According to a research report "Smart Transportation Market Size by Transportation Mode, Solution (Smart Ticketing, Passenger Information, Freight Information System), Service, Communication Technology, Application and Region - Global Forecast to 2028" published by MarketsandMarkets
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=692
the smart transportation market size is projected to grow from USD 122.4 billion in 2023 to USD 248.7 billion by 2028, at a CAGR of 15.2% during the forecast period. Factors such as developments in IoT technology are expected to drive the growth of the smart transportation market. With the ongoing advancements, smart connectivity and control devices are expected to become highly intelligent and self-governing. Increasing adoption of 5G in urban areas is driving the adoption of smart transportation solutions and services.
By Roadway, passenger information segment is expected to hold the largest market share during the forecast period
The passenger information system is an integrated service, which utilizes tracking data from vehicles to estimate the departure and arrival time. The passenger information solution is an important link between passengers and transit service providers. It provides real-time information on transit services, such as current location, estimated arrival and departure time, and disruption causes. The exponential growth in smartphone usage and advancements in network infrastructure enables transport authorities to provide timely status and updates cost-effectively.
By Transportation Mode, the airway segment to have the highest growth rate during the forecast period
Air transportation is an important transportation mode in the global smart transportation market. With the growing urbanization across the globe, the airways industry has evolved over the years. Systems in airports are built around a digital grid, a single, converged IP network that enables high-speed broadband traffic throughout the entire ecosystem, including the airport, airport city, airlines, seaport, logistics, and authorities. The digital grid is the airport’s nervous system, touching and managing every point of interaction. By enabling the exchange of real-time information, deep cross-silo collaboration, and airport-wide process integration, smart airways solutions has significantly improved operational efficiencies, passenger services, and advanced security capabilities.
Asia Pacific is expected to have the highest growth rate during the forecast period
China, Japan, and India are the major revenue contributing countries for the Asia Pacific Smart Transportation market. Asia Pacific is estimated to be the fastest-growing region in terms of the growth of the smart transportation market, due to the increase in the adoption of new technologies, higher investments in digital transformation, and the growth in GDP in the Asia Pacific countries. With untapped potential markets, the high penetration of advanced technologies, the growing freight usage in various industries, and the economic developments and government regulations are expected to drive the smart transportation market. The market in the region is expected to grow at the highest rate during the forecast period.
Market Players
The major players in the smart transportation market are Alstom (France), Hitachi Ltd. (Japan), Thales Group (France), Huawei Technologies Co., Ltd. (China), Siemens AG (Germany), IBM Corporation (US), Cisco Systems, Inc. (US), SAP (Germany), Cubic Corporation (US), Toshiba (Japan), Saab AB (Sweden), Veson Nautical (Massachusetts), BASS Software (Norway), Bentley Systems (US), Indra Sistemas (Spain), Trimble (US), TomTom International BV. (Netherlands), Amadeus IT Group SA (Spain), Conduent (US), Kapsch (Austria), Descartes (Canada), Accenture (Ireland), and DNV GL (Norway). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the smart transportation market.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com/