Global Smart Transportation Market Report and Forecast 2024-2032

Global Smart Transportation Market Outlook

The global smart transportation market attained a value of about USD 161.23 billion in 2023. The market is further expected to grow at a CAGR of 17.2% during the forecast period of 2024-2032 to reach approximately USD 671.31 billion by 2032.     

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The Rising Penetration of Technology to Augment the Market Growth of Smart Transportation

The global market for smart transportation is being driven by the advancements in technology like the introduction of the Internet of Things (IoT), Artificial Intelligence (AI), and Machine-to-Machine (M2M) connections. Smart transportation infrastructure provides rapid insights by sending real-time updates based on location intelligence and GIS technology about nearby restaurants or hospitals and can provide information on traffic insights, such as estimated time to reach the destination. Furthermore, smart transportation system enables safer transportation by combining machine learning with IoT and cellular connectivity like 4G or 5G in autonomous transportation systems, including vehicles and stationary infrastructure like intersections, thus achieving enhanced accuracy and safety, thereby augmenting the market growth of smart transportation.  In addition, self-driven vehicles equipped with internet facility, and smart sensors owing to innovations in the automobile industry is aiding the industry growth of smart transportation.

Smart Transportation: Market Segmentation

Smart transportation refers to the integration of modern technology like the Internet of Things (IoT) and advanced management strategies to monitor, evaluate, and manage transportation systems to enhance efficiency and safety.

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On the basis of solution, the market can be divided into:

• Ticketing Management System
• Parking Management System
• Integrated Supervision System
• Traffic Management System

Based on service, the market can be segmented into:

• Cloud Services
• Business Services
• Professional Services

The EMR report looks into the regional markets of smart transportation like North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.

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Growing Demand for Sustainability to Boost the Market Growth of Smart Transportation

The market for smart transportation is anticipated to be invigorated by the emergence of smart cities over the forecast period. With devices being equipped with smart sensors that provide real-time updates on traffic movements to enhance the transportation sector, the smart transportation is predicted to exhibit healthy growth in the coming years. In addition, owing to the rising concerns regarding environmental degradation, governments around the world are making huge investments in sustainable, digital ecosystems, thus further aiding the market growth. The smart transportation systems add to sustainability by providing real time updates on traffics, thus reducing congestion, which, in turn, reduces energy wastage and cleaner air. Furthermore, the growing awareness regarding electronic vehicles owing to the presence of prominent market players is anticipated to further spur the market for smart transportation systems with equipped motion sensors.

In addition, smart transportation is gaining prevalence due to ease in government operations, such as monitoring speed and collecting toll tax, among others, which is propelling the market growth. Speed cameras installed with detectors embedded in the road or radar technology aids in monitoring the speed of vehicles, thereby reducing the risk of road accidents, therefore enhancing its market demand. In addition, owing to the digitisation of monetary services, FASTag services, which allows online collection of toll taxes, is further providing smooth driving solutions, hence augmenting the market growth for smart transportation.

Key Industry Players in the Global Smart Transportation Market

The report presents a detailed analysis of the following key players in the global smart transportation market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions.

• Accenture PLC
• Cisco Systems, Inc.
• General Electric Company
• IBM Corporation
• Alstom SA
• Others

The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.

Key Highlights of the Report