The report indicates that the global smart transportation market size is expected to generate $251.0 billion by 2030, having garnered the revenue of $96.6 billion, with a 10.2% CAGR during the forecast period of 2021 to 2030.
Factors influencing the growth of the market:
The global smart transportation market is expanding rapidly due to factors such as growth in demand for efficient transportation networks, promotion and development of green fuel, time efficiency, and smooth flow of traffic. However, huge database requirements for road networks and high capital investment restrain the market expansion to some extent. Nevertheless, the arrival of parking management systems and investment in advanced ideas for smart cities will offer remunerative growth opportunities.
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𝐋𝐢𝐬𝐭 𝐨𝐟 𝐓𝐨𝐩 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐢𝐧 𝐒𝐦𝐚𝐫𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭𝐚𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭:
- TomTom International BV.
- Siemens
- Thales Group
- Iteris, Inc.
- MSR-Traffic GmbH
- Cubic Corporation
- IBM Corporation
- Cisco Systems, Inc.
- Alstom
- Accenture
The airways segment to witness fastest growth by 2030
By vehicle type, the airways segment would experience the fastest growth with 11.2% throughout the forecast timeframe. The huge expansion of the aviation sector drives the growth of the segment. The roadways segment, on the other hand, gained the highest share of nearly one-third of the overall market revenue, owing to the increasing proliferation of automobile fleets across the world.
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The traffic management system segment secured the dominant position in 2020
In terms of solution, the traffic management system segment grabbed the highest share in 2020, accounting for nearly one-third of total market revenue. Integration of smart traffic systems and smart cities and swift urbanization drive the expansion of the segment. The parking management and guidance system segment, however, is projected to witness an accelerated growth with 11.7% CAGR from 2021 to 2030. The growth is attributed to enhanced collaboration between transportation and parking, accelerating demand for electronic cashless payment systems, and advanced technologies that enhance payment automation and access control.
In addition, smart transportation market has witnessed significant growth in recent years, owing to rise in urban population and traffic across the globe. Furthermore, the increase in demand for autonomous vehicles and the development of connected vehicles compatible with intelligent transportation systems (ITS) extend profitable opportunities to the market players during the forecast period. The companies operating in the market have adopted partnerships, product launches, acquisitions, and R&D to increase their market share and expand their geographical presence. For instance, in April 2019, Iteris, Inc. entered into a partnership with Lindsay Corporation, a leading global manufacturer &distributor of irrigation and infrastructure equipment &technology, to support the Federal Highway Administration’s (FHWA) Smarter Work Zone campaign to reduce traffic congestion and improve safety in work zones using intelligent transportation systems (ITS) solutions.
Europe, followed by North America, to be the highest revenue contributor during the forecast period
As per the regional analysis in the report, Europe region contributed to the highest revenue of around one-third of the global smart transportation market share in 2020. The development of smart infrastructure and smart cities across the region propels the growth of the North America market. Moreover, the Asia-Pacific region is estimated to grow at the fastest rate with 11.7% CAGR from 2021 to 2030, owing to technological advancements and rise in production and sales of automobiles across the region.
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KEY FINDINGS OF THE STUDY
- By transportation type, the airways segment is expected to register a significant growth during the forecast period.
- Depending on solution, the parking management & guidance system segment is anticipated to exhibit significant growth in the near future.
- On the basis of services, the professional segment is projected to lead the global smart transportation market owing to higher CAGR.
- Asia-Pacific is anticipated to register the highest CAGR.
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