Pune, India, Sept. 27, 2022 (GLOBE NEWSWIRE) — The global smart transportation market size to grow at CAGR of 11.1% during 2021 to 2028. Factors such as the increasing urban population, rising implementation of IoT-based technologies, and propagation of 5G-based communication enable the application of smart transportation infrastructure. The developed nations in the world have already executed the majority of the smart transportation plans as compared to the emerging economies.
Smart Transportation Companies Analyzed in Report:
- IBM Corporation (New York, U.S.)
- Cisco Systems, Inc. (California, U.S.)
- Kapsch TrafficCom (Vienna, Australia)
- Cubic Corporation (California, U.S.)
- Xerox Corporation (New York, U.S.)
- Siemens AG (Munich, Germany)
- Iteris, Inc. (California, U.S.)
- LG CNS Co. Ltd. (Seoul, South Korea)
- Thales Group (La Defense, France)
- Indra Sistemas (Alcobendas, Spain)
- Trapeze Software (Ontario, Canada)
- TransCore Inc. (Tennessee, U.S.)
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 11.1% |
| 2028 Value Projection | USD 206.80 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 98.74 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | By Solution, By Service |
| Growth Drivers | Asia Pacific to Show High CAGR Backed by Implementation of Monitoring Measures |
| Progress Made in the Technology Sector to Amplify Growth |
Smart Transportation Market Highlights:
India has observed several infrastructural plans being executed in the top-tier cities since 2016. This government of this country has announced its plans to build expressways, national highways, rapid mass transport (MRT), rapid bus transport (BRT), walkways, pedestrian skywalks, and cycle tracks in urban areas. This is likely to promote the smart transportation market growth in the upcoming years.
Industry Development:
January 2020: Cubic Corporations’ Cubic Transportation Systems (CTS) commercial unit combined the Intelligent Transportation Systems (ITS) business line underneath the management of Jeff Price. Cubic’s NextCUBIC alteration steers the modification to develop operative efficacy and proficiency in the CTS business unit.
Smart Transportation Market Regional Insights:
Asia Pacific to Show High CAGR Backed by Implementation of Monitoring Measures
Europe held the largest smart transportation market share and was worth USD 36.99 billion in 2020. This is owing to the considerable investment for infrastructure through funding plans such as the Connecting Europe Facility (CEF), which has enabled more than 763 schemes with up to USD 22 billion in the donation.
Asia Pacific is predicted to showcase a higher CAGR in the market for smart transportation in the foreseeable future. This is attributable to the assisting monitoring measures that have simplified the speedy progression of smart transportation construction and infrastructure in leading nations such as China and South Korea.
North America is also expected to witness substantial growth in the market for smart transportation. In the U.S., the collaboration between federal and state establishments has augmented over policy supervision and funding, therefore amplifying road testing and software development.
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Smart Transportation Market Drivers:
Progress Made in the Technology Sector to Amplify Growth
Internet of Things (IoT) based appliances and devices collect and transfer real-time records to consumers related to traffic, climate and weather, and recent happenings, among other activities, to design their travel more efficiently. Surging implementation by travelling agencies in systems such as train regulator systems, toll gathering systems, fleet telematics, and transportation logistics has significantly enhanced while decreasing functioning expenses.
Besides, the necessity to handle the surging quantity of data produced through the massive number of IoT appliances utilized in the transit infrastructure is also making noteworthy revenue sources. This is useful for service suppliers and autonomous software vendors, among other solution providers. Hence, technological expansions in the existing transportation infrastructure shall stimulate the smart transportation market growth.
Competitive Landscape:
Funds by Organizations to Help Key Players Succeed in the Market
As the key players strive to make commendable changes in the market for smart transportation with constant efforts, the government or superior organizations help them in achieving that goal by providing funds. This benefits everyone involved in the project as the public is contended due to advancements made for their convenience, the company in charge gains popularity, and the funding organization can gather more funds after the success of the project.
For instance, in March 2021, Iteris, Inc. was offered a $500,000 intelligent transportation systems (ITS) and traffic signal balance venture by the Illinois Department of Transportation (IDOT). The project comprises the alteration and transformation of prevailing traffic indications with state-of-the-art traffic signal systems and signal coordination and timing (SCAT) developments at important signalized crossings.
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments _ Mergers, Acquisitions & Partnerships
4.2 Porter’s Five Forces Analysis
4.3 SWOT Analysis
4.4 Distributor Analysis
4.5 Technological Developments
4.6 Impact of COVID-19
5. Global Smart Transportation Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Service
5.2.1 Business
5.2.2 Professional
5.2.3 Cloud
5.3. Market Analysis, Insights and Forecast – By Solution
5.3.1 Ticketing Management System
5.3.2 Parking Management System
5.3.3 Integrated Supervision System
5.3.4 Traffic Management System
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1 North America
5.5.2 Europe
5.5.3 Asia Pacific
5.5.4 Rest of the World
6. North America Smart Transportation Market Analysis, Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis – By Service
6.2.1 Business
6.2.2 Professional
6.2.3 Cloud
6.3. Market Analysis – By Solution
6.3.1 Ticketing Management System
6.3.2 Parking Management System
6.3.3 Integrated Supervision System
6.3.4 Traffic Management System
6.5. Market Analysis – By Country
6.5.1 U.S.
6.5.1.1 By Service
6.5.1.2 By Solution
6.5.2 Canada
6.5.2.1 By Service
6.5.2.2 By Solution
6.5.3 Mexico
6.5.3.1 By Service
6.5.3.2 By Solution
7. Europe Smart Transportation Market Analysis, Insights and Forecast, 2017-2028
7.1. Key Findings / Summary
7.2. Market Analysis – By Service
7.2.1 Business
7.2.2 Professional
7.2.3 Cloud
7.3. Market Analysis – By Solution
7.3.1 Ticketing Management System
7.3.2 Parking Management System
7.3.3 Integrated Supervision System
7.3.4 Traffic Management System
7.5. Market Analysis – By Country
7.5.1 U.K.
7.5.1.1 By Service
7.5.1.2 By Solution
7.5.2 Germany
7.5.2.1 By Service
7.5.2.2 By Solution
7.5.3 France
7.5.3.1 By Service
7.5.3.2 By Solution
7.5.4 Rest of Europe
7.5.4.1 By Service
7.5.4.2 By Solution
Continued…
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