Smart Transportation Market 2023-28 | Size, Growth, Trends, Demand and Forecast

Erika Tinkle March 3, 2023

4 2 minutes read

According to the latest report by IMARC Group “Smart Transportation Market: Global Industry Trends, Share, Growth, Opportunity and Forecast 2023-2028“, 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 integration of various advanced technologies and management strategies into the existing transportation systems. These technologies include traffic signal control systems, car navigation and speed cameras for improving services related to different transportation modes and traffic management. In recent years, smart transportation has gained prominence as it offers reliable, convenient and affordable ways to commute for the masses.

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Market Trends:

The rising working population is accelerating the need for interconnected mobility solutions to reduce commute times, which represents the primary factor driving the global smart transportation market. Additionally, the growing usage of the internet of things (IoT)-enabled devices, machine learning(ML),and 5G technology is contributing to the market growth. Furthermore, the escalating vehicle sales due to rapid urbanization and high disposable incomes are also encouraging the development of smart transportation networks. Other factors, including technological advancements in automobiles, increasing investments and various government initiatives to develop smart cities, and rising road congestion and safety issues, are also expected to propel the market growth.

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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