According to the report, the global smart transportation market was valued at US$ 47.91 Bn in 2020, expanding at a CAGR of 21.3% during the forecast period. Smart transportation integrates different technological features and applications for providing real-time information to improve, innovate and manage transportation systems. These technological features are adopted in all the transportation services including roadways, railways, airways and maritime to improve performance in the transportation systems.
Rising technological advancements to enhance customer experience in the vehicles drives the growth of the smart transportation market. Moreover, integration of artificial intelligence (AI), machine learning (ML) and internet of things (IoT) in the vehicles can endorses a better understanding and knowledge about consumer behaviors and thereby, further opt for appropriate solutions and better decision making for consumer’s safety and security. In addition, such technologies also provides guidance in real-time data tracking and management solution. Therefore, use of advanced technology in the vehicles propels the growth of the smart transportation market.
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Due to onset of COVID-19 pandemic, the transportation sector was widely hampered, as the public was restricted from traveling due to lockdown and all the public and private transport services was also shut. Moreover, due to disruption of global supply chain, rail, road, air and sea transportation services was also stopped, which further hampered the market growth. However, all the global restrictions have been relieved, which reinitiated the travel and tourism industry, and rest of the manufacturing and supply businesses are starting their services that initiated the supply chains, hence, further expected to witness the growth of smart transportation market.
Expansion of Global Smart Transportation Market
The rising trend and use of autonomous and semi-autonomous vehicles in most of the developed and developing countries is expected to drive growth of the smart transportation market during forecast period. Countries such as the U.S., Germany, the U.K. France, Japan, China, and others has adopted the use of autonomous metro and bullet train service which require very minimal or no intervention of human and all the solutions and services are equipped with advanced features. Moreover, the demand for connected cars is also rising in the U.S. and European countries, which stores all its recorded data on a cloud server that is accessed by the service providers and users for their further use. Therefore, such adoption of technology in vehicles or trains is projected to boost the growth of the market in the future.
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Based on application, the public transport segment held a prominent share of the smart transportation market, in terms of revenue, in 2020. Technology integration in public transport offers real-time data for different transit services including departure time, arrival time, and current location of the vehicle, which further avoids disruptions. Moreover, several governments are focusing to upgrade their transportation with advanced technologies which also contributes to the growth of the smart transportation market.
In terms of transportation mode, the road transportation mode segment held a prominent share of the smart transportation market, in terms of revenue, in 2020. In road transport services, the technological features are widely integrated, especially for traffic management solutions, road freight forwarding, inventory or container data management, and others. Moreover, highways are equipped with different radars, which track the vehicle speed, and traffic and avoid accidents, which also contributes in the market.
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Regional Analysis of Smart Transportation Market
In terms of region, the global smart transportation market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe has dominated the global smart transportation market in terms of revenue in 2020, as this region has the highest adoption of advanced technology in the transportation sectors. Moreover, the European countries are highly investing in the up-gradation and modernization of their rail services and infrastructure, which contributes to the growth of the smart transportation market. Apart from Europe, Asia Pacific region is expected to witness the fastest growth in the market due to its rising population and urbanization and increasing adoption of advanced technological features for transportation services.
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Smart Transportation Market Players
Prominent players operating in the global smart transportation market include General Electric Company, IBM Corporation Inc., WS Atkins, Cisco Systems, Accenture PLC, Cubic Corporation, Thales Group, Siemens AG, Huawei Technologies Co., Ltd., Bombardier Inc., Harris Corporation, TomTom International BV., Amadeus IT Group SA, Hitachi Ltd., Bentley Systems and others.
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