, and even coordinate with traffic signals.
The integration of autonomous and connected vehicles into smart transportation systems will bring benefits such as reduced traffic accidents, increased traffic flow, and more accessible mobility options for individuals with disabilities and the elderly. Moreover, these technologies align with the broader goals of environmental sustainability and resource optimization by enabling better route planning and reduced fuel consumption.
As the development and deployment of autonomous and connected vehicles continue to progress, their role in shaping the future of smart transportation will be pivotal. Governments, industries, and researchers are collaborating to address technical, regulatory, and safety challenges, making way for a transportation landscape that is not only smarter but safer and more efficient.
Regional Insights
Asia Pacific dominated the market in 2023, driven by several key factors that highlight the region's rapid urbanization, technological advancements, and substantial investments in smart infrastructure. One of the primary drivers of this dominance is the significant urban population growth in countries such as China, India, and Japan. These nations are experiencing a surge in urbanization, leading to increased traffic congestion, pollution, and demand for efficient transportation solutions. The adoption of smart transportation technologies, including intelligent traffic management systems, connected vehicles, and advanced public transit solutions, is essential to manage these challenges effectively.
China, in particular, is at the forefront of this transformation. The Chinese government has been heavily investing in smart city initiatives and advanced transportation infrastructure. The implementation of smart traffic management systems, electric vehicle (EV) infrastructure, and high-speed rail networks are pivotal components of China's strategy to modernize its transportation ecosystem. The widespread deployment of IoT devices and the integration of big data analytics in traffic management further enhance the efficiency and reliability of the transportation system.
Similarly, India is making substantial strides in the smart transportation arena. The Indian government's Smart Cities Mission aims to develop 100 smart cities, with a significant focus on improving urban mobility. Initiatives such as the introduction of intelligent traffic management systems, smart parking solutions, and the expansion of metro and bus rapid transit (BRT) systems are crucial in addressing the country's urban transportation challenges. Additionally, the growing penetration of smartphones and the internet facilitates the use of app-based transportation services, enhancing commuter convenience and efficiency.
Japan, known for its technological prowess, is also a key player in the smart transportation market. The country is leveraging its expertise in automation and robotics to develop advanced transportation solutions, including autonomous vehicles and smart rail systems. Japan's emphasis on safety and precision in transportation aligns with the broader goals of smart transportation, making it a leader in the adoption of these technologies. The region's economic growth and increasing disposable incomes also contribute to the rising demand for efficient and reliable transportation systems. As more individuals can afford personal vehicles and utilize app-based transportation services, the need for robust traffic management and efficient public transit systems becomes even more critical.
The Asia Pacific region is home to several leading technology companies and startups that are innovating in the smart transportation space. These companies are developing cutting-edge solutions in areas such as AI-powered traffic analytics, smart infrastructure, and mobility-as-a-service (MaaS) platforms, driving the market forward.
Asia Pacific region is set to dominate the Smart Transportation market during the forecast period due to its rapid urbanization, significant government investments, technological advancements, and strong economic growth. The concerted efforts of governments, private sector players, and technological innovators are transforming the region's transportation landscape, positioning it as a global leader in smart transportation solutions.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $29.24 Billion |
| Forecasted Market Value (USD) by 2029 | $41.92 Billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
Report Scope:
Key Market Players
- Cisco Systems Inc.
- SAP SE
- IBM Corporation
- AVEVA Group PLC
- Siemens AG
- Oracle Corporation
- Advantech Co., Ltd
- Huawei Technologies Co. Ltd
Smart Transportation Market, By Application:
- Traffic Management
- Road Safety and Security
- Parking Management
- Public Transport
- Automotive Telematics
- Freight
- Other
Smart Transportation Market, By Product Type:
- Advanced Traveler Information Systems (ATIS)
- Advanced Transportation Management Systems (ATMS)
- Advanced Transportation Pricing Systems (ATPS)
- Advanced Public Transportation Systems (APTS)
- Cooperative Vehicle Systems
Smart Transportation Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Europe
- Germany
- United Kingdom
- France
- Russia
- Spain
- South America
- Brazil
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
- Egypt
- UAE
- Israel
For more information about this report visit https://www.researchandmarkets.com/r/1yqnsi
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