Reaching a Smart Transportation Market size of $368.48 billion with CAGR of 13.30%

Smart Transportation Market Size Worth $368.48 Billion By 2032 | CAGR: 13.30%


The global smart transportation market size is expected to reach USD 368.48 billion by 2032, according to a new study by Polaris Market Research. The report Smart Transportation Market Share, Size, Trends, Industry Analysis Report, By Transportation Mode (Railways, Roadways, Airways, Maritime); By Solution; By Services; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Smart transportation involves the utilization of advanced and emerging technologies with the goal of improving the efficiency, safety, and environmental sustainability of transportation systems. It encompasses innovations such as real-time traffic monitoring, predictive vehicle maintenance, intelligent transportation systems, and interconnected autonomous vehicles.

The main aim of smart transportation is to create a cohesive and efficiently operating transportation network that reduces traffic congestion, improves mobility, and reduces the environmental impact of transportation.

Smart transportation integrates information technology into transportation systems, enhancing safety and efficiency through technologies like traffic signal management, vehicle navigation, and security surveillance. Its goal is to offer innovative services and build intelligent infrastructure for future transportation needs.

The global impact of the COVID-19 pandemic on smart transportation systems was profound. Despite a notable decrease in transportation demand, it underscored the crucial role of intelligent transportation solutions. Cities and regions worldwide embraced these systems to navigate the challenges of the "new normal." This involved utilizing real-time data for monitoring social distancing in public transport, adapting routes to accommodate changing demand and bolstering contactless payment options to minimize physical touchpoints.

 The pandemic also expedited the adoption of telecommuting, sparking discussions on the enduring effects of smart transportation. Additionally, the integration of artificial intelligence and data analytics in smart transportation systems emerged as indispensable for efficient resource management amid uncertainties.

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Additionally, a study published in the National Library of Medicine in June 2021 highlighted the significant impact of coronary artery disease (CAD) on global health. CAD alone is responsible for approximately 610,000 deaths annually, accounting for an estimated one in four deaths and making it the foremost cause of mortality in the United States. With the incidence of CAD rising, there is a growing demand for effective Smart Transportation devices to address this pressing medical need. Consequently, this factor is projected to drive the demand for coronary stents throughout the forecast period.

Smart Transportation Market Report Highlights

  • In 2022, the Roadways segment held the largest revenue share in the Smart Transportation Market Several elements contribute to the decrease in crash rates and the improvement of road safety for drivers, passengers, and pedestrians. Advanced radar systems and in-pavement warning lights are increasingly being incorporated into highways, efficiently alerting oncoming traffic to the presence of vehicles ahead.
  • The hybrid ticketing management accounted for the highest market share during the forecast period. The rising popularity of mobile devices and the increasing demand for digital payment methods are significant factors contributing to the expanding reach of ticketing management systems. This system seamlessly integrates onboard ticketing, online ticketing, mobile ticketing, and smart card ticketing.
  • In 2022, Asia-Pacific dominated the largest market. The increasing demand for smart transportation solutions can be attributed to the pressing issues of air pollution and the rapid urbanization observed in countries like China and India. Furthermore, the exponential growth in e-commerce and the widespread adoption of last-mile delivery services have accentuated the need for more sophisticated transportation solutions.
  • The North America region accounted for the fastest growth in the Smart Transportation Market. Local authorities of this region are proactively encouraging the integration of smart transportation solutions to boost safety, alleviate traffic congestion, and address carbon emissions. The region, equipped with a robust transportation infrastructure, is primed for market expansion fueled by the growing acceptance of electric vehicles and the introduction of cutting-edge smart parking solutions.
  • The global key market players include Alstom S.A., Cisco Systems Inc., Cubic Corporation, General Electric Company, IBM Corporation, Indra Sistemas, S.A., SAP SE, Siemens AG, Thales Group, TomTom International B.V., and Traffic Tech Middle East.

Polaris Market Research has segmented the smart transportation market report based on transportation mode, solution, services and region:

Smart Transportation, Transportation Mode Outlook (Revenue - USD Billion, 2019 - 2032)

  • Railways
  • Roadways
  • Airways
  • Maritime

Smart Transportation, Solution Outlook (Revenue - USD Billion, 2019 - 2032)

  • Parking Management and Guidance
  • Hybrid Ticketing Management
  • Integrated Supervision
  • Traffic Management

Smart Transportation, Services Outlook (Revenue - USD Billion, 2019 - 2032)

  • Business
  • Cloud
  • Professional

Smart Transportation, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Smart Transportation Market Report Scope

Report Attributes

Details

Market size value in 2023

USD 135.84 billion

Revenue forecast in 2032

USD 368.48 billion

CAGR

13.30% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Transportation Mode, By Solution, By Services, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization    

Report customization as per your requirements with respect to countries, region and segmentation.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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