Smart Transportation Market Poised to Reach $33.6 Billion by 2028, Fueled by Technological Advancements and Urban Mobility Initiatives

Meticulous Research®, a renowned global market research company, has unveiled its latest research report titled "Smart Transportation Market by Transportation Mode, Product Type (Solution & Services), Application (Mobility as a Service, Route Information, Route Guidance, Public Transport, Transit Hubs, Connected Cars), and Region - Global Forecast to 2028."

According to this comprehensive publication from Meticulous Research®, the global smart transportation market is poised to exhibit a remarkable CAGR of 17.5% from 2020 to 2028, ultimately reaching $33.6 billion by 2028. The market's robust growth can be primarily attributed to factors such as rapid urbanization, surging demand for efficient transportation, governmental focus on reducing greenhouse gas emissions and alleviating traffic congestion, and substantial investments in smart city initiatives. The emergence of autonomous vehicles further opens significant growth avenues for the smart transportation market. However, challenges such as the high initial deployment cost and stringent regulatory policies pose constraints on market expansion.

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This global smart transportation market study provides a thorough analysis of historical market data (2019 & 2020), estimated current data (2021), and forecasts for 2028. The market is meticulously segmented based on transportation mode, product type, and application, with a detailed evaluation of industry competitors at the country level.
In terms of transportation modes, the market encompasses roadways, railways, airways, and maritime transportation. The roadways segment is anticipated to dominate the smart transportation market in 2021, driven by the escalating need for sustainable roadways, safer roads, and reduced traffic congestion. Conversely, the railways segment is poised to exhibit the highest CAGR during the forecast period, propelled by the accelerating demand for smart railway solutions offering safety, reliability, and operational efficiency.

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The product type segmentation includes solutions and services, with the solution segment expected to hold the largest market share in 2021. Within solutions, smart ticketing & toll, parking management, traffic management, passenger information, freight information, telematics, and other solutions contribute to market growth. Conversely, the services segment is projected to witness the highest CAGR, with consulting, deployment & integration, and support & maintenance playing pivotal roles.

Application-wise, the market encompasses mobility-as-a-service, route information and route guidance, public transport, transit hubs, connected cars, and other applications. In 2021, the route information and route guidance segment is poised to lead the market, fueled by the growing demand to monitor various transportation modes and control traffic congestion. The connected cars segment, however, is anticipated to register the highest CAGR during the forecast period, driven by consumer demand for connectivity solutions.

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Geographically, Europe is expected to command the largest share of the global smart transportation market in 2021, with advanced technology adoption and infrastructure development. Key players in the market include Thales Group, Huawei Technologies Co., Ltd., Siemens AG, IBM Corporation, Cisco Systems, Inc., SAP SE, Cubic Corporation, Alstom, Bentley Systems, Inc., Toshiba Corporation, Harris Corporation, Saab AB, Veson Nautical, BASS Software Ltd., Indra Sistemas, among others.

For an in-depth understanding of the evolving trends and dynamics in the smart transportation market, industry stakeholders and enthusiasts are encouraged to access the complete report from Meticulous Research®.

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This release was published on openPR.