Smart Transportation Market to Reach USD 274.1 Bn by 2032, Europe Dominates with 33.8% of the Market Share
According to Market.us, The global Smart Transportation market growth is driven by the Increase in Autonomous Vehicles and Ongoing Technological Advancement.
New York, March 27, 2023 (GLOBE NEWSWIRE) — The Global Smart Transportation Market size is expected to be worth around USD 274.1 Billion by 2032 from USD 105.4 Billion in 2022, growing at a CAGR of 10.30% during the forecast period from 2023 to 2032. Advanced transportation infrastructure which aims to provide innovative traffic and transport management systems services is called Smart transport or intelligent transport. Parking management & guidance, passenger information, and traffic management are some of the applications of smart transportation. Applications that provide ground-breaking services provider, by the Intelligent transportation systems (ITS) are related to transport and traffic management methods.
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- By Type of Tour, 2022, the Luxury Cruise/Ship Expedition segment generated the highest revenue in the Global Smart Transportation Market share in 2022.
- By Age Group, the Millennial Market segment is dominating the market and it is growing at a significant rate over the forecast period 2023 to 2032.
- In 2022, Europe Region dominated the market with the highest revenue share of 33.8%.
- APAC Region has held the second position in revenue share in 2022.
- Europe will grow at a significant rate from 2023-2032.
Technologies like speed cameras, car navigation, other real-time data, traffic signal control systems, and computational technologies enable coordination and better information for multiple users. Through improvements in legislative provisions to ensure a sustainable fuel supply for public transportation vehicles, infrastructure, and the implementation of schemes to efficiently provide mobility services to ever-growing cities, by which smart transportation can be achieved.
Factors affecting the growth of the Smart Transportation industry?
There are several factors that can affect the growth of the Smart Transportation industry. Some of these factors include:
- Increasing Volume of Traffic: With the increase in traffics the demand for smart transportation will increase.
- Ongoing Technological Advancements: The Ongoing technological advancements in the smart transportation market will drive the growth of the market globally.
- Increase in Autonomous Vehicles: The increase in autonomous vehicles which can drive with minimal or no human intervention will drive the market growth globally.
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Top Trends in Smart Transportation Market
Key players in the market which includes automakers and mobile network operators focus on the key area which is increasing the coordination of the different organization’s communication protocols which have been developed independently. For example, the Transport Operator to Provider Mobility as a Service (MaaS) was developed by the Dutch Ministry of Infrastructure and Water Management. It is the standard interface that allows communication regarding, support, booking, and end-user-specific multimodal trip payments. Such systems in the intelligent transportation ecosystem enhance interoperability between the participating companies. These are the factors that will positively drive the growth of the market globally.
The growth of the market is driven by the advancements that are done in the urban projects, the reduction in greenhouse gas emissions which is aimed by the government, and the rising demand for the integration of technologies in traffic control systems. the differentiated smart transportation solutions and services’ rising development in the market is expected to drive market growth globally.
Europe holds the largest market shares and dominates the market growth globally. Funding through the grant programs such as the Connecting Europe Facility (CEF) can be attributed which has felicitated up to US$ 22 billion in funding with 763 projects. APAC holds the highest CAGR and is expected to drive market growth for the forecasted period. It is attributed to the rapid advancement of smart transportation infrastructure in the countries such as China and South Korea by supportive regulatory measures. North America is expected to grow at a significant rate in the market globally.
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There are many key players who are likely to cater to various industries which are available in the market, which are highly competitive. The highly potential players don’t have the courage to enter the market because of the Key players present in the market. However, it is expected that the new entrants in the market will be benefited from the expanding market. Market participants are concentrating on increasing the strength of the market position and expanding their business through partnerships and collaborations.
