Smart Transportation Market Set for Robust Growth to reach $251.0 billion by 2030: Key Trends and Insights

The global 𝐒𝐦𝐚𝐫𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭𝐚𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 size was valued at $96.6 billion in 2020, and is projected to reach $251.0 billion by 2030, growing at a CAGR of 10.2% from 2021 to 2030. Smart transportation refers to the integrated application of the latest technologies and management strategies that aim to provide innovative services related to different modes of transport & traffic management systems. Smart transportation facilitates a smarter transport network, by giving real-time information about vehicle performance & traffic congestion problems to increase efficiency and reduce emissions. It comprises of several technologies, such as car navigation, traffic signal control systems, automatic number plate recognition, and speed cameras. For instance, in 2019, Cubic Corporation updated its Trafficware's ATMS with the newest version of its industry-leading transportation management system, ATMS 2.9, to provide additional metadata for the intersection layout, available via the connected vehicle module as well as through TidalWave, a live streaming traffic information service powered by intelligent edge analytics.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 175 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/380

Factors such as rise in demand for efficient transportation networks across the world, government initiatives for the development &promotion of green fuels, and increased demand due to surge in road safety & traffic congestion issues are expected to drive the growth of the smart transportation market. In addition, the adoption of smart transportation systems in railways and the rise in adoption of cloud services in transportation are some of the major factors anticipated to boost the market's growth. However, high capital investments, large database requirements of the road network, and lack of standardized & uniform technology restrain the market growth. Furthermore, investments in emerging ideas of smart cities and the introduction of parking management systems provide lucrative growth opportunities for the market players.

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.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/smart-transportation-market/purchase-options

In addition, smart transportation market has witnessed significant growth in recent years, owing to rise in urban population and traffic across the globe. Furthermore, the increase in demand for autonomous vehicles and the development of connected vehicles compatible with intelligent transportation systems (ITS) extend profitable opportunities to the market players during the forecast period. The companies operating in the market have adopted partnerships, product launches, acquisitions, and R&D to increase their market share and expand their geographical presence. For instance, in April 2019, Iteris, Inc. entered into a partnership with Lindsay Corporation, a leading global manufacturer &distributor of irrigation and infrastructure equipment &technology, to support the Federal Highway Administration's (FHWA) Smarter Work Zone campaign to reduce traffic congestion and improve safety in work zones using intelligent transportation systems (ITS) solutions.

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.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

𝐢𝐛𝐦 𝐜𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐂𝐮𝐛𝐢𝐜 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐌𝐒𝐑 𝐓𝐫𝐚𝐟𝐟𝐢𝐜 𝐆𝐦𝐛𝐇, 𝐓𝐡𝐚𝐥𝐞𝐬 𝐆𝐫𝐨𝐮𝐩, 𝐈𝐭𝐞𝐫𝐢𝐬, 𝐈𝐧𝐜., 𝐀𝐂𝐂𝐄𝐍𝐓𝐔𝐑𝐄 𝐏𝐋𝐂, 𝐀𝐋𝐒𝐓𝐎𝐌 𝐒𝐀, 𝐂𝐢𝐬𝐜𝐨 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 𝐈𝐧𝐜., 𝐒𝐢𝐞𝐦𝐞𝐧𝐬 𝐀𝐆, 𝐓𝐨𝐦𝐓𝐨𝐦 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/380

The market segmentation is based on solution, service, transportation type and region. By solution, the market is classified into ticketing management system, parking management & guidance system, integrated supervision system, and traffic management system. By service, the market is segmented into business services, professional services, and cloud services. By transportation type, the market has been classified into roadways, railways, airways and maritime. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/380

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.

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

Automotive RADAR Market - https://www.globenewswire.com/news-release/2021/08/19/2283325/0/en/Automotive-RADAR-Market-to-Garner-10-06-Billion-by-2028-Allied-Market-Research.html

Automotive Pneumatic Comfort Seat System Market - https://www.globenewswire.com/news-release/2021/12/09/2348763/0/en/Automotive-Pneumatic-Comfort-Seat-System-Market-to-Generate-2-03-Billion-by-2030-Allied-Market-Research.html

Autonomous Vehicle Market - https://www.prnewswire.com/news-releases/autonomous-vehicles-market-to-hit--448568-61-million-globally-by-2035-at-22-2-cagr-allied-market-research-301982164.html

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