The Smart Transportation Market Size was valued at USD 123 billion in 2023, and is expected to reach USD 376.25 billion by 2031, and grow at a CAGR of 15% over the forecast period 2024-2031.
Technological advancements to improve customer experience, growing government initiatives and PPP models for smart transportation, rising urban population and high demographic rates, and growing adoption of IoT and automation technologies to enhance technological optimization are the major growth drivers for the market.
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Using technology like as automobile navigation, traffic signal control systems, speed cameras, and other real-time data and computational technologies, it allows numerous users to be more coordinated and informed. Infrastructure upgrades, regulatory requirements for sustainable fuels for public transportation vehicles, and the deployment of systems to efficiently deliver mobility services to ever-expanding cities are all ways to attain this smart transportation information.
KEY DRIVERS
The interconnection of items enables a better understanding of client behaviour and, as a result, better decision-making.
Road traffic management systems, and incident management systems are benefited from high-performance networking technology.
Smart connectivity and control devices will use the cloud to collect and exchange it with a centralized control centre.
Increased acceptance of technology has enabled better connectivity, resulting in a full rebuild of the smart transportation ecosystem.
RESTRAINTS
Smart transportation systems solutions lack standardization & uniformity, causing compatibility concerns.
Different countries have distinct communication & protocols, which makes it difficult to sell their products globally.
The lack of globally enforceable traffic management technology, methods, & specifications restricts industry growth.
OPPORTUNITIES
With significant technology developments, semi-autonomous and autonomous vehicles are rapidly evolving.
The development of driverless vehicles is becoming increasingly popular in the transportation industry.
CHALLENGES
Integrating smart technology components with traditional transportation systems is exceedingly difficult due to a lack of an open interface.
Communication gaps would result from the integration challenges. Upgrading legacy systems necessitates large investments.
In 2023, North America held the greatest proportion of the global smart transportation market. The United States is the primary growth engine in the North American market. This is due to the United States government's increased efforts to upgrade transportation facilities and adopt intelligent transportation systems (ITS).
The Asia Pacific market is predicted to grow at the fastest rate during the forecast period, owing to the region's rising deployment of smart city and smart infrastructure projects. The key growth countries are China, Japan, India, and South Korea.
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The Major Players 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
Report Attributes | Details |
Market Size in 2023 | US$ 123 Bn |
Market Size by 2031 | US$ 376.25 Bn |
CAGR | CAGR of 15% From 2024 to 2031 |
Base Year | 2023 |
Forecast Period | 2024-2031 |
Historical Data | 2020-2022 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • 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) |
Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Company Profiles | 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 |
Key Drivers | • The interconnection of items enables a better understanding of client behaviour and, as a result, better decision-making. • Smart connectivity and control devices will use the cloud to collect and exchange it with a centralized control centre. |
Opportunities | • With significant technology developments, semi-autonomous and autonomous vehicles are rapidly evolving. • The development of driverless vehicles is becoming increasingly popular in the transportation industry. |
Ans:- The Market Size was valued at USD 123 billion in 2023 and grow at a CAGR of 15% over the forecast period 2024-2031.
Ans:- In 2023, traffic management systems accounted for the greatest share of the whole market, at more than 33%.
Ans:- Smart connectivity and control devices will collect and exchange data in the cloud and increase the acceptance of technology are the primary market drivers for the smart transportation market.
Ans:- The expansion of the market is supplemented by the introduction of smart cities, smart mobility services, smart parking services, and IoT tracking.
Ans:- Raw material vendors, Distributors/traders/wholesalers/suppliers, and regulatory authorities, including government agencies and NGOs, are the main stakeholders in the market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Smart Transportation Market Segmentation, by Transportation type
8.1 Maritime
8.2 Roadways
8.3 Railways
8.4 Airways
9. Global Smart Transportation Market Segmentation, by Services
9.1 Business
9.2 Professional
9.3 Cloud Services
9.4 Consulting
9.5 Deployment and Integration
9.6 Support and Maintenance
10. Global Smart Transportation Market Segmentation, by Application
10.1 Mobility as a Service
10.2 Route Information and Route Guidance
10.3 Public Transport
10.4 Transit Hubs
10.5 Connected Cars
10.6 Video Management
10.7 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Thales Group (France)
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Huawei Technologies Co., Ltd. (China)
12.3 Siemens AG (Germany)
12.4 IBM Corporation (US)
12.5 Cisco Systems, Inc. (US)
12.6 SAP (Germany)
12.7 Cubic Corporation (US)
12.8 Alstom (France)
12.8 Bombardier Inc. (Canada)
12.9 Toshiba (Japan)
12.10 Harris Corporation (US)
12.11 Saab AB (Sweden)
12.12 Veson Nautical (Massachusetts)
12.13 BASS Software (Norway)
12.14 Bentley Systems (US)
12.15 Indra Sistem (Norway).
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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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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REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
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Product Analysis
Criss-Cross segment analysis (e.g. Product X Application)
Product Matrix which gives a detailed comparison of product portfolio of each company
Geographic Analysis
Additional countries in any of the regions
Company Information
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