Smart Transportation Market Size, Share, Growth, Trends and Forecast 2022-2027

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 size reached 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.

Smart transportation refers to the integration of various advanced technologies and management strategies into the existing transportation systems. These technologies include traffic signal control systems, car navigation and speed cameras for improving services related to different transportation modes and traffic management. In recent years, smart transportation has gained prominence as it offers reliable, convenient and affordable ways to commute for the masses.

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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 rising working population is accelerating the need for interconnected mobility solutions to reduce commute times, which represents the primary factor driving the global smart transportation market. Additionally, the growing usage of the internet of things (IoT)-enabled devices, machine learning(ML),and 5G technology is contributing to the market growth. Furthermore, the escalating vehicle sales due to rapid urbanization and high disposable incomes are also encouraging the development of smart transportation networks. Other factors, including technological advancements in automobiles, increasing investments and various government initiatives to develop smart cities, and rising road congestion and safety issues, are also expected to propel the market growth.

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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