Smart Transportation Industry Overview
The global smart transportation market size was valued at USD 101.26 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.6% from 2022 to 2030.
The market growth is driven by increasing innovative city projects, government programs toward reducing the effects of greenhouse gases, and the need for technology in traffic management systems. Lack of safe public transportation, poor management of public transportation, increased road safety concerns, and poor traffic management are some of the factors significantly driving the demand for smart transportation.
Smart transportation is a cutting-edge technological application that provides various transportation and traffic management services. It has become an integral part of everyday life due to increased accidents and traffic in different countries. Smart transportation systems make it easier to use more informed, safer, coordinated, and smart transportation networks.
Gather more insights about the market drivers, restrains and growth of the Global Smart Transportation Market
The market has witnessed significant growth in applying modern technologies in vehicles and transportation infrastructure to help enhance traffic management, increase safety, and facilitate a more intelligent use of transportation networks.
The COVID-19 pandemic had a negative impact on several economies across the world. Government-imposed nationwide lockdowns and quarantines to reduce the spread of the virus negatively affected enterprises worldwide, including the smart transportation market. Companies' ability to transport people was hampered by travel restrictions enforced to prevent the spread of the virus. As a result, transportation revenues plummeted. However, travel businesses are increasingly focused on data-driven decisions to improve their services and re-establish rider trust.
The extended downtime and high capital required for replacing existing infrastructure are anticipated to hinder the market growth over the forecast period. Due to the lack of a standardized strategy, smart transportation combines numerous aspects, such as hardware, software, and mobile network components developed by multiple manufacturers, resulting in compatibility concerns. Furthermore, communication protocols differ significantly between countries, posing challenges for firms seeking global adoption of their products.
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Smart Transportation Market Segmentation
Grand View Research has segmented the global smart transportation market based on solution, service, and region:
Smart Transportation Solution Outlook (Revenue, USD Billion, 2017 – 2030)
- Ticketing Management System
- Parking Management System
- Integrated Supervision System
- Traffic Management System
Smart Transportation Service Outlook (Revenue, USD Billion, 2017 – 2030)
- Cloud Services
- Business Services
- Professional Services
Smart Transportation Regional Outlook (Revenue, USD Billion, 2017 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- March 2022: Indra Sistema S.A. and Talgo joined Europe's Rail, the largest rail innovation program in the region.
- May 2020: Lancaster City Council restored parking charges in some of its off-street parking lots.
Key Companies profiled:
Some prominent players in the global smart transportation market include
- Accenture PLC
- Alstom, SA
- Cisco Systems, Inc.
- Cubic Corporation
- General Electric Company (GE)
- Indra Sistema S.A.
- International Business Machines Corporation
- LG CNS Corporation
- Xerox Holdings Corporation
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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