Global Smart Transportation Industry Report 2023: Market to Surpass $310 Billion by 2030 - Rising Government Initiatives and Public-Private Partnership Models

DUBLIN, Jan. 23, 2024 /PRNewswire/ -- The "Global Smart Transportation Market 2030 by Offerings and Services, Application, Transportation Mode & Region - Partner & Customer Ecosystem Competitive Index & Regional Footprints" report has been added to  ResearchAndMarkets.com's offering.

The Smart Transportation Market size is estimated to grow from USD 120.4 Billion in 2023 to reach USD 310.65 Billion by 2030, growing at a CAGR of 14.50% during the forecast period from 2023 to 2030.

The smart transportation industry includes a wide range of technology and solutions aimed at improving transportation systems, reducing congestion, increasing safety, and increasing overall efficiency. This industry has grown in popularity as a result of rising urbanization, increased traffic congestion, environmental concerns, and the proliferation of Internet of Things (IoT) devices.

The smart transportation market strives to address the constraints and complexities of current transportation systems by leveraging cutting-edge technologies. Connected vehicles, intelligent traffic management systems, electric and autonomous vehicles, data analytics, and mobility-as-a-service (MaaS) platforms are examples of these technologies.

Cars outfitted with sensors and communication technology enable real-time data sharing between cars, infrastructure, and centralized systems. This offers a variety of features, including vehicle-to-vehicle communication, predictive maintenance, and enhanced driver assistance systems. In addition, the concept of Mobility as a Service (MaaS), which provides a smooth and integrated approach to mobility, is also prominent in the smart transportation market.

MaaS platforms enable consumers to plan, book, and pay for many modes of transportation via a single app, providing a convenient and flexible alternative to traditional transportation paradigms. In the smart transportation business, data analytics is critical for delivering insights into traffic patterns, user behavior, and infrastructure performance. These insights allow governments and transit providers to make more informed decisions, manage operations, and improve user experiences.

Adoption of lot and Automation Technologies to Enhance Technological Advancements

The adoption of IoT (Internet of Things) and automation technologies is critical to further technological developments in the field of smart transportation. This convergence of cutting-edge technology is transforming how people and things move throughout urban and interurban areas, leading to increased efficiency, safety, and sustainability.

The integration of Internet of Things (IoT) technology is a critical component in the advancement of smart transportation. IoT establishes a networked ecosystem that enables real-time data sharing and decision-making by integrating sensors, communication devices, and data analysis tools into cars, infrastructure, and urban environments. Vehicles outfitted with IoT devices can connect, traffic control systems, and even people, providing a complete picture of the transportation landscape.

This real-time connectivity improves traffic management, optimizes routes, and reduces congestion. Furthermore, IoT technology enables predictive maintenance, allowing for the early diagnosis of vehicle issues and the prevention of failures, contributing to smoother operations and reduced downtime.

Additionally, the adoption of such technologies also gives rise to the concept of Mobility as a Service (MaaS). MaaS solutions combine IoT connectivity and automation to provide consumers with seamless access to several modes of transportation, including public transportation, ridesharing, bike-sharing, and even autonomous taxis, all through a single app. This integrated strategy improves customer comfort by offering real-time information, smooth bookings, and personalized travel options, minimizing the need for personal car ownership and encouraging a transition toward more sustainable and efficient transportation solutions.

Furthermore, Driverless vehicles are transforming the transportation concept. Autonomous vehicles, which are powered by modern sensors, cameras, LiDAR, and artificial intelligence, have the capability of navigating highways and interacting with their surroundings without the need for human interaction. These cars have the potential to improve safety by anticipating and reacting to possible collisions faster than human drivers. Furthermore, automation technology can improve traffic flow by allowing vehicles to communicate and coordinate with one another, reducing abrupt lane changes and braking, both of which contribute to congestion.

In conclusion, the aforementioned developments are transforming how both individuals and goods move through real-time networking, data analytics, and automation, leading to safer, more efficient, and sustainable transportation networks. Smart transportation is poised to change urban mobility and pave the way for a future characterized by intelligent, connected, and autonomous transportation systems as governments, industry, and researchers work together to overcome issues and harness the potential of emerging technologies.

