Intelligent Transportation Systems (ITS) is fastest growing segment fueling the growth of Smart Transportation Market
Smart transportation solutions include intelligent transportation systems such as smart ticketing, traffic management systems, passenger information systems, logistics and fleet management solutions, and smart parking. These solutions allow users to access real-time information and enable efficient transportation across all modes of travel such as road, rail, air, and marine.
The global Smart Transportation Market is estimated to be valued at US$ 122.4 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the smart transportation market is the increasing adoption of connected and autonomous vehicles. Connected vehicles use internet-of-things (IoT) technology and wireless connectivity to share information with other vehicles and infrastructure on the road. This allows vehicles to alert each other about traffic jams, accidents, road conditions and other critical information to improve road safety as well as traffic management. Autonomous vehicles use smart sensors and CCTV cameras to drive themselves without human intervention. The advancement of vehicle-to-everything (V2X) communication technology is expected to significantly boost the connected and autonomous vehicle market over the forecast period.
Segment Analysis
The global smart transportation market is segmented by solution into ticketing management system, parking management system, integrated supervision system, and traffic management system. The traffic management system segment dominates the market and is expected to continue its dominance over the forecast period. This is due to rising adoption of advanced traffic management solutions like optimized signal systems, route guidance, and traffic analytics to manage traffic congestion across major cities.
Key Takeaways
The global Smart Transportation Market Demand is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing urbanization and the need to optimize traffic and infrastructure utilization.
Regional analysis:
North America dominates the global smart transportation market currently, owing to heavy investments by governments and private organizations in the region for the development of smart mobility solutions. However, Asia Pacific is expected to witness the highest growth over the forecast period supported by efforts towards the establishment of smart cities in China and India.
Key players:
Key players operating in the smart transportation market are Thales Group, Alstom, Huawei, Hitachi, Siemens, Cisco Systems, IBM, Microsoft, Intel, and Qualcomm. The market leaders are focusing on partnerships and collaborations with city authorities to deploy integrated smart transportation platforms and leverage new opportunities in automation and mobility as a service.
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