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Smart Transportation Market Anticipated to Surge to $251.0 Billion by 2030 : Key Developments, Trends, and Prospects

10-12-2023 08:24 PM CET | Logistics & Transport

Press release from: Allied Market Research

Smart Transportation Market Trend

Smart Transportation Market Trend

Allied Market Research recently published a report, titled, "Smart Transportation Market By Solution (Ticketing Management System, Parking Management and Guidance System, Integrated Supervision System, Traffic Management System), by Services (Business, Professional, Cloud Services), by Transportation Type (Roadways, Railways, Airways, Maritime): Global Opportunity Analysis and Industry Forecast, 2020-2030". As per the report, the global smart transportation industry was pegged at $96.6 billion in 2020, and is expected to reach $251.0 billion by 2030, growing at a CAGR of 10.2% from 2021 to 2030.

๐ƒ๐จ๐ฐ๐ง๐ฅ๐จ๐š๐ ๐‘๐ž๐ช๐ฎ๐ž๐ฌ๐ญ ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐๐š๐ ๐ž๐ฌ - https://www.alliedmarketresearch.com/request-sample/380

Smart transportation refers to the integrated application of the latest technologies and management strategies that aim to provide innovative services related to different modes of transport & traffic management systems. Smart transportation facilitates a smarter transport network, by giving real-time information about vehicle performance & traffic congestion problems to increase efficiency and reduce emissions. It comprises of several technologies, such as car navigation, traffic signal control systems, automatic number plate recognition, and speed cameras.

For instance, in 2019, Cubic Corporation updated its Trafficware's ATMS with the newest version of its industry-leading transportation management system, ATMS 2.9, to provide additional metadata for the intersection layout, available via the connected vehicle module as well as through TidalWave, a live streaming traffic information service powered by intelligent edge analytics.

Factors such as rise in demand for efficient transportation networks across the world, government initiatives for the development &promotion of green fuels, and increased demand due to surge in road safety & traffic congestion issues are expected to drive the growth of the smart transportation market. In addition, the adoption of smart transportation systems in railways and the rise in adoption of cloud services in transportation are some of the major factors anticipated to boost the market's growth. However, high capital investments, large database requirements of the road network, and lack of standardized & uniform technology restrain the market growth. Furthermore, investments in emerging ideas of smart cities and the introduction of parking management systems provide lucrative growth opportunities for the market players.

๐๐ซ๐จ๐œ๐ฎ๐ซ๐ž ๐‚๐จ๐ฆ๐ฉ๐ฅ๐ž๐ญ๐ž ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ - https://www.alliedmarketresearch.com/smart-transportation-market/purchase-options

๐“๐ก๐ž ๐š๐ข๐ซ๐ฐ๐š๐ฒ๐ฌ ๐ฌ๐ž๐ ๐ฆ๐ž๐ง๐ญ ๐ญ๐จ ๐ฆ๐š๐ง๐ข๐Ÿ๐ž๐ฌ๐ญ ๐ญ๐ก๐ž ๐ก๐ข๐ ๐ก๐ž๐ฌ๐ญ ๐‚๐€๐†๐‘ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก ๐Ÿ๐ŸŽ๐Ÿ‘๐ŸŽ

By vehicle type, the airways segment is expected to register the highest CAGR of 11.2% during the forecast period. This is due to rise in development of aviation sector. However, the roadways segment held the lion's share in 2020, accounting for nearly one-third of the global smart transportation market, due to rise in availability of automobile fleets across the globe.

