Pune, Jan. 14, 2025 (GLOBE NEWSWIRE) -- Smart Transportation Market Size Analysis:
“The SNS Insider report indicates that the Smart Transportation Market size was valued at USD 121.0 billion in 2023 and is expected to grow to USD 388.0 billion by 2032, with a CAGR of 13.84% over the forecast period of 2024-2032.”
Technological Advancements in Smart Transportation
New technologies like IoT, artificial intelligence, big data, and cloud computing are among the key drivers for this growth in the Smart Transportation Market. They lead to the adoption of intelligent transport systems to make urban mobility better and more effective, secure, and sustainable. For instance, sensors and devices used in IoT supply real-time information about traffic, vehicle functionality, and infrastructure conditions which support traffic management and predictive maintenance. AI algorithms optimize the flow of traffic making it less congested and travel times are shorter. Furthermore, the integration of vehicle-to-infrastructure and vehicle-to-vehicle communication technologies is changing the nature of automobile coupling – increasing safety and decreasing accidents. Further, this infrastructure powers growing numbers of autonomous and electric vehicles by providing necessary and powerful smart infrastructure for the successful operation of such vehicles. With cities and governments making investments in the technologies, this space is set to grow quickly to enable more connected and smart transportation ecosystems.
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Major Players Analysis Listed in this Report are:
- Siemens Mobility – Sitraffic Traffic Management System
- Thales Group – SelTrac CBTC (Communication-Based Train Control)
- Cubic Corporation – NextBus Real-Time Passenger Information System
- Alstom – Urbalis 400 CBTC System
- IBM Corporation – IBM Intelligent Operations Center
- Cisco Systems, Inc. – Cisco Connected Roadways
- Hitachi Rail – Lumada Intelligent Mobility Management
- Kapsch TrafficCom – EcoTrafiX Traffic Management Suite
- TomTom International BV – TomTom Traffic
- Indra Sistemas – Horus Traffic Management System
- Huawei Technologies Co., Ltd. – Huawei Smart Urban Transportation Solution
- GE Transportation (Wabtec Corporation) – Trip Optimizer
- TransCore – TransSuite Traffic Management System
Smart Transportation Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 121.0 Billion |
| Market Size by 2032 | USD 388.0 Billion |
| CAGR | CAGR of 13.84% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Increasing urban populations are leading to traffic congestion, necessitating advanced traffic management solutions. • Significant funding for smart city initiatives is boosting the adoption of smart transportation technologies. |
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Smart Transportation Market by Solution: Traffic Management Dominates with 37% Market Share, Parking Management to Register Fastest Growth
The traffic management segment dominated the market held the highest market share of over 37% in 2023 and is expected to continue to do so throughout the forecast period. Key bring-to-market solutions include integrated monitoring systems, intelligent parking systems, transportation planning systems, and ticketing management solutions. However, most people know the traffic management system as one of the leading solutions on the market. High safety, good traffic congestion management, low consumption of energy, low pollution, etc., are some of the most important features that the traffic management system offers, which creates a high demand for traffic management systems.
The parking management segment is expected to register the fastest CAGR during the forecast period. Those include exit ticket readers, decentralized payment collecting systems, and ticket dispensers at the entrance or exit. Segment Analysis The segment is expected to grow with the adoption of cloud-based parking services and the rise of off-street parking.
Smart Transportation Market Segmentation:
By Solution
- Ticketing Management System
- Parking Management System
- Integrated Supervision System
- Traffic Management System
By Service
- Cloud Services
- Business Services
- Professional Services
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Smart Transportation Market by Service: Cloud Services Lead with 44% Market Share, Professional Services to Witness Fastest Growth
The cloud services segment held the highest market share of more than 44 %in 2023. The segment is expected to maintain its lead in the forecast period as it will be able to capture the huge volume of data that will be catered by mobile technology and sensors. Such ability becomes more important in transportation systems with advanced technologies like big data and cloud technology. The cloud platforms provide a secure space and processing power to assist with traffic predictions. Forecast period smart transportation ventures will be positively affected by the increased use and interest in machine learning/data analytics, IoT, and cybersecurity.
The professional services segment is projected to witness the fastest CAGR over the forecast period professional services help design and strategy as well as implementation support, among other things. So those aspects will play in favor of the segment. Therefore, professional service providers are in database purchases as the archaic systems are updated with technology solutions.
Smart Transportation Market by Region: North America Leads with 35% Market Share, Europe and Middle East Show Significant Growth Potential
In 2023, North America dominated the market and held the highest market share of 35%. Geographically, the smart transportation market in the Middle East and the African region is home to the highest adoption rate of technological solutions as governments in the region are focusing on transport infrastructure development to ease the heavy traffic burden on highways, low air quality, and increasing highway accident rates and fatalities.
Large opportunities for industry expansion represented Europe, as new technology is being adopted quickly and major cities are facing increasing problems related to higher traffic volumes. Predicted growth in the intelligent transportation industry is due to the increased car usage leading to an increase in parking challenges and an increase in demand for integrated and efficient transportation systems worldwide.
Recent Developments in the Smart Transportation Market: Key Innovations and Expansions in 2024
In December 2024, Zoomcar launched a chauffeur-driven cab rental service in Bengaluru, expanding its offerings in the Indian transportation market.
In August 2024, Tier IV, a Japanese startup, initiated a project to develop self-driving electric vehicle taxis, supported by the Ministry of Economy, Trade, and Industry.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Smart Transportation Market Segmentation, by Solution
8. Smart Transportation Market Segmentation, by Service
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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