Smart Transportation Market by Technology, Solution (Traffic Management Systems, Parking Management Systems, Ticketing & Fare Management Systems), Service, and Region (North America, Europe, Asia-Pacific, Middle East, Africa, and South America).
Smart Transportation Market Overview
The global Smart Transportation Market size is expected to reach USD 377.1 billion and is projected to reach a CAGR of 17.6% from 2023-2030.
The combination of cutting-edge technology and creative solutions to completely transform how we carry people and things is referred to as the "Smart Transportation Market." It includes a broad range of programs and initiatives that seek to improve the effectiveness, security, sustainability, and practicality of transportation networks.
The smart transport market has experienced rapid expansion and is anticipated to do so in the years to come. The necessity for effective transit infrastructure, rapid urbanization, and population increase have been the main factors driving this industry. Demand for intelligent and connected transportation systems that can optimize traffic flow, alleviate congestion, and improve overall mobility is rising as cities become more crowded.
The use of IoT technology is one of the key trends in the market for smart transportation. Real-time data may be gathered and analyzed from a variety of sources, including infrastructure, sensors, and moving vehicles, thanks to IoT connectivity. To make wise judgments and streamline transportation operations, this data is employed. IoT-enabled sensors, for instance, may track air quality, parking availability, and traffic flow, offering crucial information for traffic management and urban planning.
In the market for smart transportation, artificial intelligence, and data analytics are also quite important. Large data sets may be processed by AI systems to find trends, forecast traffic jams, and improve route planning. These technologies make it possible to create intelligent transportation systems that can adapt in real-time to changing traffic patterns, weather patterns, and other circumstances. The identification of abnormalities, such as accidents or vehicle breakdowns, and fast notifications or automated replies improve the safety of transportation networks.
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The Smart Transportation size has grown significantly in recent years. However, due to the outbreak of the COVID-19 pandemic, the market experienced a sharp decline in 2020. The demand for transport services has significantly decreased, which is one of the main repercussions. Public transport use, air travel, and use of ride-sharing services all experienced significant drops as a result of lockdowns, travel restrictions, and social isolation policies. As a result, businesses in the market for smart transportation encountered difficulties such as decreased income and disturbed operations. The epidemic also resulted in a significant change in transportation habits. The use of virtual meetings and remote work eliminated the need for daily commuting, which alleviated traffic congestion in many urban areas. In order to avoid congested public transit and preserve their social distance, people often sought out alternate forms of mobility like cycling and walking. These modifications had an effect on how smart transport technologies like parking and traffic control were used. While the COVID-19 epidemic posed many difficulties for the field of smart transport, it also offered chances for creativity and change. The crisis brought into sharp focus the importance of robust and adaptive transport networks that can react to changing conditions and guarantee the efficiency and safety of future mobility.
Delvens Industry Expert's Standpoint
The market for smart transportation is a quickly developing sector that includes cutting-edge technology and creative approaches to improve the effectiveness, safety, and sustainability of transportation networks. Key technologies like IoT, AI, big data analytics, and linked and autonomous cars are what are driving the industry. Both market dispersion and consolidation define the market. Particularly with developing technologies, certain subsegments and areas show a high degree of fragmentation, with a large number of firms offering specialized goods and services. At the same time, consolidation is seen in several industries, where larger, more established businesses rule the market with all-encompassing solutions and enormous clientele. Numerous advantages are provided by the smart transportation sector, including better traffic control, higher safety, increased energy efficiency, and improved supply chain and logistics management. During the projection period, it is anticipated to increase significantly due to reasons including urbanization, traffic congestion, and the need for environmentally friendly transportation options. Overall, as players attempt to develop smarter, more efficient, and sustainable transportation systems, the market for smart transportation offers enormous prospects for technology improvements, collaborations, and innovation.
Key Findings
- The technology segment is further segmented into IoT, AI, Big Data Analytics, and Connected & Autonomous Vehicles (CAV). During the projected period, AI technology is anticipated to increase significantly. Market expansion is being driven by the creation and use of AI algorithms for traffic prediction, intelligent routing, autonomous cars, and smart mobility solutions. The development of AI in smart transportation will be fueled by the growing emphasis on strengthening safety, streamlining traffic, and raising the overall effectiveness of transportation systems.
- The solution segment is further fragmented into Traffic Management Systems, Parking Management Systems, and Ticketing & Fare Management Systems. It is anticipated that there would be a significant increase in intelligent traffic management systems, such as adaptive traffic signal control, real-time traffic monitoring, and congestion management techniques. The market for advanced traffic management systems will be driven by the growing need for effective traffic management, alleviating congestion, and improving transportation efficiency.
- The service segment is further segmented into Professional Services and Managed Services. Strong growth is anticipated for managed services, which include cloud-based infrastructure management, data analytics, and cybersecurity. Outsourcing managed services enables transportation businesses to take advantage of specialized knowledge and assure effective administration of their smart transportation systems while they concentrate on their main business activities.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The North American region is expected to be the largest region in the Smart Transportation market during the forecast period. In 2022, North America had more than 33% of the worldwide market share. Due to a growing emphasis on upgrading the transportation infrastructure by regional governments and the region's increasingly crowded roadways, poor air quality, and rising number of traffic accidents and fatalities, the region is the greatest user of smart transportation solutions.
Smart Transportation Market Regional Analysis
North America to Dominate the Market
- The North American region is expected to be the largest region in the Smart Transportation market during the forecast period.
- Although the smart transportation markets in these areas are well developed, subsegments including artificial intelligence, sophisticated traffic control systems, and managed services are anticipated to continue expanding. These subsegments will expand as a result of efforts to increase transportation efficiency, lessen congestion, and improve mobility services.
Smart Transportation Market Competitive Landscape
- Cisco Systems, Inc.
- Siemens AG
- IBM Corporation
- General Electric Company
- Thales Group
- Cubic Corporation
- Alstom SA
- Kapsch TrafficCom AG
- TomTom NV
- Huawei Technologies Co., Ltd.
- Hitachi
- SAP
- Toshiba
- SAAB
- Veson Nautical
- Bass Software
- Bentley Systems
- Trimble
- Amadeus
- Conduent
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Smart Transportation Market Recent Developments
- In February 2021, Cisco announced its partnership with Hyundai Motor Group to develop a next-generation, in-vehicle network platform. The collaboration aims to provide a secure and scalable platform for connected vehicles, enabling advanced features such as remote diagnostics, over-the-air updates, and improved vehicle-to-infrastructure communication.
- In March 2021, Siemens Mobility launched its "Siemens Mobility Innovation Center" in Atlanta, USA. The center serves as a hub for developing and showcasing cutting-edge technologies and solutions for intelligent transportation systems, including connected infrastructure, traffic management, and mobility-as-a-service (MaaS) platforms.
Reasons to Acquire in the Smart Transportation Market
- Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for Smart Transportation Market so as to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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