Rising Government Initiatives and Public-Private Partnership Models for Smart Transportation

Rising government initiatives and the advent of public-private partnership (PPP) models are critical driving forces advancing smart transportation systems. As the world grapples with urbanization, traffic congestion, environmental concerns, and the need for more effective mobility solutions, governments and corporate entities are increasingly working together to adopt novel transportation technology and tactics.

These partnerships involves collaboration between government and business sector entities, exploiting each party's capabilities to achieve common goals. PPPs enable the pooling of resources, experience, and novel technologies in the context of smart transportation, which would otherwise be difficult for individual organizations to achieve. This relationship fosters synergy, resulting in the creation and execution of comprehensive solutions to urban mobility concerns.

Additionally, Companies such as Uber and Lyft have formed alliances with local governments to provide last-mile connectivity solutions, eliminating the demand for personal vehicle ownership and mitigating traffic congestion. These collaborations encourage multimodal transportation options by integrating their platforms with public transit networks and enabling shared rides, making urban mobility more comfortable and efficient.

In addition, Governments and technology businesses are collaborating to deploy sensors, cameras, and data analytics tools that monitor and optimize traffic flow in real time. This coordinated initiative reduces traffic congestion, shortens commuting times, and improves road safety. Cities, for example, are collaborating with technology companies to develop data-sharing platforms that offer commuters with real-time traffic information, allowing them to make informed travel decisions.

Dominating Region and Country

The European smart transportation market includes a diverse variety of new technology and solutions aimed at optimizing transportation systems, boosting safety, lowering emissions, and improving overall urban mobility. This industry is set apart by the incorporation of digital connection, data analytics, Internet of Things (IoT) devices, and automation to create intelligent transportation environments. As governments and private sector Company's work together to address these difficulties, the smart transportation market continues to expand and evolve.

Germany stands out as a market leader in smart transportation. The country's innovative spirit, strong manufacturing capabilities, and well-established automotive sector have propelled it to the forefront of the smart transportation revolution. Furthermore, cities in Germany are rapidly embracing smart transportation programs. Intelligent traffic management systems that use IoT sensors and data analytics to optimize traffic flow, reduce congestion, and improve safety are being implemented in cities such as Berlin, Munich, and Hamburg. Germany's dedication to providing numerous and interconnected mobility options is shown in the adoption of smart mobility solutions such as ride-sharing platforms, e-scooter services, and integrated public transportation apps.

Major Classifications are as follows:

By Offerings

• Solutions
• Smart Ticketing
• Parking Management
• Traffic Management
• Passenger Information
• Freight Information
• Rail Traffic Management
• Air Traffic Management
• Port Operation Management
• Vessel Tracking
• Services
• Consulting
• Deployment and Integration
• Support and Maintenance

By Application

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

By Transportation Mode

• Roadway
• Railway
• Airway
• Maritime

By Region

• North America
• US
• Canada
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Rest of Asia Pacific
• Rest of the World
• Middle East
• UAE
• Saudi Arabia
• Israel
• Rest of the Middle East
• Africa
• South Africa
• Rest of the Middle East & Africa

Companies Mentioned

• Alstom (France)
• Hitachi Ltd. (Japan)
• Thales Group (France)
• Huawei Technologies Co., Ltd. (China)
• Siemens AG (Germany)
• IBM Corporation (US)
• Cisco Systems, Inc. (US)
• SAP (Germany)
• Cubic Corporation (US)
• Toshiba (Japan)
• Saab AB (Sweden)
• Veson Nautical (Massachusetts)
• BASS Software (Norway)
• Bentley Systems (US)
• Indra Sistemas (Spain)
• Trimble (US)
• TomTom International BV. (Netherlands)
• Amadeus IT Group SA (Spain)
• Conduent (US)
• Kapsch (Austria)
• Descartes (Canada)
• Accenture (Ireland)
• DNV GL (Norway)

For more information about this report visit https://www.researchandmarkets.com/r/jvt5l5

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com   

For E.S.T Office Hours Call +1-917-300-0470 
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716 

Logo:  https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg 

SOURCE Research and Markets