Increasing demand for integrated security safety systems for improved public safety in automotive sector is driving market revenue growth
The global smart transportation market size is expected to reach USD 208.86 Billion in 2028 and register a revenue CAGR of 10.4% over the forecast period, according to the latest report by Reports and Data. Increase in number of on-road vehicles and increasing parking issues globally are driving smart transportation market revenue growth.
Smart transportation uses artificial intelligence and information technology to efficiently manage transportation system. It allows traveling population to be aware of traffic and provide them with safer, better, and more enjoyable place to live and work in. Rapid advancement in technology is adding to the growth of smart transportation market.
Emergence of smart cities is also driving the growth of the market. An efficient, convenient, and reliable transportation system is an important feature of a smart city. It ensures faster response during emergency, cleaner air, and convenient methods to reach destinations. Smart cities have various mobility options such as ride sharing, car sharing, biking, and public transportation, among others. Smart cities include pedestrian walkways and interconnected bikes, which encourage people to leave their vehicles at home more often, resulting in a more sustainable environment.
Moreover, with increase in electric vehicles, cities have to accommodate charging stations to ensure electric vehicle owners can charge easily, thereby, again contributing to overall environment sustainability. As more cities are adopting smart transportation networks to improve standard of living, the market is having increased growth levels.
Companies profiled in the global market report includes Siemens AG, Thales Group, Cubic Corporation, General Electric Company, Accenture PLC, Cisco Systems, International Business Machines (IBM) Corporation, Trapeze Software Group, TransCore Inc., and Huawei Technologies Co., Ltd.
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Market Overview:
The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2020-2028. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.
The Smart Transportation Markethas been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Automotive Hydrogen Sensors Market.
Some Key Highlights from the Report
- In December 2021, the Government of Ontario launched a flagship program to drive investment and innovation in the city’s electric, connected, and autonomous vehicle sector. Government will invest USD 56.4 Million in “Ontario Vehicle Innovation Network (OVIN)” which is a part of “Driving Prosperity: The Future of Ontario’s Automotive Sector”. Previously, the city invested USD 85 Million in Autonomous Vehicle Innovation Network (AVIN).
- Service segment is expected to register significant revenue growth rate during the forecast period as deployment of software will create demand for maintenance and consulting. Training services help users to understand such software and implement them for better network management. Moreover, smart transportation management software needs to be updated with time to help it keep up with changing vehicles and on-road requirement.
- Cloud segment is expected to register significant revenue growth rate during the forecast period due to increase in data generated through smart transportation software and services. Cloud allows cities to collect, store and analyze data of all kinds. Insights derived from these data are limitless and help cities to identify gaps, issues, and trends.
- A smart train uses data to assists passengers and keep them connected, informed, and entertained through stable Wi-Fi or 4G connection across stations and carriages. Smart ticketing, freight information and e-catering are becoming a reality and help with transport efficiency and reduce overall costs in the long run. The Covid-19 pandemic has accelerated digitalization of railways in countries with low digital services.
- Mobility as a Service (MaaS) is a consumer centric model that offers accessibility to different modes of transportation through one integrated application. It is a real-time platform that includes many combinations of transit methods such as car sharing, bus sharing, bicycle sharing, and self-drive cars. MaaS segment will register an increased revenue growth in the future due to growth of smartphone use with availability of high-speed network connectivity. Moreover, with introduction of 5G, IoT, and smart cities, MaaS is anticipated to have an upward trend.
- Market in Europe accounted for largest revenue share in 2020. The region has released ‘smart and sustainable mobility strategy’ which outlines number of goals for movement of people and goods around and between the cities and achieve green and digital transformation in the future. According to the European Green Deal, adoption of mobility strategy will cut 90% emission by 2050 and deliver smart, accessible, and safer transport system.
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For the purpose of this report, Reports and Data has segmented the smart transportation market based on solution, transportation mode, deployment, application and region:
Solution Outlook (Revenue, USD Billion; 2018–2028)
- Software
- Services
Transportation Mode Outlook (Revenue, USD Billion; 2018–2028)
- Roadways
- Railways
- Airways
- Maritime
Deployment Outlook (Revenue, USD Billion; 2018–2028)
- On-premises
- Cloud
- Hybrid
Application Outlook (Revenue, USD Billion; 2018–2028)
- Mobility as a Service
- Route Information and Route Guidance
- Public Transport
- Transit Hubs
- Connected Cars
- Video Management
- Others
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Key Advantages of Smart Transportation Market Report:
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Smart Transportation industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Smart Transportation Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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