USD 110.53 billion
Global Smart Transportation Market Size, Share, Growth Analysis, By Solution(Ticketing Management System, Parking Management System), By Service(Cloud Services, Business Services) - Industry Forecast 2024-2031
Report ID:
SQMIG45E2164 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
64 |
Figures:
75
Global Smart Transportation Market Insights
Global Smart Transportation Market size was valued at around USD 110.53 billion in 2022 and is expected to rise from USD 124.90 billion in 2023 to reach a value of USD 332.04 billion by 2031, at a CAGR of 13.0% over the forecast period (2024–2031).
The smart transportation industry is experiencing significant growth as a result of increased urbanization, government programs to minimize greenhouse gas emissions, and rising demand for technological integration in traffic management systems. The majority of cities (including pedestrian walkways) face substantial obstacles, such as a lack of high-quality and safe public transportation, concerns about diminished road safety, inadequate traffic management, and parking issues. As a result, the demand for smart transportation systems is expected to skyrocket in the next years. Smart transportation infrastructure is becoming easier to adopt as a result of factors such as urbanization, increased acceptance of IoT-based technologies, and the proliferation of 5G-based connections.
Public transit agencies are embracing smart transportation solutions to enhance the commuter experience. Real-time passenger information, contactless payment systems, and mobile apps are making public transit more accessible and convenient. The introduction of self-driving cars, more spending on smart city programs, a drop in vehicle ownership, and the expansion of mobility as a service (MaaS) will all likely provide significant growth opportunities for participants in the smart transportation business. Initiatives such as Mobility as a Service (MaaS) are gaining traction, allowing passengers to seamlessly plan and pay for multimodal trips. These developments are not only improving the passenger experience but also promoting the use of public transportation, reducing congestion, and decreasing emissions.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Cloud Services
Fastest Growth
Business Services
Growth Rate
13.0% CAGR
Global Smart Transportation Market ($ Bn)
Country Share for North America Region (%)
Global Smart Transportation Market By Service ($ Bn)
Global Smart Transportation Market By Service (%)
To get more reports on the above market click here to Buy The Report
Global Smart Transportation Market Segmental Analysis
The global smart transportation market is segmented based on solution, service, and region. In terms of solution the market is segmented into ticketing management system, parking management system, integrated supervision system, traffic management system. With respect to segmentation by service, the market is segmented into cloud services, business services, and professional services. Based on region, the global smart transportation market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Global Smart Transportation Market Analysis by Solution
The Smart Transportation Market, categorized by solution into Ticketing Management System, Parking Management System, Integrated Supervision System, and Traffic Management System, exhibits intriguing dynamics. Among these sub-segments, Traffic Management System holds the largest market share owing to the increasing need for efficient traffic flow management, reducing congestion, and enhancing road safety in urban environments.
Furthermore, the fastest growing sub-segment is Integrated Supervision System, as it offers holistic solutions for real-time monitoring and control of various transportation elements, enabling seamless coordination among different systems, which is becoming increasingly crucial in the era of smart and interconnected transportation networks. This expansion might be attributed to the increasing need for integrated solutions to optimize resource usage and overall transportation efficiency.
Global Smart Transportation Market Analysis by Service
The cloud services market category held the biggest market share. Due to its ability to handle the enormous amounts of data produced by mobile technologies and sensors, the market is expected to maintain its leadership over the forecast period. Big data and cloud technology are becoming more and more important in transportation systems as a result of technological advancements.
Additionally, the Professional Services sub-segment is experiencing remarkable growth, propelled by the increasing demand for consulting, system integration, and support services to implement smart transportation solutions effectively. As urbanization continues to surge, the Smart Transportation Market is expected to thrive further, with Business Services and Professional Services emerging as the fastest-growing sub-segments, fueled by the need for enhanced traffic management, reduced congestion, and sustainable transportation solutions in smart cities worldwide.
Global Smart Transportation Market By Srevice, 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global Smart Transportation Market Regional Insights
North America held more than 33% of the global market share. Due to a growing emphasis on improving the transportation infrastructure by regional governments and the region's increasingly congested roadways, poor air quality, and rising number of highway accidents and fatalities, the region is the greatest adopter of smart transportation solutions. The United States is home to several large ICT companies that provide solutions for smart mobility.
Europe is anticipated to offer significant customers for industry expansion due to the growing adoption of technology and increasing traffic congestion in the major cities. It is anticipated that factors including rising car ownership, which creates more parking issues, and rising demand for effective transportation around the world would hasten the rise of the intelligent transportation business. Rapid technological development and developments in semi-autonomous and autonomous vehicles are anticipated to help the smart transportation sector.
