At 13.1% CAGR, Smart Transportation Market Size to hit USD 250.32 Billion by 2028, Says Brandessence Market Research

LONDON, June 14, 2022 /PRNewswire/ -- The Smart Transportation Market Value is expected to record a valuation of USD 250.32 Billion by 2028, Registering to Accelerate at a 13.1% CAGR, according to the most recent study by Brandessence Market Research.

The Global Smart Transportation Market size was Valued at USD 105.74 Billion in 2021. Smart Transportation Market Size, Share & Trends Analysis Report By Solutions (Integrated Supervision, Ticketing Management, Passenger Information, Insurance Telematics, Parking Management, Traffic Management), By Services (Cloud, Business, Professional & Consulting, Development & Integration, Support & Maintenance), By Transportation Mode (Roadways, Railways), Based On Region, And Segment Forecasts 2022- 2028

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"The rising need to develop smart transport systems to improve passenger & road safety and manage traffic is driving the growth of Global Smart Transportation Market."

Smart Transportation Market Competitive Analysis 

As per the global smart transportation market research, some of the important companies in the market are Thales Group, Huawei Technologies Co., Ltd, Siemens AG, IBM Corporation, Cisco Systems, Inc., SAP, Cubic Corporation, Alstom, Bombardier Inc, Toshiba, Harris Corporation, Saab AB, Veson Nautical, BASS Software, Bentley Systems, Indra Sistemas, Trimble, TomTom International BV, and Amadeus IT Group SA. The smart transportation companies have to now revive themselves with the pandemic having hit them hard. Innovation and collaboration are going to play an important role in them being at the top. Further, making the product cheaper and increasing awareness will also play a key role in the market.

• Alstom SA
• Cubic Corporation
• Accenture Plc
• IBM Corporation
• Siemens AG
• Cisco System Inc.
• General Electric Company (GE)
• Kapsch AG
• LG CNS Co. Ltd.
• Tomtom International BV
• WS Atkins PLC
• Thales Group S.A.
• Other

Smart Transportation Market: Market Scope

The global smart transportation market size is going to grow at a significant rate in the coming years and the adoption of technology, government initiatives and the rise in consumer awareness is going to drive this market significantly in the coming years. The government and private companies have been growing their models by adopting the PPP models for the smart transportation and the rise in the urban populations which will grow the rate of this market. There is a great adoption of the internet of things and automation technologies that is going to enhance the experience of the customers. The further adoption of the Internet of Things and the automation technologies will help the growth of the smart transportation market size.

Smart Transportation Market: Key Drivers

The implementation of smart transportation has been successful recently and that has been because of the data communication, mobility, cloud, and the sensors which have together formed the core of the internet of things in the smart transportation solutions. There are huge advancements in the aforementioned areas are enabling the better objects connectivity which results in the smarter ecosystem development. The introduction of the different versions has been enabling almost all the devices in the real world to be connected to internet.

The different connectivity of the objects is promoting a better understanding of customer behavior and therefore it results in the better decision making. The networking technologies and their high performance has been enhancing the capabilities of the applications and solutions like the road traffic management systems and rail management systems. This also helps in the assistance in collection of toll systems, travel systems as well as incident management systems. Furthermore, the developments in the internet technologies have been driving the growth of the global smart transportation market. With an ongoing advancement, smarter connectivity and control devices, the market will be touted to become extremely intelligent and the self-governance.

The transportation systems are going to collect the data from different sources and share it with the control center that his centralized by making the cloud usage. A restraining factor of the market has been the cost of the smart transportation. This has created a scenario in which only those markets where the income levels are high and the people are educated, will prosper more.

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Smart Transportation Market: Segmentation Analysis

In terms of segmentation, the global smart transportation market has been segmented in types and solutions. The passenger information solutions are a major link between the passengers and the service providers. There is real-time information provided on the transit services such as the current location, estimated departure and arrival time and the causes for the disruption.

The smart passenger information system also includes the devices which are GPS enabled, strong networks that are wireless and the computer aided dispatch software. The upgradation of the aging passenger information solutions along with the advanced passenger information solutions will be providing the information real time. The segment is going to continuously grow with the exponential growth in the smartphone usage as well as the advancements in technology all over in information systems.

Smart Transportation Market: Key Trends

The autonomous vehicles and the semi-autonomous vehicles have been witnessing the rapid evolution with the advancements of substantial technology advancements. The automatic vehicles are vehicles which can drive themselves with the no human or minimal intervention. This smart technology trend is of developing driverless vehicles which can be observed all through the industry of transportation. Though, there is a large-scale adoption, it is still happening at a slow rate. There are many operators which will be expected to also introduce the vehicles which are semi-autonomous in the future.

The global smart transportation market outlook faced a huge blow with the coronavirus pandemic effecting the market with the covid 19 cases making the governments enforce lockdowns all over the world. There were many cases where the isolation practices were followed, and needs were divided into essential and non-essential and there was a substantial decline witnessed in the transportation industry. The covid pandemic however is pretty much going towards its end, the transportation is going to pick up soon with the focus on smart transportation increasing and now with people more adept at using technology, it will definitely benefit the adoption of this market in the coming years.

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Smart Transportation Market: Regional Analysis

In terms of the region, the smart transportation market will grow in terms of the adoption of technology and development of infrastructure. The region which has been able to achieve this has been the European region and it is among the more advanced regions in the world. One of the biggest contributors to the market, it is going to be holding the greatest share in the market for a very long time.

Another big factor on the reason why the global smart transportation market is growing leaps and bounds has been the way the governments have been supporting this market. There is also growth witnessed in the Asia Pacific region with the rise in urban population and income levels. Governments have been trying to do better with their focus on the smart transportation helping them adopt to newer ways and initiatives in China and India have been driving the growth of this region and the global smart transportation market too.

On Special Requirement Smart Transportation Market Report is also available for the below Regions and Country:

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

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