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

09-22-2023 11:41 AM CET | Logistics & Transport

Press release from: IMARC Group

Smart Transportation Market Size to Worth US$ 184.7 Billion

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.

Request Your Sample Report Now: https://www.imarcgroup.com/smart-transportation-market/requestsample

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

Explore full report with table of contents: https://www.imarcgroup.com/smart-transportation-market

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

Contact US

IMARC Group

Email: sales@imarcgroup.com

USA: +1-631-791-1145 | Asia: +91-120-433-0800

Address: 134 N 4th St. Brooklyn, NY 11249, USA

Follow us on Twitter: @imarcglobal

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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