Smart Transportation Market worth $248.7 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 23, 2023 /PRNewswire/ -- The Global Smart Transportation Market size is projected to grow from USD 122.4 billion in 2023 to USD 248.7 billion by 2028, at a CAGR of 15.2% during the forecast period, according to report by MarketsandMarkets™. Factors such as developments in IoT technology are expected to drive the growth of the Smart Transportation Market. With the ongoing advancements, smart connectivity and control devices are expected to become highly intelligent and self-governing. Increasing adoption of 5G in urban areas is driving the adoption of smart transportation solutions and services.
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By Roadway, passenger information segment is expected to hold the largest market share during the forecast period
The passenger information system is an integrated service, which utilizes tracking data from vehicles to estimate the departure and arrival time. The passenger information solution is an important link between passengers and transit service providers. It provides real-time information on transit services, such as current location, estimated arrival and departure time, and disruption causes. The exponential growth in smartphone usage and advancements in network infrastructure enables transport authorities to provide timely status and updates cost-effectively.
By Transportation Mode, the airway segment to have the highest growth rate during the forecast period
Air transportation is an important transportation mode in the global Smart Transportation Market. With the growing urbanization across the globe, the airways industry has evolved over the years. Systems in airports are built around a digital grid, a single, converged IP network that enables high-speed broadband traffic throughout the entire ecosystem, including the airport, airport city, airlines, seaport, logistics, and authorities. The digital grid is the airport's nervous system, touching and managing every point of interaction. By enabling the exchange of real-time information, deep cross-silo collaboration, and airport-wide process integration, smart airways solutions has significantly improved operational efficiencies, passenger services, and advanced security capabilities.
Asia Pacific is expected to have the highest growth rate during the forecast period
China, Japan, and India are the major revenue contributing countries for the Asia Pacific Smart Transportation Market. Asia Pacific is estimated to be the fastest-growing region in terms of the growth of the Smart TransportationMarket, due to the increase in the adoption of new technologies, higher investments in digital transformation, and the growth in GDP in the Asia Pacific countries. With untapped potential markets, the high penetration of advanced technologies, the growing freight usage in various industries, and the economic developments and government regulations are expected to drive the Smart Transportation Market. The market in the region is expected to grow at the highest rate during the forecast period.
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The major players in the Smart Transportation Market are Alstom (France), Hitachi Ltd. (Japan), Thales Group (France), Huawei Technologies Co., Ltd. (China), Siemens AG (Germany), IBM Corporation (US), Cisco Systems, Inc. (US), SAP (Germany), Cubic Corporation (US), Toshiba (Japan), Saab AB (Sweden), Veson Nautical (Massachusetts), BASS Software (Norway), Bentley Systems (US), Indra Sistemas (Spain), Trimble (US), TomTom International BV. (Netherlands), Amadeus IT Group SA (Spain), Conduent (US), Kapsch (Austria), Descartes (Canada), Accenture (Ireland), and DNV GL (Norway). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the Smart Transportation Market.
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