Dublin, Aug. 11, 2023 (GLOBE NEWSWIRE) -- The "Smart Transportation Market Size & Share Analysis (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The smart transportation market size is estimated to be USD 31.26 billion in 2023 and is expected to reach USD 43.41 billion by 2028, growing at a CAGR of 6.79% during the forecast period of 2023-2028.
The market growth is driven by several factors, including increasing traffic volume, government initiatives to reduce greenhouse emissions, rising city projects, and the growth of megacities, urbanization, and population. As cities become more complex due to increasing urbanization, the demand for smart transportation solutions is expected to grow. The rising number of IoT and connected devices, particularly in smart city projects, is also contributing to market expansion.
Smart mobility, which includes transportation, is a significant driver of innovation in modern urban centers. Efficient, flexible, and integrated transportation networks are crucial to smart mobility, especially as cities are expected to accommodate 65% of the world's population by 2040. Mobility management prioritizes healthy modes of transportation like walking and cycling, reduces carbon emissions, and optimizes traffic flow.
Traffic congestion is a major issue in urban areas due to population growth and insufficient roadway designs. Smart transportation solutions, such as real-time travel and traffic information, are being adopted by many highly urbanized cities to address these challenges.
While the smart transportation market has great potential, it faces some challenges, such as the lack of a standardized strategy. The use of various components from multiple manufacturers can lead to compatibility issues, and communication protocols vary among nations, hindering global acceptance of products.
The Asia Pacific region is expected to register the fastest growth in the smart transportation market. Countries like China, Japan, and Australia are actively investing in smart transportation networks and technologies. China, for instance, outlined a new comprehensive transportation system in its 14th Five-Year Plan, aiming to achieve intelligent and green transportation and improve overall efficiency and service quality in the transportation industry.
The report provides an overview of the market, industry attractiveness analysis using Porter's Five Forces, industry value chain analysis, impact of COVID-19 on the market, technology snapshot, market drivers, market restraints, market segmentation by application and product type, competitive landscape with company profiles, investment analysis, market opportunities, and future trends.
Overall, the smart transportation market is poised for growth, and companies are expected to offer tailored products and solutions to meet specific market segments and customer needs, enhancing differentiation and price realization.
Company Profiles
- Cisco Systems Inc.
- SAP SE
- IBM Corporation
- AVEVA Group PLC
- Siemens Corporation
- Oracle Corporation
- Alstom
- Advantech Co. Ltd
- Orange SA
- Huawei Technologies Co. Ltd
- Hitachi Ltd
For more information about this report visit https://www.researchandmarkets.com/r/v53jvt
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Attachments
- Smart Transportation Market Share Of Urban Population By Continent In Percentage Global In 2022
- Smart Transportation Market Smart Transportation Market Growth Rate By Region
