Press release
Smart Transportation Market to Reach a Valuation of $33.6 Billion by 2028
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In this latest publication, Meticulous Research® forecasts a remarkable growth trajectory for the global smart transportation market, anticipating a CAGR of 17.5% from 2020 to 2028, with an anticipated market valuation of $33.6 billion by 2028. The surge in smart transportation is attributed to the confluence of factors such as rapid urbanization, a burgeoning demand for efficient transportation, governmental initiatives targeting greenhouse gas emissions reduction, and investments in smart city projects. The advent of autonomous vehicles further propels this growth, presenting substantial opportunities. However, challenges include the initial high deployment costs and stringent transportation regulatory policies.
This comprehensive study offers historical market data (2019 & 2020), estimated current data (2021), and forecasts for 2028. Segmentation is based on transportation mode, product type, and application. The report not only evaluates industry competitors but also provides a detailed analysis at both regional and country levels.
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Transportation Mode Breakdown:
• Roadways
• Railways
• Airways
• Maritime Transportation
In 2021, the roadways segment is anticipated to dominate the global smart transportation market. The growth is fueled by the escalating need for sustainable roadways, a demand for safer roads, and government initiatives promoting smart roadways to curb carbon emissions. Simultaneously, the railways segment is projected to witness the highest CAGR during the forecast period. The globalization and urbanization trend has accelerated the demand for smart railway solutions, ensuring safety, advanced services, and operational efficiency.
Product Type Breakdown:
• Solutions
• Services
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In 2021, the solution segment is poised to command the largest share of the overall smart transportation market. This segment includes smart ticketing & toll, parking management, traffic management, passenger information, freight information, telematics, and other solutions. Growing concerns for public safety, increasing traffic congestion, favorable government initiatives for effective traffic management, and rising investments in global smart city projects contribute to the robust growth of smart transportation solutions. However, the services segment is expected to exhibit the highest CAGR during the forecast period. This segment includes consulting, deployment & integration, support & maintenance, responding to organizations' growing concern to gain visibility for diagnosing and troubleshooting problems.
Application Breakdown:
• Mobility-as-a-Service
• Route Information and Route Guidance
• Public Transport
• Transit Hubs
• Connected Cars
• Other Applications
In 2021, the route information and route guidance segment are anticipated to command the largest share of the overall smart transportation market. The increasing demand for monitoring various modes of transportation and controlling traffic congestion fuels the growth of smart route information and route guidance systems. Conversely, the connected cars segment is projected to witness the highest CAGR during the forecast period. Rising consumer demand for connectivity solutions, a surge in the need for constant connectivity, increased dependency on technology, and a growing tech-savvy population contribute to this segment's exponential growth.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/smart-transportation-market-5199
Geographic Review: Geographically, Europe is expected to dominate the global smart transportation market in 2021. Renowned for its advanced technology adoption and infrastructure development, Europe's countries have invested significantly in modernizing and upgrading rail infrastructure. The U.K., France, and Germany, with well-established transportation infrastructure, witness substantial usage of advanced smart transportation solutions. Factors contributing to market growth in Europe include increased government spending on urban transport improvement, especially in the U.K. and France, and a surge in cross-border trade leading to rising traffic and demand for smart transportation.
Key Players: The key players operating in the global smart transportation market include Thales Group (France), Huawei Technologies Co., Ltd. (China), Siemens AG (Germany), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), Cubic Corporation (U.S.), Alstom (France), Bentley Systems, Inc. (U.S.), Toshiba Corporation (Japan), Harris Corporation (U.S.), Saab AB (Sweden), Veson Nautical (U.S.), BASS Software Ltd. (Norway), Indra Sistemas (Spain), among others.
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