Smart Transportation Market to Hit USD 377.1 billion, will Reach at a CAGR of 17.6% from 2023-2030: Cisco Systems, Inc., Siemens AG, IBM Corporation

The combination of cutting-edge technology and creative solutions to completely transform how we carry people and things is referred to as the "Smart Transportation Market." It includes a broad range of programs and initiatives that seek to improve the effectiveness, security, sustainability, and practicality of transportation networks.

The global Smart Transportation Market size is expected to reach USD 377.1 billion and is projected to reach a CAGR of 17.6% from 2023-2030. Smart Transportation Market by Technology, Solution (Traffic Management Systems, Parking Management Systems, Ticketing & Fare Management Systems), Service, and Region (North America, Europe, Asia-Pacific, Middle East, Africa, and South America).

Top players covered in Smart Transportation Market report: Cisco Systems, Inc., Siemens AG, IBM Corporation, General Electric Company, Thales Group, Cubic Corporation, Alstom SA, Kapsch TrafficCom AG, TomTom NV, Huawei Technologies Co., Ltd., Hitachi, SAP, Toshiba, SAAB, Veson Nautical, Bass Software, Bentley Systems, Trimble, Amadeus, Conduent, and Others.

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Recent Developments

In February 2021, Cisco announced its partnership with Hyundai Motor Group to develop a next-generation, in-vehicle network platform. The collaboration aims to provide a secure and scalable platform for connected vehicles, enabling advanced features such as remote diagnostics, over-the-air updates, and improved vehicle-to-infrastructure communication.

In March 2021, Siemens Mobility launched its "Siemens Mobility Innovation Center" in Atlanta, USA. The center serves as a hub for developing and showcasing cutting-edge technologies and solutions for intelligent transportation systems, including connected infrastructure, traffic management, and mobility-as-a-service (MaaS) platforms.

The Smart Transportation Market has experienced rapid expansion and is anticipated to do so in the years to come. The necessity for effective transit infrastructure, rapid urbanization, and population increase have been the main factors driving this industry. Demand for intelligent and connected transportation systems that can optimize traffic flow, alleviate congestion, and improve overall mobility is rising as cities become more crowded.

The use of IoT technology is one of the key trends in the market for smart transportation. Real-time data may be gathered and analyzed from a variety of sources, including infrastructure, sensors, and moving vehicles, thanks to IoT connectivity. To make wise judgments and streamline transportation operations, this data is employed. IoT-enabled sensors, for instance, may track air quality, parking availability, and traffic flow, offering crucial information for traffic management and urban planning.

In the market for smart transportation, artificial intelligence, and data analytics are also quite important. Large data sets may be processed by AI systems to find trends, forecast traffic jams, and improve route planning. These technologies make it possible to create intelligent transportation systems that can adapt in real-time to changing traffic patterns, weather patterns, and other circumstances. The identification of abnormalities, such as accidents or vehicle breakdowns, and fast notifications or automated replies improve the safety of transportation networks.

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Scope of the Smart Transportation Market Report:

Smart Transportation Market is segmented into various segments such as technology, solution, service, and region:

On the basis of technology, the smart transportation market is segmented into:

IoT
AI
Big Data Analytics
Connected and Autonomous Vehicles (CAV)

On the basis of solution, the smart transportation market is segmented into:

Traffic Management Systems
Parking Management Systems
Ticketing and Fare Management Systems

On the basis service, the smart transportation market is segmented into:

Professional Services
Managed Services

On the basis of region, the smart transportation market is segmented into:

Asia Pacific
North America
Europe
South America
Middle East & Africa

Regional Analysis

North America to Dominate the Market

The North American region is expected to be the largest region in the Smart Transportation market during the forecast period.

Although the smart transportation markets in these areas are well developed, subsegments including artificial intelligence, sophisticated traffic control systems, and managed services are anticipated to continue expanding. These subsegments will expand as a result of efforts to increase transportation efficiency, lessen congestion, and improve mobility services.

The Smart Transportation size has grown significantly in recent years. However, due to the outbreak of the COVID-19 pandemic, the market experienced a sharp decline in 2020. The demand for transport services has significantly decreased, which is one of the main repercussions. Public transport use, air travel, and use of ride-sharing services all experienced significant drops as a result of lockdowns, travel restrictions, and social isolation policies. As a result, businesses in the market for smart transportation encountered difficulties such as decreased income and disturbed operations. The epidemic also resulted in a significant change in transportation habits. The use of virtual meetings and remote work eliminated the need for daily commuting, which alleviated traffic congestion in many urban areas. In order to avoid congested public transit and preserve their social distance, people often sought out alternate forms of mobility like cycling and walking. These modifications had an effect on how smart transport technologies like parking and traffic control were used. While the COVID-19 epidemic posed many difficulties for the field of smart transport, it also offered chances for creativity and change. The crisis brought into sharp focus the importance of robust and adaptive transport networks that can react to changing conditions and guarantee the efficiency and safety of future mobility.

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