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Smart Transportation Market Trends

ID: MRFR//1834-CR | 132 Pages | Author: Aarti Dhapte| March 2024

Global Smart Transportation Market Overview

Smart Transportation Market Size was valued at USD 133.583 Billion in 2023. Smart Transportation Market industry is projected to grow from USD 152.044 Billion in 2024 to USD 374.93 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.94% during the forecast period (2024-2032). The enhancements in the internet connectivity field improve the smart transport market and the adoption of technologies and internet connectivity into transportation.

Smart Transportation Market Overview

 Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Smart Transportation Market Trends

  • The Trend of Autonomous Vehicles Boosts Market Growth

A self-driving car, sometimes called an autonomous vehicle, can sense its surroundings and travel safely without human intervention. One of the key components of Intelligent Transport Systems (ITS), which stands for the fusion of information and communication technologies, is (ICTs). With the implementation of autonomous driving, the primary objective of ITS is to reduce the number of traffic and pedestrian deaths and improve transportation infrastructure systems. AGVs, automated forklifts, robotic fruit and flower picking, and other future industrial applications heavily rely on autonomous vehicles and ITS.

The benefits of autonomous vehicles in smart transportation are:

Autonomous cars combine various components of their sensor and vision systems to understand their environment and mimic human driving. These systems can scale to millions of vehicles and function in various lighting and weather situations. The use of high-quality, toughened, and precise imaging technologies with 3D object resolution, screening of static and moving objects, and 360-degree horizontal coverage massive volumes of real-time data are delivered due to the installation of 8K panoramic cameras, necessitating a high bandwidth capacity.

Powerful sensor systems, including sonar, radar, GPS, odometry, and LiDAR, are also required, in addition to high-quality vision solutions. A 3D map is created using the sensor data to offer adaptive cruise control, collision avoidance, and blind-spot recognition. For instance, by scanning the area around the vehicle with a laser beam, LiDAR can record the forms of the environment. Real-time tracking is done for both moving and stationary objects. Although an automated forklift or fruit harvester might not require 8K high-resolution visual quality, these autonomous vehicles use optic sensors (cameras), speed or laser sensors, and software to generate a 3D map of their operational environment and to navigate the process. Thus, such applications continue to demand huge data transfers.

Smart Transportation Market Segment Insights:

Smart Transportation Market Transportation Mode Insights

Based on transportation mode, the smart transportation market has been segmented into roadways, railway, airway and marine. The roadways segment accounted for the largest market share in 2022; Cities are under increasing pressure to solve environmental challenges brought on by traffic congestion and urban population expansion, while also offering more equal mobility and sustainable transportation. Smart road technology assists municipal planners and governments in addressing these issues. With traffic management, pedestrian and vehicle safety, environmental monitoring, smart and linked highway corridors, and EV charging and parking networks, the Internet of Things (IoT) is making road transportation more connected, safe, sustainable, and efficient. The urban population, which is expected to outnumber the rural population by 2050, will have a significant influence on transportation infrastructure and the environment. While smart road technology is now in use throughout the world, the future of smart infrastructure is only getting started.

Figure 1: Smart Transportation Market By TRANSPORTATION MODE Insights, 2023 & 2032 (USD Million)

Smart Transportation Market By TRANSPORTATION MODE Insights, 2023 & 2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Smart Transportation Application Insights

The application segment of the smart transportation market has been segmented into mobility-as-a-service, route information and route guidance, public transport, transit hubs, connected cars, video management, and others. Mobility-as-a-Service typically involves the integration of various modes of transportation, such as public transit, ride-sharing services, bike-sharing programs, and even autonomous vehicles, into a single platform. Users can access the platform using a smartphone application or web interface, where they can plan their journey, select the most appropriate mode of transportation, and pay for their travel using a single account.

Smart Transportation Regional Insights

By region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The North American region is a significant market for smart transportation solutions, given its advanced transportation infrastructure, high urbanization rate, and the presence of several leading technology providers. The smart transportation market in North America is expected to grow at a significant rate during the forecast period. The North American governments are promoting the development and adoption of smart transportation solutions through various initiatives and funding programs. For instance, the US Department of Transportation's Smart City Challenge program provided funding for the development of innovative transportation solutions in several US cities. U.S. demographics are changing rapidly, and so are technological trends. There is an increasing number of older adults ageing in place and given the rise of automated vehicles and innovation in mobility services, there are opportunities for on-demand modes to enhance access for older adults, children, and people with disabilities.

