Smart Transportation Market Growth Focusing on Trends & Innovations During the Period Until 2030

Smart transportation market to reach $251.01 billion in 2030, Airways transpiration to rise at 11.2% CAGR; Ticketing management to rake at 11.1% CAGR.

PORTLAND, OREGON, UNITED STATES, October 20, 2022 / — Allied Market Research recently published a report, titled, “Smart Transportation Market By Solution (Ticketing Management System, Parking Management and Guidance System, Integrated Supervision System, Traffic Management System), by Services (Business, Professional, Cloud Services), by Transportation Type (Roadways, Railways, Airways, Maritime): Global Opportunity Analysis and Industry Forecast, 2020-2030″. As per the report, the global smart transportation industry was pegged at $96.6 billion in 2020, and is expected to reach $251.0 billion by 2030, growing at a CAGR of 10.2% from 2021 to 2030.

Major determinants of the market growth

Smooth flow of traffic and time-efficiency, development and promotion of green fuels, and surge in demand for efficient transportation networks have boosted the growth of the global smart transportation market. However, high capital investment and large database requirements for road networks hinder the market growth. On the contrary, investments in innovative ideas for smart cities and advent of parking management systems are expected to open new opportunities in the future.

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Covid-19 scenario:

The Covid-19 pandemic created uncertainty in the market and affected the transportation industry due to implementation of isolations practices and lockdown across the country.
However, market players have adopted novel strategies to boost revenue and leverage new opportunities. Moreover, as the world recovers from the pandemic, the demand for smart transportation would increase.
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The airways segment to manifest the highest CAGR through 2030

By vehicle type, the airways segment is expected to register the highest CAGR of 11.2% during the forecast period. This is due to rise in development of aviation sector. However, the roadways segment held the lion’s share in 2020, accounting for nearly one-third of the global smart transportation market, due to rise in availability of automobile fleets across the globe.

The traffic management system segment held the lion’s share

By solution, the traffic management system segment dominated the market in 2020, contributing to nearly one-third of the global smart transportation market. This is due to rapid urbanization and development of smart cities and smart traffic systems. However, the parking management & guidance system segment is expected to register the highest CAGR of 11.7% during the forecast period, owing to innovative technologies that improve access control & payment automation, rise in demand for electronic cashless payment, and improve collaboration between parking and transportation.

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Europe, followed by North America, to contribute the highest revenue by 2030

By region, the market across Europe held the largest share in 2020, accounting for around one-third of the market, due to development toward smart cities and smart infrastructure across the region. However, the global smart transportation market across Asia-Pacific is projected to portray the highest CAGR of 11.7% during the forecast period, due to increase in production & sales of vehicles and advanced technologies.

Major market players

Cisco Systems, Inc.
IBM Corporation
Cubic Corporation
MSR-Traffic GmbH
Iteris, Inc.
Thales Group
TomTom International BV.

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Analytics LLP
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