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Global Smart Transportation Market to Reach US$ 166.7 Billion by 2027, Propelled by Rising Use of the Internet of Things Devices

Published on Sep 26, 2022

The latest report by IMARC, titled “Smart Transportation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global smart transportation market size reached US$ 85 Billion in 2021. 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.

We are tracking the direct effect of COVID-19 on the market, along with the indirect influence of the associated industries. These observations will be integrated into the report.

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$ 166.7 Billion by 2027, expanding at a CAGR of 12.4% during the forecast period (2022-2027).

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.
     

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