Press release
Global Smart Transportation Market Expansion at 16.2% CAGR, Valued at $330.25 Billion by 2029
Smart Transportation Market
What Are the Smart Transportation Market Size Forecast for 2025?
The market for intelligent transportation has seen swift expansion in the past few years. It is predicted to augment from $158.49 billion in 2024 to $180.86 billion in 2025, with a compound annual growth rate (CAGR) of 14.1%. Factors contributing to the growth during the historic period are elevated levels of urbanization and city congestion, implementation of smart transportation systems for traffic regulation, increased need for real-time tracking and monitoring in transport, advancements in vehicle sensor technologies and connectivity, as well as governmental initiatives endorsing smart city and transport innovations.
What Is the Market Size Outlook for Smart Transportation Until 2029?
In the upcoming years, the smart transportation market is projected to experience swift expansion. It's predicted to surge to $330.25 billion in 2029 with a compound annual growth rate (CAGR) of 16.2%. This growth, anticipated over the forecast period, is due to several factors including the increasing adoption of electric and autonomous vehicles, the integration of 5g technology for enhanced and dependable communication, growing commitment to sustainable and environmentally friendly transportation solutions, and the burgeoning shared mobility and ride-sharing industry. The extension of smart transportation infrastructure in burgeoning economies also contributes to this growth. Key trends observed during the forecast period include the rise of integrated mobility-as-a-service (maas) platforms, focus on predictive maintenance for transportation fleets, the application of artificial intelligence in traffic prediction and optimization, the inclusion of blockchain technology for secure, transparent transactions, and partnerships between automotive manufacturers and tech firms for connected vehicle solutions.
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What Are the Major Factors Driving Demand in the Smart Transportation Market?
The surge in government actions and laws is propelling the smart transportation market forward. Developing and emerging economies' governments are placing a premium on investments in innovative transportation technologies. The aim is to alleviate roadway congestion, uphold safe transit measures, and minimize traffic mishaps. For example, in October 2023, the UK Government revealed the latest cycle of the Transport Research and Innovation Grant (TRIG) innovation contest, allotting £1.8 million ($2.18 million) as a fund. The purpose of this fund is to support businesses that are developing projects for airport decarbonization and employing AI to render transportation more cost-effective and efficient. Consequently, the rise in government initiatives and regulations is anticipated to augment the demand for smart transportation throughout the projected timeline.
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How Are End-Use Segments Shaping the Smart Transportation Market Outlook?
The smart transportation market covered in this report is segmented -
1) By Product Type: Advanced Traveler Information Systems (ATIC), Advanced Transportation Management Systems (ATMS), Advanced Transportation Pricing Systems (ATPS), Advanced Public Transportation Systems (APTS), Cooperative Vehicle Systems
2) By Transportation Mode: Roadways, Railways, Airways, Maritime
3) By Application: Traffic Management, Road Safety And Security, Parking Management, Public Transport, Automotive Telematics, Freight
Subsegments:
1) By Advanced Traveler Information Systems (ATIS): Real-Time Traffic Information Systems, Route Planning Applications, Mobile Travel Apps, Dynamic Message Signs
2) By Advanced Transportation Management Systems (ATMS): Traffic Signal Control Systems, Incident Management Systems, Traffic Monitoring Systems, Fleet Management Solutions
3) By Advanced Transportation Pricing Systems (ATPS): Congestion Pricing Solutions, Toll Collection Systems, Parking Management Systems, Dynamic Pricing Applications
4) By Advanced Public Transportation Systems (APTS): Smart Bus Systems, Automated Fare Collection Systems, Real-Time Passenger Information Systems, Demand-Responsive Transport Solutions
5) By Cooperative Vehicle Systems: Vehicle-To-Vehicle (V2V) Communication Systems, Vehicle-To-Infrastructure (V2I) Systems, Connected Vehicle Technologies, Automated Driving Systems
What Are the Strategic Trends Transforming the Smart Transportation Market Landscape?
Key players in the smart transportation market are unveiling cutting-edge platforms, such as the road synergy platform, to solidify their presence in the industry. Essentially, a road synergy platform is a technology or system concept that acts to merge and connect various aspects of road infrastructure and transportation in a harmonious way. For example, in September 2022, SenseTime, a Chinese firm specializing in artificial intelligence, introduced its SenseAuto V2X Vehicle-Road Synergy Platform. The aim of this platform is to facilitate safer and more effective city transportation by unifying 'smart cars, intelligent roads, and collaborative clouds.' The SenseAuto V2X platform offers an all-inclusive analytical and decision-making solution by consolidating and scrutinizing vehicle and roadside data.
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Who Are the Prominent Companies in the Smart Transportation Market by ?
Major companies operating in the smart transportation market include Cisco Systems Inc., Toshiba Corporation, Siemens Corporation, SAP SE, Thales Group, Alphabet Inc., Tesla Inc., Uber Technologies Inc., Mobileye, NVIDIA Corporation, Siemens Mobility, TomTom N. V., IBM Corporation, Qualcomm Inc., Intel Corporation, General Motors Company, Ford Smart Mobility, Daimler AG, Bosch Group, Continental AG, Cubic Corporation, Aptiv PLC, Trimble Inc., HERE Technologies, Velodyne Lidar Inc., ChargePoint Inc., NXP Semiconductors, TransCore Holdings Inc., WSP Global Inc., Cryoport Inc.
Which Region Is Expected to See the Highest CAGR in the Smart Transportation Market?
North America was the largest region in the smart transportation market in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the smart transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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