Smart Transportation Market to be Worth $52.1 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., June 11, 2024 /PRNewswire/ -- According to a new market research report titled, 'Smart Transportation Market by Mode (Roadways, Railways, Airways, Others), Offering (Solutions (Smart Ticketing & Toll, Parking Management, Other) & Services), Application (MaaS, Route Information & Guidance, Others) - Geography —Forecasts to 2031', the smart transportation market is projected to reach $52.1 billion by 2031, at a CAGR of 18.3% from 2024 to 2031.

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The growth in this market is driven by factors such as rising government initiatives for reducing greenhouse gas emissions, rising urbanization and demand for efficient transportation, and technological advancements to enhance customer experience. In addition, the emergence of autonomous vehicles, increasing investments in smart city projects, and decline in vehicle ownership with the advancement of MaaS are expected to provide opportunities for market growth. However, the lack of standardized and uniform technology is expected to restrain the growth of the market.  The high initial cost of deployment is challenging market growth. 

The smart transportation market is segmented based on transportation mode (roadways, railways, airways, and maritime), offering (solutions (smart ticketing & toll, parking management, traffic management, passenger information, freight information, telematics, and other solutions) and services (consulting services, deployment & integration services, and support & maintenance services)), application (mobility as a service, route information and route guidance, public transport, transit hubs, connected cars and other applications). The study also evaluates industry competitors and analyses the market at the regional and country levels.

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Based on transportation mode, the smart transportation market is segmented into roadways, railways, airways, and maritime. In 2024, the roadways segment is expected to account for the largest share of around 55.7% of the smart transportation market. However, the railways segment is expected to grow at the highest CAGR during the forecast period. The trend of globalization & urbanization accelerated the demand for smart railway solutions, promoting safe and reliable advanced services and operational efficiency to passengers. Besides, the rise in the number of rail accidents and increasing initiatives by governments worldwide to implement advanced technologies for the development of smart railway systems are also expected to drive the segment growth.

Based on offering, the smart transportation market is broadly segmented into solutions and services. In 2024, the solutions segment is expected to account for the largest share of around 63.8% of the smart transportation market. However, the services segment is expected to grow at the highest CAGR during the forecast period. The growing concern of organizations to gain visibility for diagnosing and troubleshooting problems before hampering operations or end-user experiences is expected to drive the adoption of smart transportation services. Furthermore, the rising need for technical support and upgradation of smart transportation solutions to ensure optimum utilization of these solutions is also supporting the growth of the smart transportation services market.

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Based on application, the smart transportation market is segmented into mobility as a service, route information and route guidance, public transport, transit hubs, connected cars, and other applications. In 2024, the connected cars segment is expected to account for the largest share of around 29.2% of the smart transportation market. The large share of this segment is attributed to the rise in consumer demand for connectivity solutions, a surge in the need for constant connectivity, an increase in dependency on smart technology, and the upsurge in the tech-savvy population. Moreover, the connected cars segment is expected to grow at the highest CAGR during the forecast period.

Based on geography, the smart transportation market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Europe is expected to account for the largest share of around 29.6% of the smart transportation market. However, the Asia-Pacific region is expected to grow at the highest CAGR of above 20.0% during the forecast period. The growth of the market is attributed to the increasing investment by countries such as India, Japan, and China in megacities to modernize their transportation networks to facilitate enhanced trade exchanges, growing number of vehicles, and rising demand for road safety and traffic management.

Key Players:

The key players operating in the smart transportation market are Thales Group (France), Huawei Technologies Co., Ltd. (China), Siemens AG (Germany),  IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), Cubic Corporation (U.S.), Alstom (France), Bentley Systems, Inc. (U.S.), Toshiba Corporation (Japan), Harris Corporation (U.S.), Saab AB (Sweden), Veson Nautical (U.S.), BASS Software Ltd. (Norway) and Indra Sistemas (Spain).

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Scope of the report:

Smart Transportation Market Assessment, by Transportation Mode                          

• Roadways
• Railways
• Airways
• Maritime

Smart Transportation Market Assessment, by Offering

• Solutions
  • Smart Ticketing & Toll
  • Parking Management
  • Traffic Management
  • Passenger Information
  • Freight Information
  • Telematics
  • Other Solutions
• Services
  • Consulting Services
  • Deployment and Integration Services
  • Support and Maintenance Services

Smart Transportation Market Assessment, by Application                           

• Mobility as a Service
• Route Information and Route Guidance
• Public Transport
• Transit Hubs
• Connected Cars
• Other Applications

Smart Transportation Market Assessment, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Singapore
  • Malaysia
  • Indonesia
  • Rest of Asia-Pacific
• Latin America
  • Mexico
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Israel
  • Rest of Middle East & Africa

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Related Report:

Smart Cities Market- Global Opportunity Analysis and Industry Forecast (2023–2030)

Traffic Management Systems Market- Global Opportunity Analysis and Industry Forecast (2024–2031)

Parking Management Market- Global Opportunity Analysis and Industry Forecast (2024–2031)

Smart Parking Market- Global Opportunity Analysis and Industry Forecast (2024–2031)

Smart Ticketing Market- Global Opportunity Analysis and Industry Forecast (2024–2031)

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