Smart Transportation Market Expected to Grow USD 241.15 Billion by 2028 at a CAGR of 14.09% – Report by Introspective Market Research

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Market Overview:

Smart Transportation Market was estimated at USD 95.84 Billion in 2021 and is projected to reach USD 241.15 Billion by 2028, growing at a CAGR of 14.09% globally.

The integrated application of current technology and management strategies in transportation systems is called intelligent transportation, an important vertical application of the Internet of Things. These technologies are designed to provide new services related to different transport modes and traffic management, allowing users to be better informed and to use transport networks in a safer and “smarter” way. “Intelligent Transportation Networks (ITS) use a variety of technologies to monitor, assess, and manage transportation systems to improve efficiency and safety,” according to the U.S. Department of Transportation. Smart transport is safer, better managed, more efficient, more cost effective and provides immediate insight into, among other benefits of smart technology and the benefits it brings to transport in a smart city. Additionally, transportation delays waste an estimated three billion gallons of gasoline and nearly seven billion man hours. According to 2015 estimates, Americans waste about 75 billion hours in traffic, and smart transportation can save $507 billion in productivity, $488 billion in accident reduction, and $138 billion in productivity savings through reducing vehicle congestion. All these reasons are expected to fuel the growth of the smart transportation industry in the coming years.

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Major Key Players of Smart Transportation Market:

  • Toshiba (Japan)
  • Harris Corporation (USA)
  • Saab AB (Sweden)
  • Veson Nautical (Massachusetts)
  • BASS software (Norway)
  • Siemens AG (Germany)
  • IBM Corporation (USA)
  • Cisco Systems Inc. (USA)
  • Thales Group (France)
  • Huawei Technologies Co.Ltd. (China)
  • Bombardier Inc. (Canada)
  • SAP (Germany)
  • Cubic Corporation (USA)
  • Alstom (France)
  • Bentley Systems (USA)

Market Dynamics and Drivers:

Intelligent transportation allows traffic management systems to quickly assess traffic congestion on city streets and divert traffic accordingly. Smart transport has been shown to be more efficient due to variables such as rail timetable adjustments which can help increase load factors and bus facilities which can serve customers efficiently if stops are scheduled according to density population by area. In addition, intelligent transport provides the user with a navigation system that allows him to choose the most suitable route according to real-time conditions. Users can take public transport buses which, upon arrival, turn red lights to green. It also provides information on road conditions, weather crises and how to manage fuel consumption for travellers. All these reasons are expected to boost the growth of the intelligent transportation market in the coming years.

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Smart Transportation Market Report Highlights:

  • By mode of transportation, the highway category is expected to dominate the market over the projected period, owing to factors such as improved road safety for drivers, pedestrians and passengers, as well as reduced rates accidents in densely populated areas.
  • By the technology used, as it helps to make modes of transportation safer and more comfortable, the artificial intelligence segment is expected to dominate the market.
  • By solution, during the projected period, the traffic management segment is expected to hold the largest market share. Congestion, air pollution and increased traffic accidents have all been exacerbated by the increase in the number of automobiles on the road.
  • By application, the intelligent transportation market is expected to be dominated by public transportation. Consumers are increasingly aware of global warming and the inconvenience caused by the high number of private vehicles, which encourages them to use public transport.
  • Due to the growing number of intelligent transportation system deployments, Europe is expected to lead the intelligent transportation market throughout the forecast period. In addition, to deal with transport difficulties, governments and the private sector in this region are turning to information and communication technologies.

Industry key development:

In October 2021, Siemens Mobility completed the acquisition of Sqills, a company based in the Netherlands. Sqills will operate as a separate legal entity and a wholly owned division of Siemens Mobility following the acquisition, which will allow Sqills to further consolidate its leading position in providing innovative, intelligent and comprehensive mobility solutions. Sqills is a global leader in providing public transport operators with cloud-based inventory management, ticketing and reservation services.

In January 2019, Cisco and Iteris partnered to create connected highways using IoT technology. For this collaboration, the two companies worked with the City of Las Vegas, Nevada, to deploy an edge processing IoT solution that combined data streams from the Iteris Vantage Next video detection platform with the Cisco Kinetic software solution to analyze multimodal vehicle, bicycle and pedestrian data for a variety of high-value use cases to improve traffic flow and reduce congestion.

Intelligent Transportation Market Segmentation:

By mode of transportation

  • Roadways
  • Railways
  • Airlines companies
  • Maritime

By technology used

  • cloud computing
  • Artificial intelligence
  • internet of things

By solutions

  • Ticket management system
  • Parking management and wayfinding system
  • Traffic management system
  • Freight management
  • Road safety and security
  • Others

By request

  • Public transport
  • Transit hubs
  • Connected cars
  • Video management

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For this report, Introspective Market Research has segmented the intelligent transportation market based on region:

Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)

North America

Europe

  • Germany
  • France
  • UK
  • Italy
  • Turkey
  • The rest of Europe

Asia Pacific

  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Vietnam
  • Thailand
  • Rest of Asia-Pacific

Middle East and Africa

  • Saudi Arabia
  • South Africa
  • Iran
  • Rest of MEA

Latin America

  • Brazil
  • Argentina
  • Rest of LATAM

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Report Scope:

The report encompasses all of the market size analysis in previous years for major segments and countries, along with future estimates. The Smart Transportation Market study takes an in-depth look at the competitive landscape of the global market. The study also provides the names of the major market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics, and drivers, as well as market analysis techniques such as PESTEL analysis, PORTER’s five forces analysis, value chain analysis, SWOT analysis, BCG matrix and Ansoff matrix.

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Introspective Market Research (introspectivemarketresearch.com) is a visionary research consultancy dedicated to helping our clients grow and achieve successful market impact. Our team at IMR is ready to help our clients grow their business by offering strategies to achieve success and monopoly in their respective fields. We are a global market research company, specializing in using big data and advanced analytics to provide the big picture of market trends. We help our clients think differently and build a better future for all of us. We are a technology driven research company, we analyze extremely large data sets to uncover deeper insights and provide conclusive advice. We not only provide intelligence solutions, but we help our clients achieve their goals.

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