IMARC Group, a leading market research company, has released a report titled “Smart Transportation Market: Global Industry Trends, Share, Growth, Opportunity and Forecast 2023-2028“. The global smart transportation market size reached US$ 96.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 184.7 Billion by 2028, exhibiting a growth rate (CAGR) of 12% during 2023-2028.

Smart transportation, also known as intelligent transportation systems (ITS), refers to the application of advanced technologies and data-driven solutions to improve the efficiency, safety, and sustainability of transportation systems. The primary goal of smart transportation is to enhance the overall mobility experience for commuters and optimize the use of transportation infrastructure. These systems leverage technology and data analytics to optimize traffic flow, reduce congestion, and improve overall transportation efficiency. This results in shorter travel times and increased productivity for commuters and businesses. They also integrate various modes of transport seamlessly, including public transit, ride-sharing, and micro-mobility options that offers commuters more convenient and flexible travel choices. Moreover, smart transportation generates vast amounts of data, which can be analyzed to make informed decisions about infrastructure planning, resource allocation, and policy formulation. This data-driven approach improves the overall effectiveness of transportation networks. Besides, this transportation aligns with sustainable urban development goals by encouraging the use of public transport, walking, and cycling, thus reducing reliance on private cars and promoting compact city planning.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/smart-transportation-market/requestsample

Smart Transportation Market Trends and Drivers:

The global smart transportation market is experiencing rapid growth, driven by a convergence of technological advancements and the need for sustainable and efficient urban mobility solutions. One of the primary drivers behind the market’s expansion is the pressing challenge of urban congestion and its impact on economic productivity. As urban populations continue to swell, smart transportation systems offer the promise of optimized traffic flow, reduced congestion, and streamlined public transit networks. Furthermore, environmental concerns play a significant role in shaping the growth trajectory of the market. Governments and regulatory bodies are proactively seeking ways to curb greenhouse gas emissions and promote cleaner mobility options. Smart transportation technologies, such as electric vehicles, intelligent traffic management, and data-driven route optimization, are seen as key enablers of sustainable transportation solutions. This alignment with global sustainability goals is encouraging public and private stakeholders to support and adopt smart transportation initiatives. Another major trend bolstering the market is the ongoing digital revolution and the proliferation of the Internet of Things (IoT). Smart transportation relies heavily on connected devices, sensors, and data analytics to enable seamless integration across different modes of transport. This interconnected ecosystem allows for real-time monitoring, predictive maintenance, and dynamic routing, enhancing the overall efficiency and reliability of transportation networks. The continuous advancements in IoT technologies are expected to further fuel the growth of the smart transportation market. Moreover, changing consumer preferences and behaviors are influencing the demand for smarter transportation options. The rise of ride-sharing and micro-mobility services is reshaping the urban mobility landscape. Commuters are increasingly seeking flexible and on-demand transport choices, prompting cities to explore innovative mobility solutions.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Solution:

• Hybrid Ticketing Management System
• Parking Management and Guidance System
• Integrated Supervision System
• Traffic Management System
• Others

Breakup by Service:

• Business
• Professional
• Cloud Based

Breakup by Transportation Mode:

• Roadways
• Railways
• Airways
• Maritime

Breakup by Application:

• Mobility as a Service
• Public Transport
• Transit Hubs
• Connected Cars
• Video Management
• Others

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Competitive Landscape with Key Player:

• 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
• Xerox Corporation

Explore full report with table of contents: https://www.imarcgroup.com/smart-transportation-market

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Contact US

IMARC Group

Email: [email protected]

USA: +1-631-791-1145 | Asia: +91-120-433-0800

Address: 134 N 4th St. Brooklyn, NY 11249, USA

Follow us on Twitter: @imarcglobal