The global smart transportation market reached a value of US$ 85 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 166.7 Billion by 2027, exhibiting a CAGR of 12.4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Smart transportation refers to the integrated application of the latest technologies and management strategies into existing transportation systems. It includes the use of several technologies, such as car navigation, traffic signal control systems, automatic number plate recognition and speed cameras. It can be achieved through improvements in infrastructure, legislative provisions towards sustainable fuels for public transport vehicles, and implementing schemes to provide mobility services to ever-expanding cities efficiently. Besides this, a smart transportation network provides citizens and visitors with convenient, affordable, and reliable ways of commuting.
Smart Transportation Market Trends:
The increasing use of the internet of things (IoT) devices, 5G communication technology, and machine learning (ML) represents one of the key factors facilitating the development of smart transportation networks. Moreover, the growing working population is positively influencing the need for interconnected mobility solutions that reduce road traffic and commute times and provide diverse travel options. Apart from this, the boosting sales of vehicles on account of the improving living standards of individuals and rapid urbanization are encouraging the construction of urban road networks across the globe. In addition, automotive manufacturers are offering technological advancements in automobiles, such as high performance, safe design, sustainable fuels, and adherence to the latest emission norms. Furthermore, with rising instances of road traffic congestion, governing agencies of various countries are increasing their budget for developing smart cities. This includes providing efficient urban mobility and public transport system. Moreover, several companies are offering sophisticated services in smart transportation solutions, which is impelling the market growth. For instance, NEC New Zealand signed a long-term agreement with Environment Canterbury and the Christchurch City Council to evolve their bus network into a smart transportation network using a modern real-time information (RTI) system.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart transportation market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on solution, services, transportation mode and application.
Breakup by Solution:
Hybrid Ticketing Management System
Parking Management and Guidance System
Integrated Supervision System
Traffic Management System
Breakup by Services:
Breakup by Transportation Mode:
Breakup by Application:
Mobility as a Service
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Accenture plc, Alstom SA, Bentley Systems Incorporated, Cisco Systems Inc., Cubic Corporation, General Electric Company, Indra Sistemas S.A., International Business Machines Corporation, Kapsch Aktiengesellschaft, Siemens AG, Thales Group and Xerox Corporation.
Key questions answered in this report:
How has the global smart transportation market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global smart transportation market?
What are the key regional markets?
What is the breakup of the market based on the solution?
What is the breakup of the market based on the services?
What is the breakup of the market based on the transportation mode?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global smart transportation market and who are the key players?
What is the degree of competition in the industry?