The smart transportation market size is projected to grow from USD 122.4 billion in 2023 to USD 248.7 billion by 2028, at a CAGR of 15.2% during the forecast period.
Factors such as developments in IoT technology are expected to drive the growth of the smart transportation market. With the ongoing advancements, smart connectivity and control devices are expected to become highly intelligent and self-governing. Increasing adoption of 5G in urban areas is driving the adoption of smart transportation solutions and services.
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Factors that Drive Smart Transportation Market
Global urban population expansion is increasing need for sustainable and effective transportation options. Urban transportation networks are improved, mobility is increased, and congestion is reduced with the use of smart transportation technologies.
Traditional transportation systems face serious problems from increasing urban traffic congestion. In order to reduce traffic, smart transportation technologies, such as Intelligent Transportation Systems (ITS), offer features including dynamic route planning, smart traffic signals, and real-time traffic monitoring.
To increase general mobility, lessen traffic, and improve transportation safety, governments all over the world are investing in smart transportation infrastructure. Intelligent transportation system components are frequently included in funding and initiatives for smart city projects.
Adoption of smart mobility systems is motivated by concerns about air quality and environmental sustainability. Sustainability objectives are aided by eco-friendly transportation choices, efficient traffic management, and electric cars.
By Roadway, passenger information segment is expected to hold the largest market share during the forecast period
The passenger information system is an integrated service, which utilizes tracking data from vehicles to estimate the departure and arrival time. The passenger information solution is an important link between passengers and transit service providers. It provides real-time information on transit services, such as current location, estimated arrival and departure time, and disruption causes. The exponential growth in smartphone usage and advancements in network infrastructure enables transport authorities to provide timely status and updates cost-effectively.
By Transportation Mode, the airway segment to have the highest growth rate during the forecast period
Air transportation is an important transportation mode in the global smart transportation market. With the growing urbanization across the globe, the airways industry has evolved over the years. Systems in airports are built around a digital grid, a single, converged IP network that enables high-speed broadband traffic throughout the entire ecosystem, including the airport, airport city, airlines, seaport, logistics, and authorities. The digital grid is the airport’s nervous system, touching and managing every point of interaction. By enabling the exchange of real-time information, deep cross-silo collaboration, and airport-wide process integration, smart airways solutions has significantly improved operational efficiencies, passenger services, and advanced security capabilities.
Top Companies in the Smart Transportation Market
The major players in the smart transportation market are Alstom (France), Hitachi Ltd. (Japan), Thales Group (France), Huawei Technologies Co., Ltd. (China), Siemens AG (Germany), IBM Corporation (US), Cisco Systems, Inc. (US), SAP (Germany), Cubic Corporation (US), Toshiba (Japan), Saab AB (Sweden), Veson Nautical (Massachusetts), BASS Software (Norway), Bentley Systems (US), Indra Sistemas (Spain), Trimble (US), TomTom International BV. (Netherlands), Amadeus IT Group SA (Spain), Conduent (US), Kapsch (Austria), Descartes (Canada), Accenture (Ireland), and DNV GL (Norway). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the smart transportation market.
Regional Analysis for the Smart Transportation Market
The market for smart transportation in North America is primarily driven by high levels of urbanization, traffic congestion in large cities, and a focus on technical innovation, especially in the United States and Canada. The industry is expanding as a result of government efforts including investments in intelligent transportation networks and smart city projects.
Europe is leading the way in the adoption of smart transportation systems, with the UK, Germany, France, and the Nordic nations among them. The European Union’s focus on intelligent and sustainable mobility, along with well-established urban infrastructure, is what drives the market expansion for smart transportation.
The Asia-Pacific area, which includes nations like South Korea, Japan, China, and India, is rapidly becoming more urbanized. Smart transportation solutions are becoming more and more popular due to growing worries about air pollution, traffic congestion, and the need for sustainable mobility. The market’s growth is facilitated by significant infrastructural investments and government backing.
Latin American nations, such as Brazil, Mexico, and Argentina, are progressively using intelligent transportation strategies to tackle the problems associated with urban mobility. Market expansion is facilitated by government programs like funding for intelligent traffic management systems and public transportation.
The Middle East is making investments in smart transportation, especially in cities like Doha and Dubai, to promote urban development and alleviate traffic problems. Although adoption of smart transportation is still in its infancy in Africa, it is anticipated to gain momentum as the continent’s governments prioritize infrastructure development and urbanization rates rise.
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