Figure 2: SMART TRANSPORTATION Market By REGION Insights, 2023 & 2032 (USD Million)

SMART TRANSPORTATION Market By REGION Insights, 2023 & 2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe stands as the second-biggest market for smart transportation market. The region has a well-developed transportation infrastructure and is home to several major automotive and technology companies, which are driving the adoption of smart transportation solutions. One of the major drivers of growth in the European smart transportation market is the increasing focus on reducing carbon emissions and promoting sustainable transportation options. Governments and regulatory bodies in the region are implementing policies and incentives to encourage the adoption of electric and hybrid vehicles, as well as the development of smart infrastructure and mobility services. 

Further, the countries considered in the scope of the Smart Transportation Market are the US, Canada, Mexico, UK, Germany, France, Italy, Spain, Switzerland, Austria, Belgium, Denmark, Finland, Greece, Hungary, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Sweden, Romania, Ireland, China, Japan, Singapore, Malaysia, Indonesia, Philippines, South Korea, Hong Kong, Macau, Singapore, Brunei, India, Australia & New Zealand, South Africa, Egypt, Nigeria, Saudi Arabia, Qatar, United Arab Emirates, Bahrain, Kuwait, and Oman, Brazil, Argentina, Chile, and others.

Smart Transportation Market Key Market Players & Competitive Insights

The Smart Transportation Market comprises various global, regional, and local service providers that are continuously evolving to enhance their market position. Technological advancements to enhance customer experience and growing adoption of IoT and automation technologies to enhance technological optimization are the key factors that aid market growth.

The service providers compete based on cost, efficiency, and reliability of smart transportation to stay relevant in the competitive market. Vendors in the Smart Transportation Market are focused on improving their products, services and expanding their presence in underdeveloped and developing countries.

Key Companies in the Smart Transportation Market include

  • Hitachi Ltd.

  • Cisco Systems, Inc

  • Intel Corporation

  • Alstom SA

  • Cubic Corporation

  • Kapsch

  • IBM Corporation

  • Thales Group

  • Siemens AG

  • Aeco

  • Accenture Plc

  • Toshiba

  • Harris Corporation

  • Veson Nautical

  • Bass Software

  • Bentley System among others

Smart Transportation Industry Developments

March 2023: Alstom has signed a deal with the Port Authority of New York and New Jersey and Newark Liberty International Airport to provide operations and maintenance services for its Innovia monorail system, known as AirTrain Newark, for the next seven years, until January 2030.

October 2022: Cubic Transportation Systems (Cubic) has unveiled a new partnership with InteliStaf, a division of ATS Traffic, to broaden the company's reach across Canadian provinces and agencies in order to provide a wide variety of innovative traffic management and intelligent transportation solutions.

February 2022: McMaster University and Cubic Transportation Systems (CTS) joined forces to establish the Centre of Excellence for Artificial Intelligence and Smart Mobility. Both will collaborate to address complex transportation problems through multidisciplinary study and product development.

Intended Audience

  • Technology Industry

  • Technology Investors

  • Government Bodies

  • Transportation Industry

Smart Transportation Market Segmentation:

Smart Transportation Market Transportation Mode Outlook

  • Roadways​

    • Solutions​

      • Vehicle Telematics ​

      • Smart Parking Management

      • Freight Information​

      • Passenger Information​

      • Traffic Management

      • Others (Infotainment, V2X, ADAS)​

    • Services

      • Deployment & Integration​

      • Support & Maintenance​

      • Consulting​

  • Railway

    • Solutions

      • GIS Tracking Solutions​

      • Rail Traffic Management​

      • Passenger Information Systems​

      • Freight Information​

      • Others (Smart Ticketing, Auto-Routing and Scheduling, Predictive Maintenance & Wayside Condition Monitoring)​

    • Services​

    • Deployment & Integration​

    • Support & Maintenance​

    • Consulting

  • Airway

    • Solutions​

      • Freight Information System​

      • Passenger Information​

      • Air Traffic Management​

      • Ramp Management​

    • Services​

      • Deployment & Integration​

      • Support & Maintenance​

      • Consulting​

  • Marine​

    • Solutions​

      • Maritime Software​

      • Vessel Tracking​

      • Port Operations Management​

    • Services​

      • Deployment & Integration​

      • Support & Maintenance​

      • Consulting​ Others

Smart Transportation Application Outlook

  • Mobility-as-a-Service​

  • Route Information and Route Guidance​

  • Public Transport

  • Transit Hubs​

  • Connected Cars

  • Video Management​

  • Others​

Smart Transportation Regional Outlook

  • North America

    • US

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Rest of Europe

  • Asia-Pacific

    • China

    • India

    • Japan

    • Rest of Asia Pacific

  • Rest of the World

    • Middle East & Africa

    • South America

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