Meticulous Research® – leading global market research company published a research report titled “Smart Transportation Market by Transportation Mode, Product Type (Solution & Services), Application (Mobility as a Service, Route Information, Route Guidance, Public Transport, Transit Hubs, Connected Cars), and Region – Global Forecast to 2028.”
According to this latest publication from Meticulous Research®, the global smart transportation market is expected to grow at a CAGR of 17.5% from 2020 to 2028 to reach $33.6 billion by 2028. The growth of the smart transportation market is majorly attributed to the factors such as rapid urbanization and increasing demand for efficient transportation, rising government focus on reducing greenhouse gas emissions and curbing alarming levels of traffic congestion, and increasing investments in smart city projects. In addition, the emergence of autonomous vehicles is also offering significant growth opportunities for the smart transportation market. However, the high initial cost of deployment and stringent transportation regulatory policies obstruct the growth of this market up to some extent.
The global smart transportation market study presents historical market data in terms of value (2019 & 2020), estimated current data (2021), and forecasts for 2028. The market is segmented based on transportation mode, product type, and application. The study also evaluates industry competitors and analyses the market at a country level.
Based on the transportation mode, the smart transportation market is broadly classified into roadways, railways, airways, and maritime transportation. In 2021, the roadways segment is expected to command the largest share of the overall smart transportation market. The rising need for better and sustainable roadways, increasing demand for safer roads and reduction in traffic congestion, government initiatives for smart roadways to reduce carbon emission are driving the growth of this segment. In addition, the growing trend toward the adoption of smart cities is also expected to drive market growth.
However, the railways segment is expected to grow at the highest CAGR during the forecast period. The trend of globalization & urbanization has accelerated the demand for smart railway solutions, offering safety, reliable advanced services, and operational efficiency to passengers. The rise in the number of rail accidents has also increased the need to implement smart sensor technologies in railway coaches that can detect defects in bearings, wheels, and railway tracks to avert accidents. In addition, the governments of various countries are also taking up initiatives and implementing advanced technologies for the development of smart railway systems, in turn driving the market growth.
Based on product type, the smart transportation market is broadly classified into solutions and services. In 2021, the solution segment is expected to command the largest share of the overall smart transportation market. The solution segment is further classified into smart ticketing & toll, parking management, traffic management, passenger information, freight information, telematics, and other solutions. Increasing concerns toward public safety, growing traffic congestion problems, favorable government initiatives for effective traffic management, increasing adoption of eco-friendly automobile technologies, and rising investment in smart city projects across the world are expected to drive the growth of smart transportation solutions.
However, the services segment is expected to grow at the highest CAGR during the forecast period. The services segment is further classified into consulting, deployment & integration, support & maintenance. The growing concern of organizations to gain visibility for diagnosing and troubleshooting problems before they impact operations or end-user experiences will drive the adoption of smart transportation services. Furthermore, technical support and upgradation of smart transportation solutions are also necessary in order to ensure optimum utilization of these solutions, which supports the growth of the smart transportation services market.
Based on the application, the smart transportation market is broadly classified into mobility-as-a-service, route information and route guidance, public transport, transit hubs, connected cars, and other applications. In 2021, the route information and route guidance segment is expected to command the largest share of the overall smart transportation market. Increasing demand to monitor various modes of transportation and controlling traffic congestion, increasing rate of road accidents is expected to drive the growth of the smart route information and route guidance systems market. However, the connected cars segment is expected to grow at the highest CAGR during the forecast period. The rise in consumer demand for connectivity solutions, surge in need for constant connectivity, increase in dependency on technology, and an upsurge in the tech-savvy population are the key factors that contribute toward the market growth.
Geographically, Europe is expected to command the largest share of the global smart transportation market in 2021. Europe is one of the most advanced regions in terms of technology adoption and infrastructure development. The European countries have been investing majorly in the modernization and upgradation of rail infrastructure. Countries from Western Europe, such as the U.K, France, and Germany, have well-established transportation infrastructure, and several transportation operators in the region are using some of the advanced smart transportation solutions. Thus, the major factors contributing to the growth of the market include the rising government spending on improving the urban transport and traffic system of the region, especially in the U.K and France. Moreover, the increasing cross-border trade has risen the traffic in the region, leading to the rising demand for smart transportation in the European economies.
The key players operating in the global smart transportation market are Thales Group (France), Huawei Technologies Co., Ltd. (China), Siemens AG (Germany), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), Cubic Corporation (U.S.), Alstom (France), Bentley Systems, Inc. (U.S.), Toshiba Corporation (Japan), Harris Corporation (U.S.), Saab AB (Sweden), Veson Nautical (U.S.), BASS Software Ltd. (Norway), Indra Sistemas (Spain) and among others.
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