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Smart Transportation market is expected to grow at a CAGR of 12.5% during the forecasted period | Evolve Business Intelligence
• The global Smart Transportation Market size was valued at USD 130.1 billion in 2023 growing at a CAGR of 12.5% from 2023 to 2033.
• North America dominated the market in 2023
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
As per the study initiated by Evolve Business Intelligence, the global Smart Transportation Market size accounted for USD 130.1 Billion in 2023, growing at a CAGR of 12.5% from 2023 to 2033. Smart transportation refers to the use of advanced technologies and data-driven solutions to enhance the efficiency, safety, and sustainability of transportation systems. It involves the integration of information and communication technologies (ICT) into various modes of transportation, such as roadways, railways, air travel, and maritime transport. The goal is to improve overall mobility, reduce congestion, enhance safety, and minimize the environmental impact of transportation.
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As more people move to urban areas, the demand for efficient and sustainable transportation solutions increases. Smart transportation technologies help manage the challenges associated with urbanization, such as traffic congestion and pollution. The global population is increasing, leading to higher demands for transportation services. Smart transportation solutions can optimize existing infrastructure and resources to handle the growing population's mobility needs. The rapid development of technologies such as the Internet of Things (IoT), artificial intelligence (AI), and data analytics has enabled the implementation of smart transportation solutions. These technologies allow for real-time data collection, analysis, and decision-making to improve transportation systems.
Key Players
Some of the major Smart Transportation Market players holding high market shares include Cubic Corporation, TomTom International, Cisco Systems Inc., and Siemens AG. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Thales Group, MSR Traffic GmbH, IBM Corporation, ALSTOM SA, and Iteris, Inc.
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Segmental Analysis
Based on the solution, the Smart Transportation market is segmented into Ticketing Management System, Parking Management and Guidance System, Integrated Supervision System, and Traffic Management System. The Ticketing Management System (TMS) segment is the largest in the Smart Transportation market, driven by the need for efficient and convenient ticketing solutions for public transportation systems. TMS solutions enable contactless payments, real-time fare adjustments, and integrated ticketing across multiple modes of transportation.
Based on service, the Smart Transportation market is Business, Professional, and Cloud Services. The Business segment is the largest segment of the Smart Transportation market by service. This is due to the growing demand for enterprise-level smart transportation solutions that can help businesses improve efficiency and reduce costs. Business-level solutions can be used to manage transportation fleets, track shipments, and optimize routes.
Based on Transportation Type, the Smart Transportation market is Roadways, Railways, Airways, and Maritime. The Roadways segment is the largest segment of the Smart Transportation market by transportation type. This is because roadways are the most common mode of transportation in the world. Roadway-based smart transportation solutions can be used to improve traffic management, reduce congestion, and improve safety.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
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Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool - EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from Fortune's global 2000 companies.
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