Press release
Future of the Smart Transportation Market: Trends, Innovations, and Key Forecasts Through 2034
Smart Transportation
Smart Transportation Market Size Growth Forecast: What to Expect by 2025?
In recent times, there has been a swift expansion in the smart transportation market size. A projected escalation from $158.49 billion in 2024 to $181.77 billion in 2025 at a compound annual growth rate (CAGR) of 14.7% signals this massive growth. The root causes of this growth in the historical period are closely associated with the rise in urban congestion due to increased urbanization, wide-ranging adoption of intelligent transportation systems for managing traffic, a surge in the need for real-time tracking and monitoring in transport, technological advancements in sensor technologies and vehicle connectivity, and governmental initiatives supporting smart city and transportation solutions.
How Will the Smart Transportation Market Size Evolve and Grow by 2029?
Over the upcoming years, the smart transportation market is poised for swift growth, projected to hit $335.95 billion in 2029 with a compound annual growth rate (CAGR) of 16.6%. This growth trajectory in the forecasted period is linked to the increased adoption of electric and self-driving vehicles, the introduction of 5G technology for improved and consistent communication, a growing commitment to sustainable and green transportation alternatives, advancement in the shared mobility and ride-sharing sector, and the development of smart transportation infrastructure in evolving economies. Dominant trends in the predicted period comprise the creation of integrated mobility-as-a-service (maas) platforms, a focus on predictive maintenance for transport fleets, the employment of artificial intelligence in traffic forecasting and optimization, the integration of blockchain technology for secure, transparent transactions, and strategic collaborations between automotive producers and technology firms for connected vehicle solutions.
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What Drivers Are Propelling the Growth of Smart Transportation Market Forward?
The rise in government initiatives and regulations is fueling the growth of the smart transportation market. Governments in emerging and developing economies are concentrating on investing in novel transportation technologies to alleviate roadway congestion, ensure transportation safety, and minimize road accidents. For example, in October 2023, The UK Government initiated its newest phase of the Transport Research and Innovation Grant (TRIG) innovation competition, providing £1.8 million ($2.18 million) as funding. This funding targets companies that are developing projects centered on airport decarbonization and utilizing AI to render transportation more cost-efficient and effective. Consequently, the spike in government initiatives and regulations are projected to bolster demand for smart transportation in the forthcoming period.
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Which Emerging Trends Are Transforming the Smart Transportation Market in 2025?
Leading businesses in the smart transportation market are leveraging the power of innovative technologies such as the road synergy platform to maintain their competitive edge. Essentially, a road synergy platform is a tech solution or system aimed at creating a cohesive and interconnected ecosystem for various elements linked to road infrastructure and transportation. For instance, SenseTime, a leading artificial intelligence firm based in China, unveiled its SenseAuto V2X Vehicle-Road Synergy Platform in September 2022. This platform aims to facilitate safer and maximally efficient urban transportation through the integration of 'smart cars, intelligent roads, and collaborative clouds.' It serves as a comprehensive solution for analysis and decision-making, amalgamating and analyzing vehicle and roadside data.
What Are the Key Segments in the Smart Transportation Market?
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
Subsegments:
1) By Advanced Traveler Information Systems (ATIS): Real-Time Traffic Information Systems, Route Planning Applications, Mobile Travel Apps, Dynamic Message Signs
2) By Advanced Transportation Management Systems (ATMS): Traffic Signal Control Systems, Incident Management Systems, Traffic Monitoring Systems, Fleet Management Solutions
3) By Advanced Transportation Pricing Systems (ATPS): Congestion Pricing Solutions, Toll Collection Systems, Parking Management Systems, Dynamic Pricing Applications
4) By Advanced Public Transportation Systems (APTS): Smart Bus Systems, Automated Fare Collection Systems, Real-Time Passenger Information Systems, Demand-Responsive Transport Solutions
5) By Cooperative Vehicle Systems: Vehicle-To-Vehicle (V2V) Communication Systems, Vehicle-To-Infrastructure (V2I) Systems, Connected Vehicle Technologies, Automated Driving Systems
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Who Are the Key Players Shaping the Smart Transportation Market's Competitive Landscape?
Major companies operating in the smart transportation market include 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.
What Geographic Markets Are Powering Growth in the Smart Transportation Market?
North America was the largest region in the smart transportation market in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the smart transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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