Smart Transportation Market Worth $33.6 Billion by 2027- Exclusive Report by Meticulous Research®

REDDING, Calif., June 29, 2021 /PRNewswire/ -- According to a new market research report titled, "Smart Transportation Market by Transportation Mode, Product Type (Solution & Services), Application (Mobility as a Service, Route Information, Route Guidance, Public Transport, Transit Hubs, Connected Cars), and Region – Global Forecast to 2028", published by Meticulous Research®, the smart transportation market is expected to grow at a CAGR of 17.5% from 2020 to 2028 to reach $33.6 billion by 2028.

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Smart transportation is one of the most important components of any smart city project. It is an advanced application with an aim to provide innovative services associated with different modes of transport and traffic management and enable users to be better informed and make safer, more coordinated, and smarter use of transport networks.

The growth of this market is primarily attributed to the rapid urbanization and increasing demand for efficient transportation, rising government focus on reducing greenhouse gas emissions and curbing alarming levels of traffic congestion, and increasing investments in smart city projects. In addition, the emergence of autonomous vehicles offers significant growth opportunities for the smart transportation market. However, the high initial cost of deployment and stringent transportation regulatory policies obstructs the growth of this market to some extent.

Impact of COVID-19 on Smart Transportation Market

The effects of COVID-19 are being felt across the transportation sector. From rickshaw pullers to airlines, all have been affected economically by the pandemic. All the modes of transportation such as trains, buses, flights, and cars are kept on hold unless the pandemic subsides. The travel restrictions that were put in place to minimize the spread of the virus hindered the capability of companies to transport passengers from different places around the world and the freedom of movement. As a result, transportation revenues dropped significantly; therefore, transport workers' wages were deducted, other transport workers were laid off, and some transport companies closed due to bankruptcy.

In order to control the spread of COVID-19, many countries around the world have placed restrictions on domestic transit and/or closed border crossings for road freight transport services. The Maritime industry has largely proved resilient to the COVID-19 outbreak. Despite the current difficult times, a vast majority of ports have succeeded in staying open to cargo operations. However, most of them still remain closed to passenger traffic. Despite the disruptions at ports and crew changes, the shipping industry has largely continued to operate around the world, facilitating the movement of essential supplies and medicines that are needed to keep countries running and to deal with the global public health crisis.

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Transportation is among the most affected sectors in the world that will surely have to change its way of operations and business models. There are several questions and challenges in front of the transportation companies and government to gain the customer's trust back in them and safeguard their safety and security. The pandemic has put the governments and transport companies in the challenge of adapting to the new norms, consider new means of transport operations, the efficiency of services provided to passengers, prioritizing passenger's safety, and above all, preventing the Corona Virus from spreading. Since the transport industry is the most vulnerable and affected industry during the pandemic, it is anticipated that it will recover with a considerable growth rate over the next few years.

Key Findings in the Smart Transportation Market Study

The smart transportation market is segmented on the basis of by transportation mode (roadways, railways, airways, and maritime), product type (solution (smart ticketing & toll, parking management, traffic management, passenger information, freight information, telematics, and others)) & (services (consulting, deployment & integration, support & maintenance), application (mobility as a service, route information and route guidance, public transport, transit hubs, connected cars, and others), and geography. The study also evaluates industry competitors and analyses the market at a country level.

Based on the transportation mode, the smart transportation market is broadly classified into roadways, railways, airways, and maritime transportation. In 2021, the roadways segment is expected to command the largest share of the overall smart transportation market. Growing demand for better and sustainable roadways, progressive demand for safe transportation and better traffic management, government initiatives for smart roadways, and the growing trend towards the adoption of smart cities is expected to drive market growth.

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However, the railways segment is expected to grow at the highest CAGR during the forecast period. Growing demand for smart railway solutions, offering safety, reliable advanced services, and operational efficiency to passengers has been accelerated by the progressive trend of globalization & urbanization. The rise in the number of rail accidents has also increased the need to implement smart sensor technologies in railway coaches that can detect defects in bearings, wheels, and railway tracks to avert accidents. Besides, several local governments are encouraging initiatives and implementing advanced technologies for the improvement of smart railway systems, in turn driving the market growth.

Based on product type, the smart transportation market is broadly classified into solutions and services. In 2021, the solutions segment is expected to command the largest share of the overall smart transportation market. The solutions segment is further classified into smart ticketing & toll, parking management, traffic management, passenger information, freight information, telematics, and other solutions. Issues associated with public safety, traffic management concerns, positive government initiatives towards promoting smart transportation facilities, growing inclination towards eco-friendly automobile technologies, and rising investment in smart city projects across the world are expected to drive the growth of smart transportation solutions.

However, the services segment is expected to grow at the highest CAGR during the forecast period. The services segment is further classified into consulting, deployment & integration, and support & maintenance. The growing concern of organizations to gain visibility for diagnosing and troubleshooting problems before they impact operations or end-user experiences is expected to drive the adoption of smart transportation services. Furthermore, technical support and upgradation of smart transportation solutions is also necessary in order to ensure optimum utilization of these solutions, which supports the growth of the smart transportation services market.

Based on application, the smart transportation market is broadly classified into mobility-as-a-service, route information and route guidance, public transport, transit hubs, connected cars, and other applications. In 2021, the route information and route guidance segment is expected to command the largest share of the overall smart transportation market. The need to monitor different modes of transportation and traffic management and perpetually growing cases of accidents associated with transportation are expected to drive the growth of the smart route information and route guidance systems market. However, the connected cars segment is expected to grow at the highest CAGR during the forecast period. Growing demand from consumers for connectivity solutions, surge in need for constant connectivity, growing technology dependency, and an upsurge in the tech-savvy population are the key factors promoting the market growth.

Geographically, Europe is expected to command the largest share of the global smart transportation market in 2021. The European region, especially western Europe, is among the front runners in technological adoption and infrastructure development. Substantial investments for modernization and upgradation of rail infrastructure in the European countries is supporting the regional growth of the smart transportation market. Countries from Western Europe, such as the U.K, France, and Germany, already have a well-established transportation infrastructure, and several transportation operators in the region are using some of the advanced smart transportation solutions. Thus, the major factors contributing to the growth of the market include the rising government spending on improving the urban transport and traffic system of the region, especially in the U.K and France. Moreover, the increasing cross-border trade which has increased the traffic in the region is also among several key factors promoting the incorporation of smart transportation in the European economies.

The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years. The smart transportation market has witnessed a number of partnerships, agreements & collaborations in recent years. For instance, In May 2021, Saab signed an agreement with the Bulgarian Air Force to deliver the innovative Deployable Maintenance Facility (DAM). The system will provide the Bulgarian Air Force with an efficient and flexible way to optimize its infrastructure capability.

The global smart transportation market is consolidated and dominated by few major players, namely Thales Group , Huawei Technologies Co., Ltd. , Siemens AG , IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE , Cubic Corporation (U.S.), Alstom , Bentley Systems, Inc. (U.S.), Toshiba Corporation , Harris Corporation (U.S.), Saab AB , Veson Nautical (U.S.), BASS Software Ltd. , and Indra Sistemas among others.

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Scope of the Report

Smart Transportation Market, by Transportation Mode      

  • Roadways
  • Railways
  • Airways
  • Maritime

Smart Transportation Market, by Product Type                                     

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

Smart Transportation Market, by Application         

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

Smart Transportation Market, by Geography

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

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About Meticulous Research®

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