Smart Transportation Market Revenue to Cross USD 274.1 Billion by 2032, Globally At a CAGR of 10.30% | According To Market.us
Page Contents
Market Size
Published Via 11Press : The Global Smart Transportation Market size is expected to be worth around USD 274.1 Billion by 2032 from USD 105.4 Billion in 2022, growing at a CAGR of 10.30% during the forecast period from 2023 to 2032.
Smart transport or intelligent transport is an advanced transportation infrastructure that aims to provide innovative traffic and transport management systems services. It has various applications such as parking management & guidance, passenger information, and traffic management. Intelligent transportation systems (ITS) are superior applications that provide ground-breaking services related to transport and traffic management modes.
Key Takeaway
- Traffic management solutions account for 33.76% of revenue by solution as of 2021; however, parking management solutions will experience remarkable compound annual growth over this timeframe.
- The cloud services market by service has attained a 42.51% revenue share as of 2021.
- North American markets held 34% of sales volume for 2021-2030; Europe should experience a strong compound annual compound growth rate from 2022-2030.
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Regional Snapshot
- North America: With top businesses such as Cisco Systems, IBM Corporation and Qualcomm Inc. dominating smart transport innovation here, North America stands as an industry leader for intelligent mobility in general and smart city projects specifically; cutting-edge IoT and AI tech is being widely adopted throughout government measures across North America to support smart mobility initiatives.
- Europe: Due to its high urbanization rate and sophisticated transport infrastructure, Europe represents an important market for smart transport technology. Electric vehicles, driverless cars, and integrated mobility platforms have all seen increased usage throughout this region.
- Asia Pacific: As China experiences increased urbanization and population growth, the smart transport market in the Asia Pacific region is anticipated to experience rapid expansion. Furthermore, governments throughout this region have undertaken steps to support smart travel solutions through initiatives like smart cities or environmentally-friendly mobility services
- Latin America: With the increasing adoption of smart mobility solutions and government measures aimed at supporting sustainable transport solutions, Latin America has emerged as an expanding market for intelligent transport systems and Brazilian is seen as being at the forefront of this growth trend. Brazil stands out as an impressive market for such intelligent transportation
- Middle East and Africa: Smart ticketing and traffic management systems have seen increasing adoption throughout the Middle East and Africa, along with government initiatives promoting eco-friendly transport options.
Market Scope
| Report Attribute | Details |
| The market size value in 2022 | USD 105.4 Bn |
| Revenue Forecast by 2032 | USD 274.1 Bn |
| Growth Rate | CAGR Of 10.30% |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World |
| Historical Years | 2017-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
| Long-Term Projected Year | 2032 |
Drivers
- The rising demand for reliable transportation solutions has created an ever-increasing need.
- Developments in technologies like IoT, AI, and Big Data Analytics.
- Growing government initiatives supporting sustainable transportation – smart city initiatives and mobility solutions – include smart transport.
- Rapid urbanization and increasing population in developing nations have caused rapid population growth and urban sprawl to take place rapidly.
- Need for alleviating traffic congestion, improving road safety, and decreasing carbon footprint.
Restraints
- A high initial investment is required in adopting these solutions
- Underutilization of systems and technologies
- Concerns surrounding data privacy and security exist.
- Smart transportation projects face limited funding sources.
- Resistance to Change From Traditional Transportation Systems
Opportunities
- Promoting the adoption of electric and autonomous vehicles.
- Integration of smart transportation initiatives within smart city initiatives
- Development of comprehensive mobility solutions
- The smart transportation market continues to flourish in developing nations.
- The emergence of advanced communication technologies like 5G offers great potential.
Challenges
- Skilled labor force shortage to implement and maintain smart transportation systems
- Assuring equitable access to intelligent transportation solutions across various social and economic groups is of utmost importance in today's ever-evolving environment.
- Transport systems generate large volumes of data which must be efficiently managed and analyzed to drive business innovation. Managing this information effectively will require extensive data analytics expertise.
- Addressing the ethical and legal implications of autonomous vehicles and smart transportation technologies.
KEY INDUSTRY DEVELOPMENTS
Trapeze Group Americas (Trapeze) launched Vontas as a new business unit dedicated solely to meeting the information technology systems requirements of North American transit agencies in April 2021.
Illinois Department of Transportation (IDOT) will grant Iteris Inc. a contract worth $50000 in March 2021 for intelligent transportation systems (ITS) and traffic signal synchronization projects utilizing modern traffic signal systems to modernize current lights as well as improve signal coordination and timing (SCAT) at key signalized crossings.
February 2021: To enhance fare payment systems on Metro-North Railroad and Long Island Rail Road, New York Metropolitan Transportation Authority (MTA) granted Cubic Corporation's CTS (Cubic Transportation Systems) subsidiary a USD 39 Million contract option.
Market Segmentation
Based on the Transportation Type
- Maritime
- Roadways
- Railways
- Airways
Based on Solution
- Ticketing Management System
- Parking Management and Guidance System
- Integrated Supervision System
- Traffic Management System
Based on Service
- Cloud Services
- Business Services
- Professional Services
Key Players
- Accenture PLC
- Alstom, SA
- Cisco System, Inc.
- Cubic Corporation
- General Electric Company (GE)
- Indra Sistema S.A.
- International Business Machines Corporation
- Xerox Holdings Corporation
- Thales Group
- Huawei Technologies
- Siemens AG
- Other Key Players
Here are some frequently asked questions (FAQs)
1. What are the major segments of the smart transportation market?
The major segments of the smart transportation market include smart ticketing, traffic management systems, parking management systems, integrated mobility solutions, and others.
2. What are the major challenges facing the smart transportation market?
The major challenges facing the smart transportation market include high initial cost of implementation, lack of interoperability between different systems and technologies, concerns over data privacy and security, limited funding for smart transportation projects, and resistance to change from traditional transportation systems.
3. Which companies are the major players in the smart transportation market?
The major players in the smart transportation market include companies such as Accenture PLC, Alstom, SA, Cisco System, Inc., Cubic Corporation, General Electric Company (GE), Indra Sistema S.A., International Business Machines Corporation, Xerox Holdings Corporation, Thales Group, Huawei Technologies, Siemens AG, Other Key Players
4. Which regions are expected to witness significant growth in the smart transportation market?
The regions that are expected to witness significant growth in the smart transportation market include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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