Global Smart Transportation Market

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 News

  • 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.
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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 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. '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'

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.

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.

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.

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