IMARC Group, a leading market research company, has released a report titled “Smart Transportation Market: Global Industry Trends, Share, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global smart transportation market size reached US$ 96.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 184.7 Billion by 2028, exhibiting a growth rate (CAGR) of 12% during 2023-2028.
Smart transportation refers to the implementation of innovative infrastructure and management techniques in existing transportation systems to improve efficiency and convenience. It encompasses a range of applications, including passenger information systems, parking management and guidance, and traffic management systems. This is achieved through the adoption of advanced technologies, the introduction of mobility services, and regulations promoting the use of sustainable fuels for public transport. In recent times, smart transportation has gained immense traction across the globe due to its ability to provide affordable, convenient, and dependable transportation options for residents.
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Smart Transportation Market Trends and Drivers:
The global smart transportation market is primarily driven by the rising use of Internet of Things (IoT) devices, 5G communication technology, and machine learning (ML). Moreover, the introduction of cloud-based technologies and improvements in vehicle-to-vehicle (V2V) and vehicle-to-grid infrastructure (V2I) is positively influencing the market growth. Additionally, the rising focus of governments of numerous countries on reducing greenhouse emissions and alleviating high levels of traffic congestion has catalyzed market growth. Furthermore, the introduction of innovative features in automobiles, such as safe design, high performance, sustainable fuels, and adherence to the latest norms, is contributing to the market growth. Other factors, including rising sales of vehicles, expanding working population, increasing disposable incomes, and improving living standards, are also anticipated to drive the market further.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Solution:
- Hybrid Ticketing Management System
- Parking Management and Guidance System
- Integrated Supervision System
- Traffic Management System
- Others
Breakup by Service:
- Business
- Professional
- Cloud Based
Breakup by Transportation Mode:
- Roadways
- Railways
- Airways
- Maritime
Breakup by Application:
- Mobility as a Service
- Public Transport
- Transit Hubs
- Connected Cars
- Video Management
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Accenture plc
- Alstom SA
- Bentley Systems Incorporated
- Cisco Systems Inc.
- Cubic Corporation
- General Electric Company
- Indra Sistemas S.A.
- International Business Machines Corporation
- Kapsch Aktiengesellschaft
- Siemens AG
- Thales Group
- Xerox Corporation
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