New York, USA, June 22, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), Smart Transportation Market Information By Type, By Solution, By Services, and Region - Forecast till 2030”, Market could thrive at a rate of 9.03% between 2022 and 2030. The market size will be reaching around USD 251.45 billion by the end of the year 2030
Smart Transportation Market Synopsis
Smart transportation refers to the integration of advanced technologies and intelligent systems to enhance the efficiency, safety, and sustainability of transportation networks. It encompasses various applications such as traffic management, parking solutions, public transportation systems, smart logistics, and connected vehicles. Smart transportation aims to optimize the use of resources, reduce congestion, improve traffic flow, and provide a seamless and convenient travel experience for commuters.
The uses and applications of smart transportation are diverse. Intelligent traffic management systems leverage real-time data and analytics to monitor and control traffic flow, reducing congestion and improving overall efficiency. Smart parking solutions enable drivers to find available parking spaces through mobile apps, reducing the time spent searching for parking and alleviating traffic congestion. Public transportation systems integrate smart technologies to provide real-time information on routes, schedules, and occupancy, improving commuter experience and encouraging the use of public transit.
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Smart Transportation Market Competitive Landscape:
The affluent companies in the Smart Transportation industry include
- ACCENTURE
- ALSTOM
- MSR Traffic
- Siemens
- Thales Group
- TomTom International
- Cisco Systems Inc
- Cubic Corporation
- IBM Corporation
- Iteris
Scope of the Report – Smart Transportation Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 251.45 Billion |
| CAGR during 2023-2030 | 9.03 % |
| Base Year | 2022 |
| Forecast | 2023-2030 |
| Key Market Opportunities | The autonomous and semi-autonomous vehicle market demand is substantially increasing every year. |
| Key Market Dynamics | The market relies on the technology industry. |
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Latest Industry Updates (September 2022)
Siemens announced a collaboration with a major city to implement an intelligent traffic management system. The project aimed to optimize traffic flow, reduce congestion, and improve road safety through the integration of smart sensors, real-time data analysis, and adaptive traffic signal control. This development showcased Siemens' commitment to leveraging technology for more efficient and sustainable transportation solutions.
Smart Transportation Market USP Covered:
Market Drivers:
Three major market driving factors for the Smart Transportation market are urbanization, increasing traffic congestion, and the need for sustainable transportation solutions. Firstly, rapid urbanization has led to population growth and increased demand for efficient transportation systems in cities. Smart transportation technologies enable better management of traffic flow, reducing congestion and improving overall mobility. Secondly, the growing problem of traffic congestion in major cities drives the adoption of smart transportation solutions. Intelligent traffic management systems and real-time data analysis help optimize traffic flow, reducing travel times and improving the overall efficiency of transportation networks. Lastly, the need for sustainable transportation solutions due to environmental concerns and regulations promotes the adoption of smart transportation technologies. Electric vehicles, connected infrastructure, and intelligent logistics systems contribute to reducing carbon emissions and promoting eco-friendly transportation options.
Market Restraints:
The Smart Transportation market faces certain restraints. One significant challenge is the high implementation cost of smart transportation infrastructure. Upgrading existing transportation systems and deploying new technologies require significant investments. Additionally, interoperability and standardization issues can hinder the seamless integration of different smart transportation components and systems. Collaborations and partnerships among industry players are crucial to addressing these challenges and driving market growth.
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COVID 19 Analysis
The COVID-19 pandemic had a significant impact on the Smart Transportation market. During the pandemic, travel restrictions and lockdown measures resulted in reduced demand for transportation services. Public transit systems experienced a decline in ridership, and the use of shared mobility solutions like ride-sharing and carpooling decreased. However, the pandemic also highlighted the importance of resilient and adaptable transportation systems. The need for contactless transactions, real-time information, and crowd management solutions increased. Post-COVID, the Smart Transportation market is expected to recover as cities prioritize the implementation of smart technologies to enhance safety, efficiency, and resilience in transportation networks.
Smart Transportation Market Segmentation
- By Type- The Type in the market includes Maritime, Roadways, Railways, Airways
- By Solution - The solution in the market include Ticketing Management System, Parking Management and Guidance System, Integrated Supervision System, Traffic Management System
- By Services - The service, the segment includes Business, Professional, Cloud Services
Smart Transportation Market Regional Insights
In North America, the presence of major players such as IBM Corporation, Cisco Systems Inc, and Accenture contributes to the market dominance. The region's advanced technological capabilities and well-established transportation infrastructure enable the seamless integration of smart transportation systems. Moreover, governments and city authorities in North America are actively promoting smart city initiatives, leading to increased investments in intelligent transportation solutions.
Europe, with its strong transportation infrastructure, is at the forefront of adopting smart transportation technologies. The region's emphasis on sustainability and environmental regulations drives the demand for intelligent transportation systems. European cities have been early adopters of smart transportation initiatives, implementing solutions like intelligent traffic management, electric vehicle charging networks, and multimodal transportation integration. Key players like Alstom, Thales Group, and Siemens are actively involved in providing innovative smart transportation solutions in Europe.
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Asia Pacific is witnessing significant growth in the smart transportation market due to rapid urbanization and increasing traffic congestion in major cities. Countries like China, India, and Japan are investing heavily in smart transportation infrastructure to address the transportation challenges associated with urbanization. The region offers immense potential for the adoption of intelligent transportation systems, including smart traffic management, integrated mobility platforms, and intelligent public transportation networks. Companies such as MSR Traffic, Huawei Technologies Co. Ltd., and TomTom International are actively participating in the development of smart transportation solutions in Asia Pacific.
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