Smart Transportation Market: Segmented: By Solution (Ticketing Management System, Parking Management System, Integrated Supervisory System, and Traffic Management System), By Services (Cloud Services, Business Services, and Professional Services), By Transportation Mode (Roadways, Railways, Airways, and Maritime), By Application (Mobility as a Service, Route Information and Route Guidance, Public Transport, Transit Hubs, Connected Cars, Video Management, and Others), And Region - Global Analysis Of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[ 170 + Pages Research Report ] Smart Transportation Market to surpass USD 339.4 billion by 2032 from USD 104.2 billion in 2021 at a CAGR of 11.4% in the coming years, i.e., 2022-32.
Smart Transportation refers to the incorporation of modern technology to enhance efficiency, safety, and management solutions in transportation systems. It facilitates traffic management, ease of mobility and navigation services, advanced communication technologies, sustainable transport services, high-speed networks, and others.
Smart Transportation market is expected to project a notable CAGR of 11.4% in 2032.
Poor traffic management, safety concerns, rising need for new transportation routes, the proliferation of Internet of things devices, increasing government investments along with growing demand of autonomous vehicles are driving the market growth.
Traffic Management System segment to grow with the highest CAGR during 2022-32
Smart Transportation market is classified on the basis of solution into Ticketing Management System, Parking Management System, Integrated Supervisory System, and Traffic Management System. During the forecast period, Traffic Management System is projected to grow with the highest CAGR. The growth is attributed to the growing traffic congestion and rising need for road safety compliance in urban areas. It consists of integrated CCTV cameras, route guidance systems, smart traffic lights, etc.
Cloud Services segment to grow with the highest CAGR during 2022-32
Based on services, Smart Transportation Market is fragmented into Cloud Services, Business Services, and Professional Services. During the forecast period, Cloud Services segment is projected to grow with the highest CAGR. Rapidly growing data generation and difficulty in managing the data has created a need for cloud-based services.
Roadways segment to grow with the highest CAGR during 2022-32
Smart Transportation market is classified on the basis of transportation mode into Roadways, Railways, Airways, and Maritime. Roadways segment is dominating the market with increasing demand for efficient road networks, traffic management systems, safety and rising government expenditure in various projects.
Rapid urbanization and proliferation of IoT
The growing urban population across the globe has created a huge demand for advance transportation systems. Rising working population in urban areas require efficient transport networks for commuting. Poor traffic managements, safety concerns, and rising need for new transportation routes are driving the market growth. Further, proliferation of Internet of things devices facilitates cloud services, real time data transmission, sensors technologies and various other activities. Technological advancements and increasing internet connectivity provide smooth access to services, which is fueling the growth of Smart Transportation Market.
Increasing government investments and growing demand of autonomous vehicles
Government authorities in several nations are working on major infrastructure development projects for their smart city’s initiatives. Major investments in adoption of advance technologies to improve transport systems for providing ease of mobility is creating huge growth opportunities for smart transportation solutions. Additionally, growing demand of autonomous vehicles in the automotive industry will contribute to the growth of Smart Transportation market.
Huge capital investments and lack of uniform technology
Adoption of smart transportation and transforming traditional infrastructure require huge initial investments which is a major hindrance in the market growth. Also, lack of uniform transport technology and access to internet connectivity is further restraining the growth of Smart Transportation market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Smart Transportation market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific is projected to grow with the highest CAGR during the forecast period. The growth is attributed to the rapid urbanization and infrastructural developments in the region. Rising government investments on the implementation of smart cities projects and rising urban population in the region are fueling the Smart Transportation Market.
Global civilization has suffered from the unprecedented effects of the coronavirus pandemic. Major economies have imposed the strict Covid-19 lockdowns across the region. With minimum mobility and huge decline in consumer demand, many businesses were forced to shut down. Covid-19 had a negative impact on Smart Transportation market as there was a huge decline in public movement and disruption in supply therefore the use of transportation was bare minimum.
Smart Transportation is further segmented by region into:
Smart Transportation Market Segments:
|Market size value in 2021||USD 104.2 billion|
|Revenue forecast in 2032||USD 339.4 billion|
|Growth Rate||CAGR of 11.4% from 2022 to 2032|
|Base year for estimation||2021|
Revenue in USD million and CAGR from 2022 to 2032
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Solution, Services, Transportation Mode, Application, and Region
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Accenture PLC, Alstom, SA, Cisco Systems, Inc., Cubic Corporation, General Electric Company (GE), Indra Sistema S.A., International Business Machines Corporation, Kapsch, LG CNS Corporation, Xerox Holdings Corporation and Other Prominent Players|
Smart Transportation Market to surpass USD 339.4 billion by 2032 from USD 104.2 billion in 2021 at a CAGR of 11.4% in the coming years, i.e., 2022-32.
Huawei Technologies Co. Ltd., Harris, Corporation, IBM, Cubic Corporation, Accenture, Toshiba, Amadeus IT Group, Bombardier Inc., Cisco Systems, and Siemens AG
Traffic Management System segment to grow with the highest CAGR during 2022-32 is anticipated to hold the Smart Transportation Market
Drivers- Rapid urbanization and proliferation of IoT
Smart Transportation refers to the incorporation of modern technology to enhance efficiency, safety, and management solutions in transportation systems.
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