Smart Transportation Market to Advance at CAGR of 21.30%; Integration of ITS with Traffic Management Propelling Revenue Gains: TMR Study

 - Wide adoption of cloud services in commercial transport businesses to underpin enormous opportunities in smart transportation market during forecast period

 - Demand for safety in public transportation and efficiency of infrastructure to spur revenues for stakeholders; Asia Pacific market to witness rapid growth of profitable avenues on back of need for smart urban mobility

ALBANY, N.Y., Feb. 24, 2022 /PRNewswire/ -- The need for road safety in public transportation has propelled the adoption of intelligent transportation systems. Technologies including traffic signal control systems, cutting-edge speed image recognition cameras, global positioning system (GPS), and Internet of Things (IoT) are extensively used to generate real-time data for preventing traffic congestion issues. The smart transportation market is projected to advance at CAGR of 21.30% during 2021–2031, and reach US$ 400.77 Bn by 2031.

The rapid pace of urbanization has spurred the prospects of smart transportation for urban mobility. The need for improving safety of passengers is propelling investments in transportation infrastructure facilities. The focus of transportation system in emerging economies on supporting smart urban mobility has expanded the outlook of the smart transportation market. This will expand horizon in sustainable transportation.

The growing popularity of connected cars for safety and comfort of passengers has boosted the customer propositions of smart transportation. Some of the lucrative applications are mobility as a service, route information, and route guidance. Growing investments in modernizing rail networks in developed regions have fuelled investment in the smart transportation market, increasingly in France and the U.K.

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Key Findings of Smart Transportation Market Study

• Smart Traffic Management for Urban Mobility Propels Adoption: Urban mobility is witnessing pressing need for managing traffic congestion, thus fueling the demand for smart transportation system. The growing need for making urban transport safer and affordable is a key driver for smart transportation, observe the analysts in an in-depth TMR study. Key ITS finding adoption in the smart transportation market are vehicle navigation, security CCTV systems, and container management system.
• Rising Demand for Cloud Services in Commercial Transport Businesses: Of the various services segment, cloud held a major share of the global smart transportation market in 2020. The adoption of cloud services in transportation has gained enormous momentum, find the study. These services find wide use in managing traffic, both for public and private systems.
• Need for Safety & Efficiency in Public Transportation: Governments are harnessing the benefits of smart transportation for facilitating public transport transfer coordination. In particular, ITS is underpinning coordination among transport networks. Thus, spending on smart transportation for public transport systems has generated massive revenue streams.

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Smart Transportation Market: Key Drivers

• Investments in safe, reliable, and efficient transportation system is a key driver for the smart transportation
• R&D in intelligent traffic control systems have helped meet need for increased road safety and minimizing traffic congestion. Investments in expanding road and rail networks in emerging economies have opened up promising frontiers in the smart transportation market.

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Smart Transportation Market: Lucrative Regions

• The Asia Pacific smart transportation market is projected to expand at a leading pace during the forecast period of 2021–2031. Significant adoption of smart transportation systems for improving safety in roadways and railways has propelled revenue generation, notably in emerging economies of China and India. The proliferating incorporation of sensors and IoT in intelligent transportation systems (ITS) is bolstering the revenue generation, notes the TMR study.
• Europe held a major share of the global smart transportation market in 2020. Massive investments in modernization of their rail services are fueling growth avenues.

Smart Transportation Market: Key Players

Some of the key players in the smart transportation market are Bentley Systems, Hitachi Ltd., Amadeus IT Group SA, TomTom International BV., Harris Corporation, Bombardier Inc., Huawei Technologies Co., Ltd., Siemens AG, Thales Group, Cubic Corporation, Accenture PLC, and Cisco Systems.

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Global Smart Transportation Market: Segmentation

• Smart Transportation Market, by Solution
• Ticketing Management System
• Parking Management System
• Integrated Supervisory System
• Traffic Management System
• Smart Transportation Market, by Service
• Cloud Services
• Business Services
• Professional Services
• Smart Transportation Market, by Application
• Mobility as a Service
• Route Information and Route Guidance
• Public Transport
• Transit Hubs
• Connected Cars
• Video Management
• Others
• Smart Transportation Market, by Transportation Mode
• Roadways
• Railways
• Airways
• Maritime
• Smart Transportation Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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