Smart Transportation Market Is Poised To Register A Strong CAGR Of 22.5% By 2024 Due To Rising Number Of On-Road Vehicles and Development Of Smart Cities | Grand View Research, Inc.

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The imminent development of smart cities, coupled with the need to simplify and efficiently manage traffic movement, is projected to drive the smart transportation industry in the coming years, as per a report by Grand View Research. The COVID-19 pandemic is expected to factor in the industry growth in the coming months.

The global smart transportation market size is estimated to reach USD 285.12 billion by 2024, according to a study by Grand View Research, Inc. The industry is poised to register a strong CAGR of 22.5% over the forecast period. The concept of smart transportation covers the aspects of efficiency, management, and safety through the use of innovative technologies, while also proving to be economical and easily accessible to the individuals and city. Rising number of on-road vehicles and insufficiencies in the existing transport infrastructure are expected to propel the need for efficient transportation management systems. Favorable government initiatives for building better infrastructure that ensures smooth running of the transport systems in place are expected to boost industry growth over the coming years. In this respect, the increasing investments in smart city projects are anticipated to open up new avenues for growth in the coming years, as smart transportation is an integral part of any smart city.

The rapid developments being made in the 5G infrastructure in developed economies, as well as continued proliferation of Internet of Things (IoT) in critical sectors, is also expected to prove fruitful for the industry growth. Furthermore, the impact of pollution on the environment has accelerated the developments in the smart transportation industry over the past few years. Governments across the globe have been focusing on reducing greenhouse gas emissions and curbing alarming levels of traffic congestion, which has enhanced the credibility of smart transportation systems. Increasing number of government mandates, such as those by the European Union (EU) and Directive on Intelligent Transport System, are also anticipated to favor the market during the forecast period. Conversely, the massive capital requirement for replacing the existing infrastructure with smart systems is expected to hinder industry growth. Power consumption and data management are the other areas that the industry has to keep making improvements in, so as to develop the market efficiently. 

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Smart Transportation Market Report Highlights

• The rapid progress in developing smart infrastructure in the transportation sector has led to several growth opportunities for notable companies. Cities such as London, New York, Paris, Singapore, Berlin, and Barcelona, among others, have led the way in implementing smart transportation solutions

• Key solutions available in the smart transportation market include ticketing management systems, parking management systems, integrated supervision systems, and traffic management systems; out of these, the integrated supervision systems segment holds significant growth potential

• The cloud service segment is anticipated to witness a surge in demand in the smart transportation industry, owing to the rising need for data storage generated through these systems

• The North American market accounted for over 27.0% share of the global revenue in 2015; Asia Pacific, on the other hand, is estimated to be the fastest-growing segment, aided by the burgeoning infrastructural growth in economies such as China, Japan, and India

• Smart transportation systems aid in the creation of strong supply chains for various industries. The current COVID-19 outbreak has led to demands for more efficient logistics in food, medicine, and emergency supply sectors. Autonomous transportation of various goods can be facilitated safely by these systems, thus enhancing their market potential

• Key industry participants include Accenture, Alstom, Cisco System, Cubic Corporation, General Electric Company, Indra Sistema, IBM, Kapsch, LG CNS Corporation, and Xerox Corporation, among others

• In February 2021, Cubic Corporation’s CTS business unit was awarded a $39 million contract by the New York Metropolitan Transportation Authority regarding the upgradation of the fare payment system of the Long Island Rail Road and Metro-North Railroad to an account-based contactless one

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Smart Transportation Market Segmentation

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

Smart Transportation Solution Outlook (Revenue, USD Billion, 2015 – 2024)

    • Ticketing management system
    • Parking management system
    • Integrated supervision system
    • Traffic management system

Smart Transportation Service Outlook (Revenue, USD Billion, 2015 – 2024)

    • Cloud services
    • Business services
    • Professional services

Smart Transportation Regional Outlook (Revenue, USD Billion, 2015 – 2024)

    • North America
    • Europe
    • Asia Pacific
    • RoW

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About Grand View Research

Grand View Research is a market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services to clients across a number of industries, including healthcare, materials, chemicals, energy, technology, and food and beverage, among others.

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Source: Smart Transportation Market Is Poised To Register A Strong CAGR Of 22.5% By 2024 Due To Rising Number Of On-Road Vehicles and Development Of Smart Cities | Grand View Research, Inc.