The global Smart Transportation Market size was USD 103.81 Billion in 2021 and is expected to register a revenue CAGR of 10.6% during the forecast period, according to latest analysis by Emergen Research. Technological advancements to enhance customer experience is the major factor driving market revenue growth.
With significant technological development, autonomous and semi-autonomous cars are evolving quickly, as they can operate with little or no assistance from humans. The transportation sector is experiencing a trend toward development of autonomous cars, while semi-autonomous cars are anticipated to be introduced by a number of transportation providers in the future, even if widespread adoption of autonomous vehicles would take some time. Some businesses that offer mobility-on-demand services are now using semi-autonomous vehicle technologies in automobiles. Since autonomous cars don’t need drivers and would save mobility service providers money, their deployment is essential for development of the smart transportation sector. Although several businesses in the smart transportation sector are already moving in this direction, autonomous cars are still in early stages of development. For providers of smart transportation solutions, the development of automated cars offers enormous growth prospects.
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Key companies operating in the Smart Transportation market include:
Thales, Huawei Technologies Co., Ltd., Siemens, IBM, Cisco Systems, Inc., SAP, Cubic Corporation, Alstom, Bombardier, and Toshiba Corporation.
However, market expansion is expected to be limited by a shortage of consistent and systematized technologies. Smart transportation solutions consists of a variety of parts including software, hardware, and other technologies, all of which are offered by a number of providers. As a result, solutions lack uniformity and consistency, which creates compatibility issues. Additionally, it is challenging for manufacturers to market their goods globally since communications vary across many countries and locations and different types of networking guidelines. For example, in the European region, laws are inconsistent or non-existent when it comes to collecting and analyzing data flow. To encourage widespread adoption of these technologies, a standardized communications protocol and process for traffic control systems is required. As a result, lack of internationally enforceable rules, processes, and standards for adoption of traffic management technology operates as a market restriction. Country rules, procedures, and regulations for smart transport systems can put restraints on deployment of smart transportation technologies. This emphasizes requirement for a uniform process and communication protocol in smart transportation technologies to facilitate worldwide adoption.
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Some Key Highlights From the Report
- The roadway segment accounted for largest revenue share in 2021. There is an increasing demand for smart transportation owing to ,technology’s capacity to increase road safety and reduce traffic congestion through efficient monitoring and control of road transport. Lower injury rates and improved protection for motorists, riders, and pedestrians are results of implementing smart transportation on roads, which is one of the major factors driving revenue growth of this segment. Advancements in technology for a variety of uses, such as installing improved radar and warning lights embedded in e roadway pavement to alert vehicles, are also expected to drive revenue growth of this segment.
- Smart ticketing technology is one of the most innovative methods of handling tickets and related processes in the airline company. Among other technological solutions and other transport networks, implementation of smart ticketing in airlines is experiencing a lot of changes on a global scale. Airport staff can manage manual chores at peak times by deploying smart ticketing technology, while airlines receive helpful services and benefits including self-boarding and self-luggage management, which is expected to drive revenue growth of this segment.
- Communication technology in the maritime segment accounted for largest revenue share in 2021. Enterprise software specifically created for shipping industries is known as maritime software. Shipping companies can manage their fleets and control ships and communicate between ships with the help of this fully integrated software. All shipping-related tasks associated with waterway transportation are handled by the program, including Management Information System (MIS), dry docking, bunkering, and vessel performance, among others. Smart transportation in maritime comes with advantages such as increasing operational effectiveness and saving operating and maintenance costs. These systems are the most crucial software for shipping businesses, which is driving revenue growth of this segment.
- The North America market accounted for second-largest revenue share in 2021. North America has a stable and well-established economy, allowing it to invest heavily in research & development, promoting development of new smart transportation tools. Most of the major competitors, such as IBM Corporation, Cisco Systems, Inc., Harris Corporation, and Bentley Systems as well as many start-ups, are present in the region, offering advanced smart transportation solutions and services to meet the needs of clients which is expected to drive market growth. In addition, expanding use of cloud systems in the U.S. is another factor driving market growth in this region.
- On 11 April 2022, Indigenous Onboard Driver Assistance and Warning System – ODAWS, Bus Signal Priority System, and Common SMART IoT Connectiv (CoSMiC) software were launched under the Intelligent Transportation System Endeavor for Indian Cities Phase-II initiative of Ministry of Electronics and Information Technology (MeitY). To provide audio and visual signals for driver assistance, ODAWS integrates car-borne sensors to monitor driver tendencies and environment around the vehicle. This project entails creation of sub-modules such as mmWave radar sensor, driver assistance console, and navigational unit.
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For the purpose of this report, Emergen Research has segmented the global smart transportation market based on component type, application type, communication technology, and region:
- Component Type Outlook (Revenue, USD Billion; 2019-2030)
- Railways
- Roadways
- Airways
- Maritime
- Application Type Outlook (Revenue, USD Billion; 2019-2030)
- Mobility as a Service
- Smart ticketing solution
- Route Information and Route Guidance
- Passenger Information
- Public Transport
- Transit Hubs
- Connected Cars
- Video Management
- Others
- Communication Technology Outlook (Revenue, USD Billion; 2019-2030)
- Communication Technology in Roadways
- Communication Technology in Railways
- Communication Technology in Airways
- Communication Technology in Maritime
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- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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