Smart Transportation Market Upcoming Challenges, Opportunities and Forecast By 2030

Smart Transportation Industry Overview

The global smart transportation market size is estimated to reach USD 285.12 billion by 2030, growing at a CAGR of 12.6% from 2022 to 2030, according to a new study by Grand View Research, Inc. The need for an efficient management system is predicted to increase with the growing number of on-road cars and the reducing efficiency of existing transport infrastructure. Favorable government initiatives for building better infrastructure and smooth running of existing transport systems are expected to boost the market growth.

 

Smart Transportation Market Segmentation

Grand View Research has segmented the global smart transportation market based on solution, service, and region:

 

Based on the Solution Insights, the market is segmented into Ticketing Management System, Parking Management System, Integrated Supervision System, and Traffic Management System.

• The traffic management segment accounted for the largest market share of over 33% in 2021 and is projected to remain dominant throughout the forecast period. Traffic management systems facilitate a high level of safety and management of traffic congestion, lower energy consumption, reduce pollution, reduce delays in transit, and increase the security of citizens in the city.
• The parking managementsegment is anticipated to grow at the highest CAGR over the forecast period. These systems include ticket dispensers either at entry or exit, a decentralized payment collection system, and an exit ticket reader. The segment is driven by the adoption of cloud-based parking solutions and rising off-street parking.

 

Based on the Service Insights, the market is segmented into Cloud Services, Business Services and Professional Services.

• The cloud services segment accounted for the largest market share of over 42% in 2021. The cloud services segment is anticipated to retain its dominance over the forecast period owing to the rising difficulty of capturing and handling massive amounts of data generated by mobile technology and sensors. Smart transportation systems collect data from various sources and share it with a centralized control center with the help of cloud technology. The increased use of machine learning/data analytics, IoT, and cybersecurityis expected to positively impact smart transportation ventures over the forecast period.
• The demand for professional services in the market is increasing significantly as they provide implementation support, design advice, and strategy formulation, among others. These benefits are expected to contribute to the segment growth.

 

Smart Transportation Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

 

Key Companies Profile & Market Share Insights

The key players are employing effective techniques to succeed in the market and sustain global dominance in their respective domains. One of the most effective techniques is to develop an innovative system or product of high demand among end-users.

Some prominent players in the global smart transportation market include

• Accenture PLC
• Alstom, SA
• Cisco System, Inc.
• Cubic Corporation
• General Electric Company (GE)
• Indra Sistema S.A.
• International Business Machines Corporation
• Kapsch
• LG CNS Corporation
• Xerox Holdings Corporation

 

Order a free sample PDF of the Smart Transportation Market Intelligence Study, published by Grand View Research.