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. 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.
Gather more insights about the market drivers, restraints, and growth of the Global Smart Transportation Market
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.
Browse through Grand View Research's Automotive & Transportation Industry Related Reports
Intelligent Transportation System Market - The global intelligent transportation system market was valued at USD 26.75 billion in 2021 and is expected to expand at a significant compound annual growth rate (CAGR) of 7.7% from 2022 to 2030.
Smart Parking Systems Market - The global smart parking systems market was valued at USD 6.49 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 22.1% from 2023 to 2030.
Smart Transportation Industry 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
- Europe
- Asia Pacific
- Latin America
- MEA (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. Both firms are investing in CyberRail IoT, digital twin, big data, satellite ERTMS, artificial intelligence, smart maintenance, and intelligent platforms that integrate transportation data to enable a crossover and multi-modal vision.
Key Companies profiled:
Some prominent players in the global Smart Transportation Industry include
- Accenture PLC
- Alstom, SA
- Cisco System, Inc.
- Cubic Corporation
- General Electric Company (GE)
- Indra Sistema S.A.
- International Business Machines Corporation
- Kapsch
- LG CNS Corporation
- Xerox Holdings Corporation
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