Overview

Smart Transportation Market Introduction:

The global smart transportation market is projected to value over US$ 148 billion by the end of 2027 and record a CAGR of over 14% during the forecast period of 2020-2027.

A mounting amount of on-road vehicles and weak current transport infrastructure are anticipated to drive the demand for effective transportation management solutions. Increasing investments in smart cities and positive government initiatives for creating an advanced infrastructure and seamless running of current transport systems are foreseen to encourage smart transportation market growth. Furthermore, increasing government initiatives on lessening greenhouse gas emissions and controlling disturbing levels of traffic obstruction are predicted to boost market growth in the coming years.

The need for huge expenses to replace current infrastructure with intelligent and advanced transportation systems is anticipated to hamper the market growth. Longer time taken to replace the current transport infrastructure, extensive database requirement of the road network, are also considered as challenges.

Market Highlights:

Airport segment is poised to register the highest CAGR owing to factors such as expanding infrastructure, rising demand for air transportation, developed technologies and digitalisation.
Growing adoption of new technologies, increasing smart city initiatives in countries such as Singapore, Hong Kong, China, Australia, and India, growth in the transportation industry are major factors to drive market growth in APAC at the soaring rate

Key Market Players are:

Cisco System, International Business Machine (IBM) Corporation, Accenture PLC, Cubic Corporation, Kapsch, General Electric Company (GE), Siemens, Indra Sistemas and others.

Smart Transportation Market Segmentation:
By Transportation Mode

Airways
Maritime
Railways
Roadways

By Solution

Traffic Management System
Parking Management System
Ticketing Management System
Integrated Supervision System

By Application

Shared Mobility
Public Transport
Autonomous/Driverless Vehicles
Route Information and Route Guidance
Transit Hubs
Video Management
Others

By Region:

Europe
North America
APAC
Latin America
Rest of World

Competitive Landscape:

Tier 1 players- established companies in the market with a major market share
Tier 2 players
Emerging players which are growing rapidly
New Entrants

FutureWise Takeaways:

Growth prospects
SWOT analysis
Key trends
Key data points affecting market growth

Objectives of the Study:

To provide an exhaustive analysis on the Market by Transportation Mode, by Solution, by Application, and by Region
To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
To evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East.
To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
Profiling of companies to evaluate their market shares, strategies, financials and core competencies