Press release
Smart Transportation Market Share 2023 Expansion Plans, Growth Factors, Size, Business Trends, Top Key Players Update And Research Methodology Forecast To 2029
Global Smart Transportation Market was estimated at USD 95.84 billion in 2021 and is anticipated to reach USD 241.15 billion by 2028, growing at a CAGR of 14.09% globally.
Smart Transportation Systems employ a vast array of technologies, such as traffic signal control systems, automatic number plate recognition, container management systems, or speed cameras such as security CCTV systems, to evaluate, manage, and monitor transportation systems in order to enhance the effectiveness and safety of transportation services. The goal of intelligent transportation is to use artificial intelligence to move a load of transportation infrastructure and vehicle management from humans to automated technologies in order to reduce the human costs associated with crashes. Smart transportation technologies provide novel services for multiple forms of transport and enable consumers to plan safer and more efficient itineraries. In addition, the development of smart cities will drive the growth of the smart transportation market over the forecast period.
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Market Dynamics:
Driver:
The growth of IoT has made it possible for electrical devices to share data without requiring direct human intervention. The convergence of IoT platforms and intelligent transportation solutions is anticipated to contribute to market expansion. In terms of sharing data with transportation management control centers and the cloud, it is anticipated that smart gadgets designed to improve connectivity, automation, and control will become more autonomous and intelligent.
Opportunities:
The adoption of analytics in intelligent transportation presents an enormous market opportunity. Utilizing analytics in intelligent transportation would expedite the decision-making and control of intelligent transport systems. It reduces decision-making latency for connected devices and provides excellent scalability. Without waiting for the data to be received by the centralized storage system and then processed analytically, the analytical computation is performed at the edge of devices. Smart transportation is a dense ecology comprising all modes of transportation, and edge analytics would provide CCTVs and surveillance cameras the ability to conduct instantaneous analysis.
Key Chapter Will Be Provided In The Report
• Patent Analysis
• Regulatory Framework
• Technology Roadmap
• BCG Matrix
• Heat Map Analysis
• Price Trend Analysis
• Investment Analysis
• Company Profiling and Competitive Positioning
• Industry Value Chain Analysis
• Market Dynamics and Factors
• Porter's Five Forces Analysis
• Pestle Analysis
• SWOT Analysis
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Segmentation of the Smart Transportation Market
By Type
• Roadways
• Railways
• Airways
• Maritime
By Technology Used
• Cloud Computing
• Artificial Intelligence
• Internet Of Things
By Solutions
• Ticket Management System
• Parking Management And Guidance System
• Traffic Management System
• Freight Management
• Road Safety And Security
• Others
By Application
• Mobility as a Service
• Route Information and Route Guidance
• Public Transport
• Transit Hubs
• Connected Cars
• Video Management
• Others
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Regional Analysis of Smart Transportation Market:
Europe region is anticipated to dominate the Smart Transportation Market in the period of forecast owing to the growing number of deployments of smart transportation systems. Moreover, the governments and private sector in this region are turning to information and communication technologies to resolve transportation issues. Greece and United Kingdom are the major countries in this region promoting the growth of the smart transportation market in this region. Furthermore, under the current EU funding scheme, the governments have announced to invest US$17.5 billion in railway infrastructure and US$36.6 billion for the development of road infrastructure for smart transportation.
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)
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Key Prominent Players In The Smart Transportation Market report:
• Thales Group (France)
• Huawei Technologies Co. Ltd. (China)
• Siemens AG (Germany)
• IBM Corporation (US)
• Cisco Systems Inc. (US)
• SAP (Germany)
• Cubic Corporation (US)
• Alstom (France)
• Bombardier Inc. (Canada)
• Toshiba (Japan)
• Harris Corporation (US)
• Saab AB (Sweden)
• Veson Nautical (Massachusetts)
• BASS Software (Norway)
• Bentley Systems (US)
• DNV GL (Norway) and other major players
Key Industry Development in Smart Transportation Market
In March 2021, Thales announced new digital services for railway transportation. With the help of the test metro signaling system SelTra G8, operators can observe a reduction in maintenance and installation costs while upgrading system functionalities to meet the demands of passengers such as safety and service reliability.
In October 2021, Siemens Mobility announced that it has completed the acquisition of Sqills, a Netherlands-based company. With this acquisition, Sqills will function as a separate legal organization and a wholly-owned division of Siemens Mobility, an agreement that will allow Sqills to consolidate its leading position in providing innovative, smart, and comprehensive mobility solutions.
Report includes Competitor's Landscape:
• Major trends and growth projections by region and country
• Key winning strategies followed by the competitors
• Who are the key competitors in this industry?
• What shall be the potential of this industry over the forecast tenure?
• What are the factors propelling the demand for the Action Figures And Statues?
• What are the opportunities that shall aid in significant proliferation of the market growth?
• What are the regional and country wise regulations that shall either hamper or boost the demand for Action Figures And Statues?
• How has the covid-19 impacted the growth of the market?
• Has the supply chain disruption caused changes in the entire value chain?
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