The global smart transportation market size was more than USD 106.25 billion in 2022, and it is anticipated to expand at USD 379.67 billion in 2031, at a CAGR of 15.2% during the forecast period 2023-2031. The growth of the market is attributed to rising challenges with growing demand for transportation such as congestion, traffic accidents, and air pollution continue to mount.
The European Union define as intelligent transportation systems (ITS) in 2010 as systems in which information and communication technologies are applied in the field of road transport, infrastructure, vehicles, and users, for the purpose of traffic management and mobility management, and multi-modal mobility options.
According to a World Health Organization survey, India has eleven of the top twelve most polluted cities in the world. Furthermore, public transportation use in Indian cities is dropping, with just 18.1 percent of people utilizing it for work-related travel.
In 2018, there were 2.21 million accidents in the United States, with 37,461 people killed and 3.14 million people wounded.
In Japan 499,232 road accidents occurred, resulting in the deaths of 4,698 people and the injuries of 614,155 people. Japan is also the world's third-largest vehicle market and boasts the world's sixth-largest road network.
Smart transportation can help solve these problems that city people confront today, when traditional solutions fall short. Smart transportation systems can address these issues by providing an integrated, multimodal, and intelligent mechanism.
Dublin has built a city-wide sensor system, allowing residents to travel around the city considerably more effectively. It collects data from bus schedules, traffic detectors, closed-circuit cameras, and GPS updates provided by city buses every 20 seconds.
Seoul's in South Korea develop a metro system which are equipped with smart payment systems, 4G, and Wi-Fi. Furthermore, their subways are climate-controlled and include seat warmers. Their subway stations also contain computerized terminals that allow travelers to find the optimal route for their trip. This is a really practical use of technology and space within their station.
In Atlanta US, the police department has launched a free app that allows individuals to report any suspicious conduct they observe or participate in while using public transportation.
At the ITS America 2021 Annual Meeting in Charlotte, Continental and Iteris announced the launch of Vantage Fusion, hybrid traffic detection system with advanced intersection visualization for safer, smarter, and more sustainable roadways.
On, December 2021 Japan airlines (JAL) has formed a cooperation with Tencent Cloud to supply smart mobility solutions to the airline in order to capitalize on post-pandemic inbound tourism demand.
The Covid 19 pandemic possible influence on the adoption of the internet of things (IOT) has disturbed regular life and required a significant shift in policies, goals, and actions of individuals. Due to global lockdown and restriction on travel has affect the market adversely.
Market Trends, Drivers, Restraints, and Opportunities
Increasing instances of road accidents is projected to drive the market during the forecast period.
Rising population and increasing vehicle sales is anticipated to boost the market in the coming years.
Infrastructure development such smart cities, metros, highways, and others is expected to boost the market.
Increasing environment concerns and global target for lower the carbon emissions is expected to push the market growth.
Growing technology and increasing smart phone users is projected to fuel the market.
Government’s guidelines and efforts to make transportation safer is expected to spur the market expansion during the forecast period
Rapid growth in artificial intelligence and internet of things IOT is key factors boosting driving the market in the coming years.
Security systems are important as hacking act as major challenges that can hamper the market growth.
Constantly upgrading technologies and developments in auto industries are expected to create immense opportunities for the market players.
Scope of the Report
The report on the smart transportation market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Smart Transportation Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Product Types (Advanced Transportation Pricing Systems, Advanced Transportation Management Systems, and Advanced Public Transportation Systems), Applications (Road Safety, Traffic Management, Security, and Public Transport)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
SAP SE; Oracle Corporation; Cisco Systems Inc.; IBM Corporation; Siemens Corporation
Global Smart Transportation Market Segment Insights
The advanced public transportation systems segment is projected to represent a large market share
Based on product types, the smart transportation market is divided into advanced transportation pricing systems, advanced transportation management systems, and advanced public transportation systems. The advanced public transportation systems segment is expected to account for a key share of the market during the forecast period owing to governments measures for advancement of public transportation and infrastructure development of public transportation.
The power turbine segment is expected to expand at a significant pace
In terms of applications, the smart transportation market is segmented into road safety, traffic management, security, and public transport. The road safety, traffic management segment is expected to represent a key share of the market in the coming years due to increasing accidentals deaths around globe.
Europe is anticipated to dominate the market
On the basis of regions, the smart transportation market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Europe is anticipated expand at an impressive or healthy CAGR during the forecast period. The regional market growth can be attributed to overcrowding, thievery, and parking concerns, among other factors, are driving up demand for smart roadways in the region.
The global smart transportation market has been segmented on the basis of
- Advanced Transportation Pricing Systems
- Advanced Transportation Management Systems
- Advanced Public Transportation Systems
- Road Safety
- Traffic Management
- Public Transport
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the global smart transportation market include SAP SE; Oracle Corporation; Cisco Systems Inc.; IBM Corporation; Siemens Corporation.
Some of these players are coming up with several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase/enhance their market shares.