Scope of the Report
|Market Value (2022)||USD 105.4 Billion|
|Market Size (2032)||USD 274.1 Billion|
|CAGR (from 2023 to 2032)||10.3%|
|Europe Revenue Share||33.8%|
|By Type of Tour||Luxury Cruise/Ship Expedition Segment Held the Market Share|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
The traffic problems in the urban areas are rising due to the rise in the rural and suburban residents who are moving to the cities for the betterment and eventually rising the population density in the urban areas. With the rapid growth in population density, a rise in vehicular congestion in the cities has been observed which is aided by poor urban planning and poor highway designs. It leads to a loss of time, money, and an increased number of accidents, which eventually decreases the overall loss of economic growth. Thus, automotive safety and efficiency can be increased by autonomous vehicles, remote sensors, vehicle-sharing services, 5G networks, dynamic traffic signals, and better infrastructure. Devices that are based Internet of Things (IoT) gather and transmit real-time data about the weather, traffic, and incidents to people, to plan their journeys efficiently. Rising adoption by transit agencies in applications such as toll collection systems, train control systems, transport logistics, and fleet telematics has improved system capacity while minimizing operating costs.
The compatibility issues are due to the absence of a standardized approach led by the hardware, software, and mobile network components which are developed by multiple vendors because smart transportation is a combination of various elements. communication protocols across different countries also differ, which creates problems for the manufacturer regarding the global adoption of the technology.
Rapid evolution with important technological advancements has been witnessed in Semi-autonomous and autonomous vehicles. The vehicles which drive themselves with minimal or no human is called automatic vehicle. Developing driverless vehicles is a trend that has been observed in the transportation industry. Even if the production of an autonomous vehicle on large scale may take significant time, some transportation operators are anticipated to introduce semi-autonomous vehicles in the future. The deployment of semi-autonomous technology is currently done in cars by some of the companies, which are providing mobility-on-demand services. For the growth of the smart transportation industry, the deployment of autonomous technology is crucial for the market, as the vehicles do not require drivers, which will result in a reduction in cost. The development of autonomous vehicles is in progress, and some of the players in the smart transportation market have already started working on it.
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Report Segmentation of the Smart Transportation Market
Transportation Type Insight
Based on transportation, the roadways segment dominates the market growth globally. By the means to reach from one place to another, roadways are the medium of transportation. Vehicles that are utilized in road transportation are two, three, and four wheelers which can also include cars, motor vehicles, trucks, and vans. parking management, Smart ticketing, passenger information, and traffic management are proving to be the solutions to intensify the customer experience when traveling by roadways with rising traffic congestion.
The traffic management system which is also called TMS is expected to dominate the market globally. which is also expected to dominate the market share for the forecast period. TMS solutions like Smart traffic lights, route guidance systems, and integrating CCTV cameras which provide real-time information are the prominent solutions. The parking management segment is also anticipated to grow at a significant rate in the market. providing information regarding on-street parking on any block through an app and it also includes equipping parking facilities with sensors & beacons to lead drivers to available spots. In terms of utilizing maximum capacity and revenue, these solutions directly lead to reduced vehicle congestion, reduced cruising, and more efficiency. Hence, these are the factors that will fuel the growth of this segment in the market.
Business, Professional, and Cloud services are the segment based on service. The professional services segment is expected to dominate the market globally during the forecasted period. They provide implementation support, strategy development, and design advice, among other functions for the various subsystems, and help upgrade existing infrastructure systems. These are the factor that will drive the growth of the market globally. The cloud service segment dominated the market globally in 2022. Managing large amounts of data that have been generated from mobile technologies, and the increasing complexity of harnessing will propel the growth of the market globally.
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By Transportation Type
- Ticketing Management System
- Parking Management and Guidance System
- Integrated Supervision System
- Traffic Management System
- Cloud Services
- Business Services
- Professional Services
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Key Market Players
- Accenture PLC
- Alstom, SA
- Cisco System, Inc.
- Cubic Corporation
- General Electric Company (GE)
- Indra Sistema S.A.
- International Business Machines Corporation
- Xerox Holdings Corporation
- Thales Group
- Huawei Technologies
- Siemens AG
- Other Key Player
Recent Development of the Smart Transportation Market
- February 2023: The road transport and highway Ministry said that India and Japan will collaborate on digital transformation projects in the areas of eco-friendly mobility and Intelligent Transport Systems (ITS).
- October 2022: Teal’s Express, an LTL carrier based in Watertown, New York, was acquired by Pitt Ohio. Quality Cartage, based in Chicago, was acquired by Ward Transport and Logistics. Quest Global was purchased by KLLM Transport Services.
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