Smart Transportation Global Market is Projected to Surpass $286.93 Billion at a CAGR of 15.4% By 2028 | Cisco Systems Inc., Toshiba Corporation, SAP SE, Thales Group, Alphabet Inc.

The smart transportation market size has grown rapidly in recent years. It will grow from $139.76 billion in 2023 to $161.93 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth in the historic period can be attributed to increased urbanization and congestion in cities, adoption of intelligent transportation systems for traffic management, growth in the demand for real-time tracking and monitoring in transportation, advances in sensor technologies and connectivity in vehicles, government initiatives promoting smart city and transportation solutions.

The smart transportation market size is expected to see rapid growth in the next few years. It will grow to $286.93 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to rise in the adoption of electric and autonomous vehicles, integration of 5g technology for faster and more reliable communication, increasing focus on sustainability and eco-friendly transportation solutions, growth in the shared mobility and ride-sharing industry, expansion of smart transportation infrastructure in emerging economies. Major trends in the forecast period include development of integrated mobility-as-a-service (maas) platforms, emphasis on predictive maintenance for transportation fleets, use of artificial intelligence for traffic prediction and optimization, integration of blockchain technology for secure and transparent transactions, collaboration between automotive manufacturers and technology companies for connected vehicle solutions.

Market Overview -
Smart transportation refers to the combined use of management techniques and current technology in the transportation industry. These are technological solutions, which employ a variety of technologies, ranging from basic management systems such as car navigation, traffic signal control systems, container management systems, automatic number plate recognition, speed cameras, and monitoring applications, to more sophisticated applications that include real-time data and input from a range of external sources.

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Government Initiatives And Regulations Driving Growth In Smart Transportation Market
Increasing government initiatives and regulations are driving the smart transportation market. The governments across emerging and developing economies are focusing on investing in innovative transportation technologies to reduce the congestion on roadways, maintain safe transportation practices and reduce road accidents. Currently, the Indian government is building around 599 highway projects with a total outlay budget of INR 1,000 billion ($14.67 billion), out of which INR 480 billion ($ 7.03 billion) will be spent on the development of smart cities across the new highways. Therefore, increasing government initiatives and regulations is expected to boost demand for smart transportation solutions during the forecast period.

Competitive Landscape -
Major companies operating in the smart transportation market report are Cisco Systems Inc., Toshiba Corporation, Siemens Corporation, SAP SE, Thales Group, Alphabet Inc., Tesla Inc., Uber Technologies Inc., Mobileye, NVIDIA Corporation, Siemens Mobility, TomTom N. V., IBM Corporation, Qualcomm Inc., Intel Corporation, General Motors Company, Ford Smart Mobility, Daimler AG, Bosch Group, Continental AG, Cubic Corporation, Aptiv PLC, Trimble Inc., HERE Technologies, Velodyne Lidar Inc., ChargePoint Inc., NXP Semiconductors, TransCore Holdings Inc., WSP Global Inc., Cryoport Inc.

Sensetime's Senseauto V2X Revolutionizes Urban Mobility
Major companies operating in the smart transportation market are introducing innovative platforms, such as the road synergy platform, to gain a competitive edge in the market. A road synergy platform refers to a technology or system designed to create a synergistic and integrated environment for various elements related to road infrastructure and transportation. For instance, in September 2022, SenseTime, a China-based artificial intelligence company, launched its SenseAuto V2X Vehicle-Road Synergy Platform. This platform is designed to enable safer and more efficient urban mobility by integrating ""smart cars, intelligent roads, and collaborative clouds. The SenseAuto V2X platform provides a one-stop analysis and decision-making solution through fusion processing and analysis of vehicle and roadside information.

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Key Segments -
The smart transportation market covered in this report is segmented -
1) By Product Type: Advanced Traveler Information Systems (ATIC), Advanced Transportation Management Systems (ATMS), Advanced Transportation Pricing Systems (ATPS), Advanced Public Transportation Systems (APTS), Cooperative Vehicle Systems
2) By Transportation Mode: Roadways, Railways, Airways, Maritime
3) By Application: Traffic Management, Road Safety and Security, Parking Management, Public Transport, Automotive Telematics, Freight

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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