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Smart Transportation Market Size, Share, Industry Growth, Global Trends, Business Opportunities, Upcoming Demand Status, Revenue and Forecast
Explore Further Details about This Research Smart Transportation Market Report https://www.databridgemarketresearch.com/reports/global-smart-transportation-market
Smart transportation systems have grown in popularity in the transportation industry, focusing on the design, inspection, and control of intelligent transportation to satisfy the needs of communities. To increase the efficiency of road traffic, these systems combine sensor technology with navigation systems. With the expanding investments in smart city initiatives, widespread use of ITS has already begun in the sector.
Data Bridge Market Research analyses that the smart transportation market was valued at USD 104.99 billion in 2021 and is further estimated to reach USD 243.70 billion by 2029, and is expected to grow at a CAGR of 11.1% during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Smart transportation is a term that refers to one of the most important and ITS (Intelligent Transportation System) based applications. The vertical technology of the Internet of Things (IoT) is used to connect it wirelessly. The technology's major goal is to collect and control real-time data while also enhancing performance.
Some of the major players operating in the smart transportation market are:
Kapsch Traffic Com (Austria)
Gemalto NV (Netherlands)
Thales Group (France)
Alstom (France)
MSR-Traffic GmbH (Germany)
Cubic Corporation (U.S.)
WS ATKINS PLC (U.K.)
Cisco System, Inc. (U.S.)
IBM (U.S.)
LG CNS (South Korea)
Indigo Group (India)
Toshiba Corporation (Japan)
Schneider Electric (France)
Siemens (Germany)
Drivers
Technological developments
The IoT architecture, which includes technologies such as data connectivity, cloud, mobility, and sensors, is critical to the effective deployment of smart transportation systems, further accelerating the growth of the smart transportation market.
Rise in government initiatives
Governments are putting more emphasis on creating smart cities. Governments all around the world are regulating the installation of factory-fitted telematics and safety systems in automobiles as a result of rising road safety concerns and rising auto thefts is further anticipated to propel the growth of the market.
Growing adoption of connected vehicles
Real-time traffic navigation allows vehicles to communicate with their surroundings, avoiding traffic jams and collisions will further contribute to the market growth.
Global Smart Transportation Market Scope and Market Size
The smart transportation market is segmented on the basis of transportation mode and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Transportation Mode
Roadways
Railways
Airways
Waterways
On the basis of transportation mode, the smart transportation market is segmented into roadways, railways, airways and waterways. Roadways is further sub segmented into solutions and services. Solutions are sub-segmented into smart ticketing, parking management, traffic management, passenger information, freight information, vehicle telematics and others. Services is further sub segmented into consulting, deployment and integration, and support and maintenance. Railways is further sub segmented into solutions and services. Solutions is further sub segmented into smart ticketing, passenger information, freight information, rail traffic management, GIS tracking solutions and others. Services are is further sub segmented into consulting, deployment and integration, and support and maintenance. Airways is further segmented into solutions and services. Solutions is further sub segmented into smart ticketing, parking management, traffic management, passenger information, freight information, vehicle telematics and others. Services is further sub segmented into consulting, deployment and integration, and support and maintenance. Maritime is further sub segmented into solutions and services. Solutions is further sub segmented port operations management, vessel tracking, maritime software and others. Services is further sub segmented into consulting, deployment and integration, and support and maintenance.
Application
Mobility as a Service
Route Information and Route Guidance
Public Transport
Transit Hubs
Connected Cars
Video Management
Others
On the basis of application, the smart grid market is segmented into mobility as a service, route information and route guidance, public transport, transit hubs, connected cars, video management and others.
Key questions answered in the Smart Transportation Market are:
What is Smart Transportation Market?
What was the Smart Transportation Market size in 2022?
What are the different segments of the Smart Transportation Market?
What growth strategies are the players considering to increase their presence in Smart Transportation Market?
What are the upcoming industry applications and trends for the Smart Transportation Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Smart Transportation Market?
What major challenges could the Smart Transportation Marketface in the future?
What segments are covered in the Smart Transportation Market?
Who are the leading companies and what are their portfolios in Smart Transportation Market?
What segments are covered in the Smart Transportation Market?
Who are the key players in the Smart Transportation Market?
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