The global smart transportation market size was USD 92.48 billion in 2020. The market is anticipated to grow from USD 98.74 billion in 2021 to USD 206.80 billion in 2028 at a CAGR of 11.1% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Smart Transportation Market, 2021-2028.” As per our report, the prompt adoption of this smart technique to monitor, assess, and handle transport systems and is probable to improve safety and proficiency. It utilizes innovative technologies to allow a more suitable commute around the city and is more cost-effective and better in terms of safety.
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Additionally, government awareness and support regarding the welfare of the citizens has amplified the demand for such systems. For example, in 2018, Pittsburgh installed smart traffic signals in 50 crossings across the city. This installation reduced the idling time by over 40% and declined travel time by about 25%. This is expected to bolster smart transportation market growth during the forecast period.
List of Key Players Covered in this Market Report
- IBM Corporation
- Cisco Systems, Inc.
- Kapsch TrafficCom
- Cubic Corporation
- Xerox Corporation
- Siemens AG
- Iteris, Inc.
- LG CNS Co. Ltd.
- Thales Group
- Indra Sistemas
- Trapeze Software
- TransCore Inc.
Based on solutions, the global market is divided into ticketing management systems, parking management systems, integrated supervision systems, and traffic management systems. On the basis of communication type, the market is classified into vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and others. In terms of geography, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.
On the basis of service, the market is categorized into business, professional, and cloud services. The professional services segment is estimated to display considerable growth during the forecast period driven by the rise in demand for consulting services. They offer application support, design advice, tactic improvement, among other functions for various subsystems, and assist in elevating current infrastructure systems.
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Drivers and Restraints
Increasing Traffic Size to Augment Market Growth Globally
Traffic volume is rising along with the concerns that tag along owing to a dramatic upsurge in suburban and rural inhabitants moving to urban areas and the corresponding rise in population density in cities. Along with a speedy density growth, automobile overcrowding in cities has also risen, assisted by poor highway structures and inadequate urban organization.
For example, traffic bottlenecking itself charges over USD 200 billion in four developed nations such as the U.K., France, the U.S., and Germany. It results in a rise in accident cases, revenue & time consumed in traveling, and in a general loss of financial growth & output. Nevertheless, with the assistance of distant sensors, autonomous vehicles, 5G networks, vehicle-sharing services, dynamic traffic signals, and better infrastructure, automotive safety and efficiency can be increased. Hence, these factors are driving the demand for smart transportation networks.
Europe to Dominate Stoked by Surging Investments in Infrastructure Development
Europe held the largest smart transportation market share and stood at USD 36.99 billion in 2020. This is owing to the significant investment for infrastructure through finance plans such as the Connecting Europe Facility (CEF), which has enabled more than 763 schemes with up to USD 22 billion in the donation.
Asia Pacific is projected to display a higher CAGR in the market in the foreseeable future. This is attributable to the assisting monitoring measures that have streamlined the speedy progression of smart transportation construction and infrastructure in leading nations such as China and South Korea.
North America is also expected to witness substantial growth in the market. In the U.S., the collaboration between federal and state establishments has augmented over policy supervision and funding, therefore amplifying road testing and software development.
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