Riding the Wave : Smart Transportation Market on Course to Hit $251.0 Billion by 2030

According to a new report published by Allied Market Research, titled, "Smart Transportation Market," The smart transportation industry was valued at $96.6 billion in 2020, and is estimated to reach $251.0 billion by 2030, growing at a CAGR of 10.2% from 2021 to 2030.

𝐌𝐚𝐣𝐨𝐫 𝐦𝐚𝐫𝐤𝐞𝐭 𝐩𝐥𝐚𝐲𝐞𝐫𝐬
Alstom
Cisco Systems, Inc.
IBM Corporation
Cubic Corporation
MSR-Traffic GmbH
Iteris, Inc.
Thales Group
Siemens
TomTom International BV.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/380

𝐅𝐚𝐜𝐭𝐨𝐫𝐬 𝐢𝐧𝐟𝐥𝐮𝐞𝐧𝐜𝐢𝐧𝐠 𝐭𝐡𝐞 𝐠𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭:

The global smart transportation market is expanding rapidly due to factors such as growth in demand for efficient transportation networks, promotion and development of green fuel, time efficiency, and smooth flow of traffic. However, huge database requirements for road networks and high capital investment restrain the market expansion to some extent. Nevertheless, the arrival of parking management systems and investment in advanced ideas for smart cities will offer remunerative growth opportunities.

𝐓𝐡𝐞 𝐚𝐢𝐫𝐰𝐚𝐲𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐰𝐢𝐭𝐧𝐞𝐬𝐬 𝐟𝐚𝐬𝐭𝐞𝐬𝐭 𝐠𝐫𝐨𝐰𝐭𝐡 𝐛𝐲 𝟐𝟎𝟑𝟎

By vehicle type, the airways segment would experience the fastest growth with 11.2% throughout the forecast timeframe. The huge expansion of the aviation sector drives the growth of the segment. The roadways segment, on the other hand, gained the highest share of nearly one-third of the overall market revenue, owing to the increasing proliferation of automobile fleets across the world.

𝐓𝐡𝐞 𝐭𝐫𝐚𝐟𝐟𝐢𝐜 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐬𝐲𝐬𝐭𝐞𝐦 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐬𝐞𝐜𝐮𝐫𝐞𝐝 𝐭𝐡𝐞 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐭 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟎

In terms of solution, the traffic management system segment grabbed the highest share in 2020, accounting for nearly one-third of total market revenue. Integration of smart traffic systems and smart cities and swift urbanization drive the expansion of the segment. The parking management and guidance system segment, however, is projected to witness an accelerated growth with 11.7% CAGR from 2021 to 2030. The growth is attributed to enhanced collaboration between transportation and parking, accelerating demand for electronic cashless payment systems, and advanced technologies that enhance payment automation and access control.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: - https://www.alliedmarketresearch.com/smart-transportation-market/purchase-options

𝐄𝐮𝐫𝐨𝐩𝐞, 𝐟𝐨𝐥𝐥𝐨𝐰𝐞𝐝 𝐛𝐲 𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚, 𝐭𝐨 𝐛𝐞 𝐭𝐡𝐞 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐫𝐞𝐯𝐞𝐧𝐮𝐞 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐨𝐫 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

As per the regional analysis in the report, Europe region contributed to the highest revenue of around one-third of the global smart transportation market share in 2020. The development of smart infrastructure and smart cities across the region propels the growth of the North America market. Moreover, the Asia-Pacific region is estimated to grow at the fastest rate with 11.7% CAGR from 2021 to 2030, owing to technological advancements and rise in production and sales of automobiles across the region.

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐌𝐏𝐀𝐂𝐓 𝐀𝐍𝐀𝐋𝐘𝐒𝐈𝐒

✔️The COVID-19 crisis created uncertainty in every market and has caused a significant blow to the transportation industry. With most governments enforcing isolation practices, there is a substantial decline in the transportation industry.
✔️Governments across different regions announced total lockdown and the temporary shutdown of industries, leading to border closures that restricted the movement of transportation & logistics services.
✔️In countries such as China and the U.S., toll and fare collections have been stopped. China has implemented a no-stop, no-check, toll-free policy for vehicles transporting emergency supplies and essential personnel.
✔️However, market players have adopted innovative strategies to increase growth opportunities in the global smart transportation market with growth in demand for proper traffic management systems and improved transportation infrastructure facilities for the safety of passengers.
✔️As per the current scenario, the overall world is getting back on track slowly. With new restriction and policies, a significant recovery in the transportation sector across the retail industry may positively influence the smart transportation market owing to the latest technological innovations regarding vehicle safety.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/380

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :-
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/artificial-intelligence-transportation-market-A11355 - Artificial Intelligence in Transportation Market : Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/transportation-security-technology-market - Transportation Security Technology Market : Global Opportunity Analysis and Industry Forecast, 2018-2025

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬
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.

This release was published on openPR.