Congestion and Traffic Management and Environmental Concerns are the factors propelling the market growth.
According to TechSci Research report, “Global Smart Transportation Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. Global Smart Transportation is anticipated to project robust growth in the forecast period with a CAGR of 6.03% through 2028. Increasing traffic volume, government initiatives aimed at decreasing the effects of greenhouse emissions, rising city projects, and the rise of megacities, urbanization, and population are some factors driving the market growth. Increasing urbanization reflects the growing complexities in cities worldwide, with transportation needs being one of them.
One of the primary issues the transportation market faces is resolving this complexity. The trend of a rising number of IoT and linked devices is projected to continue with smart city projects during the projection period. The increased use of linked products like smart homes, smart meters, smart transportation, and smart lighting, among others that use IoT to communicate with one another, is expected to drive market expansion.
One of the primary objectives of innovative city development is smart mobility, which includes transportation. Creating efficient, flexible, and integrated transportation networks is vital to smart mobility. Smart mobility is a significant development driver in modern urban centers and may improve tourists’ and inhabitants’ everyday lives. By 2040, cities are expected to accommodate 65% of the world’s population. Healthy modes of transportation, such as walking and cycling, are prioritized in urban mobility management. Mobility management also minimizes carbon emissions and provides communities with optimal traffic flow analysis.
Traffic congestion is increasing due to exponential growth in suburban and rural populations relocating to cities and an equivalent increase in population concentration around metropolitan centers. Vehicle congestion in cities has increased as cities have grown in density, assisted by insufficient roadway designs and bad urban planning. For example, in 2022, the average American motorist wasted 51 hours in traffic congestion, or approximately an hour each week. This is 15 hours longer lost to traffic than in 2021, and all that time squandered in traffic jams costs the typical American motorist USD 869 in lost time, according to the mobility analytics firm Inrix’s 2022 Global Traffic Scorecard.
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Based on Application, Traffic Management is expected to hold the largest share of Smart Transportation market for during the forecast period, The population growth, coupled with the increasing urbanization rate and megacities, is the primary factor driving the market. Moreover, as the population grows and urbanizes, many cities will face transportation challenges, thus driving the demand for smart transportation. For instance, according to the data from the World Bank, the total population of the World increased from 7 billion in 2011 to 7.84 billion in 2021.
More than half the world’s urban population resides in Asia, where some countries, like India and China, already have about a billion people living in cities alone. The other regions with relatively high urban populations are North America, Europe, and Africa. Increasing urbanization indicates the rising complexities in the transportation of cities worldwide. Resolving these complexities is one of the significant challenges faced by the transportation markets across these regions. For instance, according to the United Nations, people living in urban areas are expected to reach 68% by 2050.
Urban population growth will significantly pressure public transport infrastructure. Residents of big cities will expect public transport that is fast, efficient, affordable, safe, and environmentally friendly. Delivering such transportation infrastructure will be one of the critical challenges confronting future cities. Furthermore, rapid urbanization has brought heavy traffic congestion, serious safety issues, and growing urban inequality. Smart transportation solutions have been gaining significant traction in the past few years across many highly urbanized cities to overcome such challenges by delivering travel and traffic information in real time with resilient network control.
Based on Region, Asia Pacific will dominate the market, China outlined a new comprehensive transportation system in the 14th Five-Year Plan (2021-2025). According to the circular, by 2025, China will have made achievements in pursuing intelligent and green transportation, as well as significant advances in overall competence, service quality, and efficiency of the transportation industry. This plan aims to improve the transportation industry’s roads, trains, ports, and waterways, as well as the technology and human resources involved. As a result, this will support growth in urbanization, consumer demand, and factor supply movements.
With the introduction of smart transportation networks, such as the internet of things (IoT), smart transportation is quickly expanding in Japan. Smart transportation networks require IoT architecture, which includes technologies such as the cloud, sensors, and data communication. Rapid improvements in recent years have made it feasible to enhance device communication.
Australia has been developing traffic management technologies interacting with drivers and infrastructure operators to reduce traffic congestion and enhance safety and traffic conditions. The country has a diverse and complex transportation infrastructure network, creating an opportunity for the market players in the country due to the increasing demand for smart transportation technologies.
The rest of Asia-Pacific consists of many emerging countries, including Singapore, India, and South Korea. The emergence of smart cities in these countries is increasing the adoption of intelligent technologies in transportation to enhance traffic efficiencies, creating a market opportunity for technology providers.
Countries in the region are also helping each other by investing and partnering in the market adoption in Asia-Pacific. For instance, in December 2022, India and South Korea agreed to a loan of Rs 1,495 crore (~USD 183.14 million) from the Economic Development Cooperation Fund (EDCF) of the Republic of Korea to construct an intelligent transport system on the Nagpur-Mumbai Expressway.
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Key market players in the Global Smart Transportation Market are following: –
- Cisco Systems Inc.
- SAP SE
- IBM Corporation
- AVEVA Group PLC
- Siemens Corporation
- Oracle Corporation
- Alstom
- Advantech Co. Ltd
- Orange SA
- Huawei Technologies Co. Ltd
“The global smart transportation market is driven by several key factors, including rapid urbanization, the need for efficient traffic management, environmental concerns, and technological advancements. Urbanization is increasing congestion, making smart solutions essential. Advanced technologies, such as IoT and AI, enable real-time data collection and traffic optimization. Concerns about environmental sustainability push the adoption of eco-friendly transportation options. Additionally, government initiatives, the growth of public transportation, and consumer demand for convenient and tech-savvy mobility solutions are propelling the smart transportation market forward. These drivers collectively aim to enhance transportation efficiency, safety, and sustainability in an increasingly interconnected world.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Smart Transportation Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Application (Traffic Management, Road Safety, and Security, Parking Management, Public Transport, Automotive Telematics, Freight), Product Type (Advanced Traveler Information Systems (ATIS), Advanced Transportation Management Systems (ATMS), Advanced Transportation Pricing Systems (ATPS), Advanced Public Transportation Systems (APTS), Cooperative Vehicle Systems), By Region, By Competition 2018-2028 has evaluated the future growth potential of Global Smart Transportation Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Smart Transportation Market.
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Table of Content
Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.3. Markets Covered
1.4. Years Considered for Study
1.5. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
- Voice of Customers
- Global Smart Transportation Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Application (Traffic Management, Road Safety, and Security, Parking Management, Public Transport, Automotive Telematics, Freight)
5.2.2. By Product Type (Advanced Traveler Information Systems (ATIS), Advanced Transportation Management Systems (ATMS), Advanced Transportation Pricing Systems (ATPS), Advanced Public Transportation Systems (APTS), Cooperative Vehicle Systems)
5.2.3. By Region
5.3. By Company (2022)
5.4. Market Map …..Continue….
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