The global smart transportation market size is expected to reach USD 208.86 Billion in 2028 and register a revenue CAGR of 10.4% over the forecast period, according to the latest report by Reports and Data. Increase in number of on-road vehicles and increasing parking issues globally are driving smart transportation market revenue growth.

Smart transportation uses artificial intelligence and information technology to efficiently manage transportation system. It allows traveling population to be aware of traffic and provide them with safer, better, and more enjoyable place to live and work in. Rapid advancement in technology is adding to the growth of smart transportation market.

Emergence of smart cities is also driving the growth of the market. An efficient, convenient, and reliable transportation system is an important feature of a smart city. It ensures faster response during emergency, cleaner air, and convenient methods to reach destinations. Smart cities have various mobility options such as ride sharing, car sharing, biking, and public transportation, among others. Smart cities include pedestrian walkways and interconnected bikes, which encourage people to leave their vehicles at home more often, resulting in a more sustainable environment.

Moreover, with increase in electric vehicles, cities have to accommodate charging stations to ensure electric vehicle owners can charge easily, thereby, again contributing to overall environment sustainability. As more cities are adopting smart transportation networks to improve standard of living, the market is having increased growth levels.

increasing need for faster Internet services, and growing concerns about user data safety and privacy. 

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Artificial Intelligence (AI), the Internet of Things (IoT), and Machine Learning (ML) has fueled the revenue growth of the smart transportation market. The adoption of these technologies enables an AI-enabled transportation system, which offers various advantages, including real-time traffic forecasting, proactive maintenance, and intelligent routing. These benefits contribute to increased transportation productivity and efficiency.

Several end-use industries are experiencing a growing demand for smart mobility solutions. The government sector, transportation and logistics industry, automobile industry, and healthcare industry are among the sectors witnessing an increased interest in smart transportation. The government sector, in particular, is expected to hold a significant share of the market revenue due to rising investments in smart city initiatives and the installation of intelligent transportation systems.

The transportation and logistics sector will also be greatly impacted by the demand for real-time tracking and monitoring of shipments. This increased demand for transparency and visibility in the supply chain will drive the adoption of smart transportation solutions in this sector.

Furthermore, the adoption of autonomous vehicles is expected to be a major driver of market revenue growth. Autonomous vehicles offer improved safety by reducing the need for human intervention and can contribute to a reduction in traffic congestion. The rising acceptance of ride-sharing services and the growing demand for last-mile connections will also play a significant role in driving the revenue growth of the smart transportation market.

Solution Outlook (Revenue, USD Billion; 2018–2028)

• Software
• Services

Transportation Mode Outlook (Revenue, USD Billion; 2018–2028)

• Roadways
• Railways
• Airways
• Maritime

Deployment Outlook (Revenue, USD Billion; 2018–2028)

• On-premises
• Cloud
• Hybrid

Application Outlook (Revenue, USD Billion; 2018–2028)

• Mobility as a Service
• Route Information and Route Guidance
• Public Transport
• Transit Hubs
• Connected Cars
• Video Management
• Others

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Key Regional Markets Covered in the Report:

·       North America (U.S., Canada, Mexico)

·       Europe (U.K., Italy, Germany, Spain, France, BENELUX, Rest of Europe)

·       Asia Pacific (India, Japan, China, South Korea, Australia, Rest of Asia Pacific)

·       Latin America (Chile, Brazil, Argentina, Rest of Latin America)

·       The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Top Companies Operating in the Global Smart Transportation Market:

Siemens AG, Thales Group, Cubic Corporation, General Electric Company, Accenture PLC, Cisco Systems, International Business Machines (IBM) Corporation, Trapeze Software Group, TransCore Inc., and Huawei Technologies Co., Ltd.

Some Key Highlights from the Report

·       In December 2021, the Government of Ontario launched a flagship program to drive investment and innovation in the city’s electric, connected, and autonomous vehicle sector. Government will invest USD 56.4 Million in “Ontario Vehicle Innovation Network (OVIN)” which is a part of “Driving Prosperity: The Future of Ontario’s Automotive Sector”. Previously, the city invested USD 85 Million in Autonomous Vehicle Innovation Network (AVIN).

·       Service segment is expected to register significant revenue growth rate during the forecast period as deployment of software will create demand for maintenance and consulting. Training services help users to understand such software and implement them for better network management. Moreover, smart transportation management software needs to be updated with time to help it keep up with changing vehicles and on-road requirement.

·       Cloud segment is expected to register significant revenue growth rate during the forecast period due to increase in data generated through smart transportation software and services. Cloud allows cities to collect, store and analyze data of all kinds. Insights derived from these data are limitless and help cities to identify gaps, issues, and trends.

·       A smart train uses data to assists passengers and keep them connected, informed, and entertained through stable Wi-Fi or 4G connection across stations and carriages. Smart ticketing, freight information and e-catering are becoming a reality and help with transport efficiency and reduce overall costs in the long run. The Covid-19 pandemic has accelerated digitalization of railways in countries with low digital services.

·       Mobility as a Service (MaaS) is a consumer centric model that offers accessibility to different modes of transportation through one integrated application. It is a real-time platform that includes many combinations of transit methods such as car sharing, bus sharing, bicycle sharing, and self-drive cars. MaaS segment will register an increased revenue growth in the future due to growth of smartphone use with availability of high-speed network connectivity. Moreover, with introduction of 5G, IoT, and smart cities, MaaS is anticipated to have an upward trend.

·       Market in Europe accounted for largest revenue share in 2020. The region has released ‘smart and sustainable mobility strategy’ which outlines number of goals for movement of people and goods around and between the cities and achieve green and digital transformation in the future. According to the European Green Deal, adoption of mobility strategy will cut 90% emission by 2050 and deliver smart, accessible, and safer transport system.

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