Global Smart Transportation Market to Reach US$ 260.1 Billion by 2032, Propelled by Rising Use of the Internet of Things Devices

September 26, 2022 | Technology & Media

The latest report by IMARC, titled “Smart Transportation Market Report by Solution (Hybrid Ticketing Management System, Parking Management and Guidance System, Integrated Supervision System, Traffic Management System, and Others), Services (Business Services, Professional Services, Cloud Services), Transportation Mode (Roadways, Railways, Airways, Maritime), Application (Mobility as a Service, Public Transport, Transit Hubs, Connected Cars, Video Management, and Others), and Region 2024-2032”, finds that the global smart transportation market reached a value of US$ 107.2 Billion in 2023. Smart transportation refers to the integration of advanced infrastructure and management strategies into existing transportation systems. It possesses various applications, including passenger information, parking management and guidance, and traffic management. This is done through improved infrastructures, implementation of schemes to offer mobility services, and legislative provisions toward sustainable fuels for public transport. In recent years, smart transportation has gained momentum as it provides residents with affordable, convenient, and reliable ways of commuting.

Global Smart Transportation Market Trends:

One of the primary factors driving the market is the exponentially rising use of the Internet of Things (IoT) devices, 5G communication technology, and machine learning (ML). Additionally, the introduction of cloud-based technologies and renovations in vehicle-to-vehicle (V2V) and vehicle-to-grid infrastructure (V2I) is creating a positive market outlook. Other than this, the demand for efficient transportation with technological advancements is constantly rising, thereby positively influencing the market growth. Besides this, governments of various nations are focusing on minimizing greenhouse emissions and curbing high levels of traffic congestion. This is contributing to the market as smart transportation assists in using more informed, coordinated, safer, and smart transportation networks. Furthermore, with the rising working population, expanding disposable incomes and improving living standards of the masses, there has been a surge in the sales of automotive vehicles. This, along with the introduction of innovative features in automobiles, including safe design, high performance, sustainable fuels, and adherence to the latest norms. Looking forward, IMARC Group expects the market value to reach US$ 260.1 Billion by 2032, expanding at a CAGR of 10% during the forecast period (2024-2032).

Market Summary:

Based on the solution, the market has been divided into hybrid ticketing management, parking management and guidance, integrated supervision, integrated supervision, traffic management and other systems.
On the basis of the services, the market has been segmented into business, professional, and cloud services.
Based on the transportation mode, the market has been categorized into roadways, railways, airways, and maritime.
On the basis of the application, the market has been segregated into mobility as a service, public transport, transit hubs, connected cars, video management, and others.
Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has also been analyzed, with some of the key players being 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 and Xerox Corporation.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Solution, Services, Transportation Mode, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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 and Xerox Corporation
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Smart Transportation Market to Reach US$ 260.1 Billion by 2032, Propelled by Rising Use of the Internet of Things Devices

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