๐“๐ก๐ž ๐ญ๐ซ๐š๐Ÿ๐Ÿ๐ข๐œ ๐ฆ๐š๐ง๐š๐ ๐ž๐ฆ๐ž๐ง๐ญ ๐ฌ๐ฒ๐ฌ๐ญ๐ž๐ฆ ๐ฌ๐ž๐ ๐ฆ๐ž๐ง๐ญ ๐ก๐ž๐ฅ๐ ๐ญ๐ก๐ž ๐ฅ๐ข๐จ๐ง'๐ฌ ๐ฌ๐ก๐š๐ซ๐ž

By solution, the traffic management system segment dominated the market in 2020, contributing to nearly one-third of the global smart transportation market. This is due to rapid urbanization and development of smart cities and smart traffic systems. However, the parking management & guidance system segment is expected to register the highest CAGR of 11.7% during the forecast period, owing to innovative technologies that improve access control & payment automation, rise in demand for electronic cashless payment, and improve collaboration between parking and transportation.

๐„๐ฎ๐ซ๐จ๐ฉ๐ž, ๐Ÿ๐จ๐ฅ๐ฅ๐จ๐ฐ๐ž๐ ๐›๐ฒ ๐๐จ๐ซ๐ญ๐ก ๐€๐ฆ๐ž๐ซ๐ข๐œ๐š, ๐ญ๐จ ๐œ๐จ๐ง๐ญ๐ซ๐ข๐›๐ฎ๐ญ๐ž ๐ญ๐ก๐ž ๐ก๐ข๐ ๐ก๐ž๐ฌ๐ญ ๐ซ๐ž๐ฏ๐ž๐ง๐ฎ๐ž ๐›๐ฒ ๐Ÿ๐ŸŽ๐Ÿ‘๐ŸŽ

By region, the market across Europe held the largest share in 2020, accounting for around one-third of the market, due to development toward smart cities and smart infrastructure across the region. However, the global smart transportation market size across Asia-Pacific is projected to portray the highest CAGR of 11.7% during the forecast period, due to increase in production & sales of vehicles and advanced technologies.

๐Œ๐š๐ฃ๐จ๐ซ ๐ฆ๐š๐ซ๐ค๐ž๐ญ ๐ฉ๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ
Alstom
Cisco Systems, Inc.
IBM Corporation
Cubic Corporation
MSR-Traffic GmbH
Iteris, Inc.
Thales Group
Siemens
TomTom International BV.

๐ˆ๐ง๐ญ๐ž๐ซ๐ž๐ฌ๐ญ๐ž๐ ๐ญ๐จ ๐๐ซ๐จ๐œ๐ฎ๐ซ๐ž ๐ญ๐ก๐ž ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐‘๐ž๐ฉ๐จ๐ซ๐ญ? ๐ˆ๐ง๐ช๐ฎ๐ข๐ซ๐ž ๐๐ž๐Ÿ๐จ๐ซ๐ž ๐๐ฎ๐ฒ๐ข๐ง๐  - https://www.alliedmarketresearch.com/purchase-enquiry/380

In addition, smart transportation market has witnessed significant growth in recent years, owing to rise in urban population and traffic across the globe. Furthermore, the increase in demand for autonomous vehicles and the development of connected vehicles compatible with intelligent transportation systems (ITS) extend profitable opportunities to the market players during the forecast period. The companies operating in the market have adopted partnerships, product launches, acquisitions, and R&D to increase their market share and expand their geographical presence.

๐’๐ข๐ฆ๐ข๐ฅ๐š๐ซ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ :-
https://www.alliedmarketresearch.com/intelligent-transportation-system-market - Intelligent Transportation System (ITS) Market : Global Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/rail-freight-transportation-market-A08772 - Rail Freight Transportation Market : Global Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/on-demand-transportation-market-A10066 - On-demand Transportation Market : Global Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/b2b-freight-transportation-market-A10334 - B2B Freight Transportation Market : Global Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/alternate-transportation-market-A10745 - Alternate Transportation Market : Global Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/artificial-intelligence-transportation-market-A11355 - Artificial Intelligence in Transportation Market : Global Opportunity Analysis and Industry Forecast, 2023-2032

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help@alliedmarketresearch.com
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Allied Market Research Blog: https://blog.alliedmarketresearch.com
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๐€๐›๐จ๐ฎ๐ญ ๐”๐ฌ
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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