Smart Transportation Market Size is projected to reach USD 355.87 billion by 2032, At a CAGR of 13.02% | SNS Insider

The Smart Transportation Market is fueled by rising urbanization, the drive for sustainable mobility, & government efforts to advance smart city initiatives.

AUSTIN, TX, UNITED STATES, October 24, 2024 /EINPresswire.com/ -- Smart Transportation Market Growth Analysis:

The Smart Transportation Market was valued at USD 121.33 billion in 2023 and is expected to grow to USD 355.87 billion by 2032, achieving a compound annual growth rate (CAGR) of 13.02% during the forecast period of 2024-2032. This remarkable growth trajectory highlights the increasing recognition of smart transportation solutions as essential for addressing the complexities of modern urban mobility.

Growing Demand

Cities around the world are experiencing increasing demand for smart transportation solutions to address growing issues like traffic congestion, safety, sustainability. With the growth of urban populations has come higher demand for smart transport alternatives than ever before. Smart transportation is a range of modern technologies and services adopted with an aim to provide the cost-efficient, timely, and safer movement of people.

The scope of this market report includes various components of smart transportation, such as traffic management, vehicle-to-everything (V2X) communication, and mobility as a service (MaaS). The integration of advanced technologies, such as IoT, AI, and big data analytics, plays a pivotal role in optimizing traffic flow, reducing travel times, and minimizing emissions.

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Key Players Listed in Smart Transportation Market Are:

• Thales Group
• Huawei Technologies Co., Ltd.
• Siemens AG
• IBM Corporation
• Cisco Systems, Inc.
• SAP
• Cubic Corporation
• Alstom
• Bombardier Inc.
• Toshiba
• Harris Corporation
• Saab AB
• Veson Nautical
• BASS Software
• Bentley Systems
• Indra System & Other Players

Moreover, focus of governments for smart cities' development is increasing investments on intelligent transportation systems (ITS). This will boost the operational efficiency through interconnected transportation networks using real-time data. At the same time, as sustainability takes center stage to electric and autonomous vehicles are demanded by consumers transforming what transportation looks like.

In addition to this, our growing environmental awareness has made us all more keen on greener ways to get around. The move toward sustainable mobility is causing transportation authorities and private enterprises alike to seek out new ways of reducing their carbon footprints, increasing energy efficiency. For smart transportation initiatives to be successful, coordination among different stakeholders such as technology solution vendors, governments and transport operators are key.

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Smart Transportation Market Segment Analysis

By Solution Insight

The traffic management segment is dominated the market due to rising demand for effective control and optimization of traffic. With the help of RTD (real-time data) & PM (prediction modelling), advance traffic management systems aim to more focus on reducing congestion, improving road safety and reduce travel time. With traffic levels increasing in cities, the need for modern traffic management solutions is more important than ever.

By Services

The cloud service segment is dominated the market, accounting for more than 42% of total revenue. It poised for substantial growth, driven by the demand for scalable and flexible solutions in smart transportation. Cloud services facilitate data storage, processing, and analytics, enabling seamless communication between various transportation systems. This growth is largely attributed to the increasing reliance on data-driven insights for decision-making and operational efficiency within transportation networks.

Smart Transportation Market Key Segmentation:

By Transportation type
•Maritime
•Roadways
•Railways
•Airways

By Solution
•Ticketing Management System
•Parking Management and Guidance System
•Integrated Supervision System
•Traffic Management System
•Passenger Information
•Freight Information
•Vehicle Telematics
•Others

By Services

•Business
•Professional
•Cloud Services
•Consulting
•Deployment and Integration
•Support and Maintenance

By Application

•Mobility as a Service
•Route Information and Route Guidance
•Public Transport
•Transit Hubs
•Connected Cars
•Video Management
•Others

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Key Regional Development

In 2023, North America dominated the smart transportation market, accounting for the largest share of global revenue. North America is an adopter of most advanced transportation solutions as it is a developed region with high rate of urbanization, combined presence of many global technology vendors. North America is expected to be a lucrative region for global smart transportation market growth. Several local governments in North America are also encouraging the use of smart transportation solutions, with funding opportunities. The federal Smart City Challenge program from the US Department of Transportation provided funding to deploy innovative transportation solutions in several cities, for example. Many factors contribute to the rapid demographic shifts happening in America as well technological trends. With the rising trend of ageing in place and potential growth from automated vehicles (AV) and advances in mobility services, there is a market for providing older adults, children/schools attendees/parents, persons with disabilities on-demand modes that can expand choice.

Recent Developments

• In August 2023, NEC Corporation signed a contract for the Vehicle Location Tracking-Passenger Information System (VLT- PSIS) project which in supported by Nirbhaya fund of Government of India. In addition to address the most critical safety concerns for buses, this initiative intends to enhance passengers travel experience through innovations enabled by advanced cutting-edge technologies.
• The General Directorate of Highways had revealed staggering plans in April 2024 about how Turkey's transportation infrastructure will get smarter, with objectives like "route optimization" and both elapsed time & cost efficiency. Noting the institution's strategic plans for the extended future, amongst other things, to decrease travel time and enhance road safety; optimize energy utilization and existing infrastructural capabilities.

Table of Contents

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Transportation Market Segmentation, By Transportation type
9. Smart Transportation Market Segmentation, By Solution
10. Smart Transportation Market Segmentation, By Services
11. Smart Transportation Market Segmentation, By Application
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion

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