Global Smart Transportation Market By Region, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Smart Transportation Market Dynamics
Global Smart Transportation Market Drivers
Growing Population
-
The increase in the world's population is leading to an increase in the demand for efficient transportation systems that can handle the growing number of people. As the global population continues to expand, urban areas become more densely populated, leading to rising congestion, pollution, and the need for smarter transportation systems. This demographic trend is driving investments and innovations in the smart transportation sector to meet the evolving mobility demands of an ever-increasing global population.
Global Smart Transportation Market Restraints
High Costs
-
Developing and implementing smart transportation systems can be expensive, which can be a significant barrier to entry for some companies and governments. These costs encompass the deployment of smart sensors, communication networks, data analytics systems, and other intelligent transportation solutions. It limits the willingness of governments and organizations to invest in smart transportation projects, particularly in regions with budget constraints. Additionally, It can deter consumers from adopting smart transportation services due to higher fares or subscription costs. As a result, the high costs associated with smart transportation hinder its widespread adoption and growth, potentially slowing down the overall development of the market.
Request Free Customization of this report to help us to meet your business objectives.
Global Smart Transportation Market Competitive Landscape
The market is highly competitive, with numerous competitors serving various industries. The existence of established players is a considerable barrier to entrance for aspiring players. However, it is expected that the market's increasing acceptance of unique smart transport solutions and services will create opportunities for growth for new companies. Market participants are concentrating on growing their companies and solidifying their positions in the market through partnerships and collaborations.
Top Player’s Company Profiles in Global Smart Transportation Market
- Cisco Systems
- Siemens AG
- IBM Corporation
- Intel Corporation
- Thales Group
- Huawei Technologies Co. Ltd.
- General Electric Company
- Cubic Corporation
- TomTom International B.V.
- Denso Corporation
- Alstom S.A.
- Hitachi Ltd.
- Robert Bosch GmbH
- SAP SE
- Qualcomm Technologies Inc.
- Microsoft Corporation
- Accenture PLC
- Trimble Inc.
- Daimler AG
- Ford Motor Company
Global Smart Transportation Market Recent Developments
- In March 2024, VinFast Auto partnered with Jospong Group of Companies, Ghana's top business conglomerate, to sell its electric vehicles in Ghana and the wider West African region. This move shows VinFast's first step into Africa, as it aims to lead the way in eco-friendly transportation worldwide.
- In February 2024, during the Mobile World Congress 2024 (MWC 2024), Huawei organized a forum focused on smart transportation with the theme "Leading Infrastructure to Empower Digital and Intelligent Transportation." At the event, Huawei introduced its Smart Railway — Perimeter Detection Solution.
- In December 2023, the Dubai Roads and Transport Authority (RTA) announced a significant partnership with the United Nations Committee of Experts on Big Data and Data Science. This collaboration marks a major advancement in their ongoing partnership and aims to focus on utilizing big data, artificial intelligence (AI), and data science to improve transport services and other public offerings provided by the RTA.
Global Smart Transportation Key Market Trends
- Emergence of Connected and Autonomous Vehicles: Connected and autonomous vehicles are becoming increasingly popular, and many companies are investing heavily in their development. These vehicles are equipped with advanced sensors, software, and communication technologies that enable them to communicate with other vehicles and infrastructure. This leads to better traffic management, improved safety, and reduced congestion.
- Integration of Big Data Analytics: The smart transportation market is utilizing big data analytics to improve the efficiency and safety of transportation systems. Data from various sources, including sensors, cameras, and mobile devices, can be analyzed to provide insights into traffic patterns, predict congestion, and improve routing.
- Adoption of Electric and Hybrid Vehicles: As governments around the world push for reduced carbon emissions, electric and hybrid vehicles are becoming more popular. This has led to the development of smart charging infrastructure that enables fast charging and load management, reducing the burden on the electric grid.
- Implementation of Smart Parking Solutions: Smart parking solutions, including mobile payment and reservation systems, are becoming more prevalent. This leads to better utilization of parking spaces, reduced traffic congestion, and improved customer experience.
Global Smart Transportation Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our smart transportation market analysis, we found that this is growing as a result of expanding urban projects, government programmes to reduce greenhouse gas emissions, and rising demand for technology integration in traffic control systems. The majority of cities (including pedestrian walkways) have serious challenges with limited capacity to manage public transport, a lack of high-quality and safe public transit, worries about decreased road safety, ineffective traffic management, and parking issues. As a result, the need for smart transport systems is anticipated to increase significantly in the coming years. Smart transport infrastructure is simpler to implement due to factors including urbanization, the greater acceptance of IoT-based technologies, and the spread of 5G-based connection.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 110.53 billion |
| Market size value in 2031 | USD 332.04 billion |
| Growth Rate | 13.0% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Smart Transportation Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Smart Transportation Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Smart Transportation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Transportation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart Transportation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Smart Transportation Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Smart Transportation Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
