New York, US, May 31, 2022 (GLOBE NEWSWIRE) -- Smart Transportation Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Smart Transportation Market” information by Solution, by Services and Region – Forecast to 2030” market size to reach USD 320 billion, growing at a compound annual growth rate of 12.8% by 2030.
Smart Transportation Market Scope:
Smart transportation is a key revolution in the transportation space globally. Growing numbers of smart city projects worldwide requiring smart solutions to manage traffic and road & transport infrastructure influence the market demand. The emergence of smart transportation systems and IoT lays out pavement to efficiently & safely monitor, evaluate, and manage transportation systems in major densely populated cities.
| Report Metric | Details |
| Market Size | USD 320 Billion |
| CAGR | 12.8% |
| Base Year | 2019 |
| Forecast Period | 2020 - 2030 |
| Historical Data | 2018 |
| Forecast Units | Value USD Billion |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Solution, By Service |
| Geographies Covered | North America, Europe, APAC |
| Key Vendors | Thales Group (France), IBM Corporation (US), Toshiba (Japan), Siemens AG (Germany), Huawei Technologies Co., Ltd. (China), Harris, Corporation (US), Hitachi Ltd. (Japan), DNV GL (Norway) |
| Key Market Opportunities | The autonomous and semi-autonomous vehicle market demand is substantially increasing every year. |
| Key Market Drivers | The market relies on the technology industry. |
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With advanced sensors, advanced communication technologies, automation, and high-speed networks, smart transportation systems are revolutionizing the way cities approach mobility and emergency response while reducing traffic congestion on city streets. Many other technologies are integrated into smart transportation systems, such as electronic Blockchain data and storage platforms.
The integration of Blockchain improves highway transport infrastructure and equipment calibration test efficiency & traffic flow rates. A Blockchain-based electronic certificate consortium chain can store and encrypt data collected by online metering and calibration-testing equipment of commercial transport vehicles. It can also provide consortium chain management solutions.
Smart transportation brings along many benefits and some real-world examples in use today. Smart transportation provides safer, more efficient, cost-effective, and better-managed solutions that can provide rapid insights to improve transportation scenarios within a smart city.
Market USP Exclusively Encompassed:
Smart Transportation Market Drivers
Several cities have embraced smart transportation solutions to drive their intelligent city initiatives. Autonomous transportation of goods can drastically improve supply chain efficiency and reduce the need for long-haul drives across the country. In addition to better management, safety, and efficiency of transport scenarios in cities, governments embrace smart transportation technologies to improve security & supply chain resiliency and environmental consideration purposes.
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Emerging technologies such as IoT devices and 5G communication technology facilitate new opportunities. The proliferation of IoT is enabling inexpensive sensor technologies and components like controllers that can be embedded into any instrument or system to gain remote control and management benefits. Increasing roll-outs of 5G provide the high-speed communications needed for managing and controlling transportation systems in real-time with minimal latency.
Segmentation of Market Covered in the Research:
The smart transportation market is segmented into solutions, services, and regions. The solution segment comprises {roadways solutions (vehicle telematics, parking management, freight information, passenger information, traffic management, others), railway solutions (GIS tracking solutions, passenger information, rail traffic management, freight information, others), airways solutions (freight information system, passenger information, air traffic management, ramp management, others), marine solutions (maritime software, vessel tracking, port operations management, others), and other solutions}.
The service segment comprises consulting services, deployment & integration, support & maintenance, and others. The region segment comprises the Asia Pacific, Middle East & Africa, North America, Europe, and rest-of-the-world.
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Regional Analysis
North America dominates the global smart transportation market. Huge advances and easy access to futuristic technology, alongside the highest GDP in the world, impact the market scenario positively. Besides, key smart transportation solution developers & providers in the region boost the market size.
The evolving cloud technology and increasing applications of intelligent transport solutions across the cities substantiate the region’s market shares. The US accounts for the largest smart transportation market in North America.
The smart transportation market in the Asia Pacific and Europe is growing at a fast pace. Especially in India, the smart-transportation market has been catching up a vast momentum. A unique ‘InTranSE -II Program’ is run nationwide to improve traffic scenarios. Indigenous Intelligent Transportation Systems (ITS) Solutions are launched and implemented in major cities across the country.
Also, governmental initiatives to improve highway and transport infrastructures, alongside the digital transformation and technological developments, are major market trends. India, Japan, China, and South Korea, are major smart-transportation markets in the region.
The European transportation industry is experiencing various changes, embracing the sustainable and smart mobility concept and increasing its focus on society’s needs and preferences. Many tech entrepreneurs, corporate leaders, investors, policymakers, and academics are coming together to shape the future of mobility and transportation in Europe. Germany and France have well-established smart-transport companies.
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Competitive Landscape
The smart transportation market witnesses significant strategic initiatives, such as collaboration, mergers & acquisitions, expansion, and advanced technology integration. Matured industry players make strategic investments in driving research and development activities and expansion plans. The market witnesses several innovative product launches and related technology launch each year.
Dominant Key Players on Smart Transportation Market Covered are:
- Thales Group (France)
- IBM Corporation (US)
- Toshiba (Japan)
- Siemens AG (Germany)
- Huawei Technologies Co. Ltd. (China)
- Harris Corporation (US)
- Hitachi Ltd. (Japan)
- DNV GL (Norway)
Recent Developments:
April 13, 2022, Iteris, Inc. (the US), a leading global provider of smart mobility infrastructure management for trusted technology ecosystem, announced receiving an open-ended on-call contract from the Virginia Department of Transportation (VDOT) for its intelligent transportation system operations, planning and support services.
The VDOT contract represents continued demand for Iteris’ mobility consulting services in a key geographic market. This three-year on-call agreement with an unlimited ceiling increases the company’s market penetration in Mid-Atlantic. The VDOT wants to leverage Iteris’ smart mobility infrastructure management expertise and resources to support the region’s targets to improve safety & mobility for all road users while increasing sustainability.
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