According to the latest report by IMARC Group “Smart Transportation Market: Global Industry Trends, Share, Growth, Opportunity and Forecast 2022-2027“, The global smart transportation market reached a value of US$ 85 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 166.7 Billion by 2027, exhibiting a CAGR of 12.4% during 2022-2027.
The integration of various modern technology and management tactics into current transportation networks is referred to as smart transportation. These technologies include traffic signal control systems, auto navigation, and speed cameras, which are used to improve services connected to various forms of transportation and traffic management. Smart transportation has gained popularity in recent years because it provides people with dependable, convenient, and economical methods to commute.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The growing working population is increasing the demand for interconnected mobility solutions to cut travel times, which is driving the worldwide smart transportation market. Furthermore, the increasing use of internet of things (IoT)-enabled devices, machine learning (ML), and 5G technology is driving market expansion. Furthermore, rising car sales as a result of increasing urbanisation and rising disposable incomes are spurring the development of smart transportation networks. Other factors predicted to drive market expansion include technical advancements in autos, increased investments and various government programmes to construct smart cities, and rising road congestion and safety challenges.
Breakup by Solution:
- Hybrid Ticketing Management System
- Parking Management and Guidance System
- Integrated Supervision System
- Traffic Management System
- Others
Breakup by Service:
- Business
- Professional
- Cloud Based
Breakup by Transportation Mode:
- Roadways
- Railways
- Airways
- Maritime
Breakup by Application:
- Mobility as a Service
- Public Transport
- Transit Hubs
- Connected Cars
- Video Management
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Accenture plc
- Alstom SA
- Bentley Systems Incorporated
- Cisco Systems Inc.
- Cubic Corporation
- General Electric Company
- Indra Sistemas S.A.
- International Business Machines Corporation
- Kapsch Aktiengesellschaft
- Siemens AG
- Thales Group
- Xerox Corporation.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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