Smart Transportation Market Size to Surpass US$ 377.1 Bn by

Ottawa, Feb. 01, 2022 (GLOBE NEWSWIRE) — Precedence Research predicts, the global smart transportation market size was reached at USD 90.37 billion in 2021. Smart transportation, also known as intelligent transportation system, is a high-tech transportation infrastructure that aspires to provide cutting edge traffic, and transportation management services. This mode of transportation also allows multiple users to be better coordinated, informed, and makes safer and more intelligent use of transportation networks. Parking management and assistance, passenger information, and traffic management are all areas where smart transportation can be used on a large scale.

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To improve safety and efficiency, smart transportation employs a variety of technologies to evaluate, monitor, and manage transportation systems. It makes commuting throughout a city more cost effective and convenient, and safer by utilizing innovative technologies. The factors such as increased acceptance of internet of things-based technology, rising urbanization, and the spread of 5G-based connectivity make smart transportation infrastructure easier to deploy.

Scope of the Smart Transportation Market Report

Report Highlights Details
Market Size by 2030 USD 377.1 Billion
Growth Rate from 2021 to 2030 17.2%
Fastest Growing Region Asia Pacific
Largest Revenue Holder Europe
Base Year 2021
Forecast period 2021 to 2030
Companies Covered IBM Corporation, Harris Corporation, Huawei Technologies Co. Ltd, Veson Nautical, Toshiba, Cubic Corporation, Bentley Systems, BASS Software, Amadeus IT Group SA, DNV GL

Report Highlights

  • Based on the service, the cloud service segment is expected to grow at the fastest rate in the global smart transportation market in 2020. Smart transportation provides real time visibility and reliable data, allowing local transportation authorities and enterprises to improve efficiency and effectiveness, boosting the demand for cloud services.
  • Europe is the largest segment for smart transportation market in terms of region. In any city of the Europe region, urban transportation is becoming increasingly important for residents to have a higher quality of life. Currently, private and public road transportation is required for everyday travel in most European cities.
  • Asia-Pacific region is the fastest growing region in the smart transportation market. The lack of quality and safety in public transit, as well as poor traffic management in overcrowded road networks, an increase in theft, and increased parking challenges are factors driving market for smart highways, which, in turn, is fueling the smart market in the Asia-Pacific region.

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Market Dynamics

Drivers

Surge in demand for efficient transportation

The artificial intelligence and information technology are used in smart transportation to efficiency manage and coordinate transportation networks. The use of smart transportation networks allows the traveling public to be more aware of traffic, allowing for improved coordination and driver safety. The increased traffic congestion caused by an increase in the number of automobiles drives up the demand for smart transportation in the market. Moreover, the growing desire for smart cities is a big contributor to this rise in demand for smart transportation. Thus, the surge in demand for efficient transportation is driving the growth of smart transportation market during the forecast period.

Restraints

Integration of technologies

Several technology components, including hardware, software, and network elements, are integrated into the smart transportation ecosystem, which involves multiple manufacturers. Due to the lack of an open interface and protocol difficulties, integrating smart technology aspects with legacy transportation systems is extremely difficult. As a result of these integration challenges, communication gaps between traditional and technologically advanced systems would emerge. In addition, upgrading outdated systems necessitates a significant financial investment. In the upcoming years, these difficulties are projected to sit the smart transportation market expansion.

Opportunities

Technological advancements

People can use internet of things-based devices to gather and communicate real time information about traffic, climate, and accidents, to better plan their journeys. The increased use of technologies such as train control systems, toll collecting systems, fleet telematics, and transportation logistics by transportation agents has increased system capacity while lowering operational costs. Moreover, the requirement to manage the growing volume to data generated by the enormous number of internet of things sensors major in transportation infrastructure is generating new revenue streams for service providers and independent software suppliers.As a result, the technological advancements are creating lucrative opportunities for the growth of the smart transportation market during the forecast period.

Challenges

Lack of standardization

Smart transportation systems are made up of a variety of components, including various technologies, hardware, and software from various vendors. As a result, there is a lack of standardization and uniformity in the solutions, which causes compatibility issues. Furthermore, different countries and regions have different communication and network standards and protocols, limiting vendors’ ability to offer global solutions. As a result, in order for traffic management solutions to be accepted globally, a common protocol for communication and workflow for traffic management systems is required. As a result, the absence of global binding mandates, procedures, and specifications for the deployment of traffic management solutions acts as a market challenge. National mandates, procedures, and specifications for smart transportation systems may restrict the adoption of smart transportation solutions.

Related Reports

Segments Covered in the Report

By Solution

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

By Service

  • Business
  • Professional
  • Cloud Services

By Transportation Mode

  • Roadways
  • Railways
  • Airways
  • Maritime

By Application

  • Mobility as a Service
  • Route Information and Route Guidance
  • Public Transport
  • Transit Hubs
  • Connected Cars
  • Video Management
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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