Smart Transportation Market to Reach $484.5 Billion by 2029, Growing at 21.7% CAGR

"Comprehensive Report Highlights Latest Advances, Market Dynamics, and Practical Applications in Smart Transportation for Urban and Industrial Use"

BOSTON, April 2, 2025 /PRNewswire/ -- According to the latest study from BCC Research, "Smart Transportation: Technologies and Markets" is expected to grow from $181.7 billion in 2024 to $484.5 billion by the end of 2029 at a compound annual growth rate (CAGR) of 21.7% from 2024 through 2029.

The smart transportation market focuses on technology offerings across roadways, airways, railways, and maritime systems. It highlights solutions such as traffic management, vehicle telematics, smart ticketing, and port operations management. The report covers services such as consulting, deployment, integration, and maintenance, which are crucial for implementing these technologies. It also analyzes the market regions of North America, Europe, Asia-Pacific, and the Rest of the World.

The smart transportation market is undergoing significant advances, with innovations enhancing its applications across multiple sectors. With a growing emphasis on sustainable urban mobility and the need for customized, scalable solutions, stakeholders must stay informed on developments in smart transportation to capitalize on emerging opportunities and stay competitive in an evolving landscape.

The factors driving the market include:

Cost Efficiency: Smart transportation reduces fuel consumption and operational costs through technologies such as intelligent traffic management and optimized routing.

Urbanization Challenges: As cities grow, smart solutions such as integrated public transit and smart parking help manage congestion and pollution, making urban mobility more efficient.

Safety and Security: Advanced systems such as ADAS and automated emergency response enhance safety for passengers and pedestrians, preventing accidents and ensuring secure transit environments.

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Report Synopsis 

Interesting facts:

• Smart transportation is changing public transit with Mobility-as-a-Service (MaaS) models. These models combine ride-sharing, public transit, and other travel options for a smoother experience. For example, the city of Madrid uses MaaS to connect public and private transport, making city travel easier.
• 5G networks are essential for real-time data in smart transportation, especially for connected and autonomous vehicles (CAVs). Areas with strong 5G networks, such as Asia-Pacific and parts of Europe, are seeing better traffic solutions. 5G also handles the vast amount of data from IoT devices and smart city systems.
• Roadway transportation accounts for over 40% of the market due to the need for integrated traffic management, advanced ticketing, smart parking, and real-time data analytics.

Emerging startups

• Optibus
• Superpedestrian
• Bestmile

The report addresses the following questions:

1. What is the projected market size and growth rate?
   1. The market is projected to reach $484.5 billion by the end of 2029, growing at a CAGR of 21.7%.
2. Which segments are covered in the report?
   1. Transportation mode, roadway offerings, airway offerings, railway offerings and maritime offerings.
3. Which roadway offering will be dominant in the market in 2029?
   1. The solutions segment is expected to be dominant in the market in 2029.
4. Which region has the largest share of the market?
   1. Europe holds the largest share of the global market.

Market leaders include:

• AARAV SOLUTIONS
• ADVANTECH CO. LTD.
• ALLIED TELESIS HOLDINGS
• ALSTOM SA
• ATOS SE
• AXIOMTEK CO. LTD.
• CISCO SYSTEMS INC.
• CONDUENT INC.
• HEXAGON AB
• HITACHI LTD.
• HUAWEI TECHNOLOGIES CO. LTD.
• IBM CORP.
• IEI INTEGRATION CORP.
• INTEL CORP.
• NEC CORP.
• SAP SE
• SIEMENS
• THALES

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Industrial IoT (IIoT): Global Markets: The report analyzes offerings (hardware, solutions and platforms, services), connectivity (wired and wireless), deployment (on-premise and cloud), organization size (SMEs and large enterprises), and industry verticals (manufacturing, energy and utilities, healthcare, etc.). It also examines regional markets (North America, Europe, Asia-Pacific, RoW), regulations, government programs, and technical issues. It includes market size data for software, platforms, solutions, services, and hardware, taking into consideration manufacturers' and consumers' perspectives.

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