Smart Transportation Market Size to Worth US$ 184.7 Billion by 2028 | With a 12% CAGR

IMARC Group, a leading market research company, has released a report titled "Smart Transportation Market: Global Industry Trends, Share, Growth, Opportunity and Forecast 2023-2028". According to the report, The global smart transportation market size reached US$ 96.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 184.7 Billion by 2028, exhibiting a growth rate (CAGR) of 12% during 2023-2028.

Smart transportation refers to the integration of advanced technologies like Artificial Intelligence (AI), the Internet of Things (IoT), and data analytics into traditional transportation systems. The goal is to enhance efficiency, safety, and sustainability. It includes a range of applications, such as real-time traffic monitoring, predictive vehicle maintenance, and automated fare collection systems. It also promotes eco-friendly practices by optimizing route planning to reduce fuel consumption and emissions. It aims to make travel more convenient and sustainable, ultimately improving the quality of life in urban and rural areas by leveraging technology. At present, smart transportation is gaining immense traction in cities as it can streamline public transit, alleviate congestion, and improve the overall commuter experience.

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Smart Transportation Market Trends and Drivers:

The global smart transportation market is primarily driven by the rising traffic congestion and transportation challenges owing to increasing urbanization and population growth worldwide. Smart transportation solutions, such as intelligent traffic management systems and real-time data analytics, are being deployed to alleviate these issues and improve traffic flow. Moreover, smart transportation comprises electric vehicles (EVs), public transportation optimization, and bike-sharing programs, contributing to reduced emissions and a greener urban environment. In line with this, the global shift toward eco-friendly transportation options due to escalating sustainability concerns is propelling the market growth. Furthermore, numerous technological advancements, including the Internet of Things (IoT) and Artificial Intelligence (AI), enabling the development of smart transportation systems that provide real-time data on traffic conditions, parking availability, and public transit schedules are contributing to market growth.

Report Segmentation:

The report has segmented the market into the following categories:

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:

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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