What is the global market size of Smart Transportation Market?

Smart Transportation Market size was valued at USD 97.81 billion in 2021 and is poised to grow from USD 110.53 billion in 2022 to USD 285.12 billion by 2030, at a CAGR of 13% during the forecast period (2023-2030).

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.

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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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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

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