According to the latest report by IMARC Group “Smart Transportation Market: Global Industry Trends, Share, Growth, Opportunity and Forecast 2023-2028“, The global smart transportation market size reached US$ 96.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 184.7 Billion by 2028, exhibiting a growth rate (CAGR) of 12% during 2023-2028.
Smart transportation system integrates advanced technologies and management strategies into existing transportation systems. It includes numerous technologies, such as automatic number plate recognition, speed cameras, car navigation, and traffic signal control systems. It also possesses various applications such as parking management and guidance, passenger information, and traffic management. In addition, smart transportation network provides visitors and citizens with safe, reliable, affordable, efficient, and convenient commuting options, due to which, it is gaining immense traction across the globe.
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The market is primarily driven by the rising demand for efficient smart transportation with technology integrated into traffic control systems. In addition, rapid urbanization, increasing sales of vehicles, rising disposable incomes, and growing working populations are escalating the demand for interconnected smart mobility solutions. Moreover, the development of smart transportation networks such as the internet of things (IoT), fifth-generation (5G) communication technology, and machine learning (ML) represents another major growth-inducing factor. Besides this, various governing agencies are investing in smart transportation projects to minimize traffic congestion and offer efficient public transport systems, which is accelerating the product adoption rate. Furthermore, the growing awareness regarding green fuel, the adoption of fuel-efficient transportation, and the increasing development of smart transportation services are also propelling the market growth.
Breakup by Solution:
- Hybrid Ticketing Management System
- Parking Management and Guidance System
- Integrated Supervision System
- Traffic Management System
Breakup by Service:
- Cloud Based
Breakup by Transportation Mode:
Breakup by Application:
- Mobility as a Service
- Public Transport
- Transit Hubs
- Connected Cars
- Video Management
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Accenture plc
- Alstom SA
- Bentley Systems Incorporated
- Cisco Systems Inc.
- Cubic Corporation
- General Electric Company
- Indra Sistemas S.A.
- International Business Machines Corporation
- Kapsch Aktiengesellschaft
- Siemens AG
- Thales Group
- Xerox Corporation
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