Global Smart Transportation Market

1
Smart Transportation Market to be Worth 52.1
Billion by 2031
2
Global Smart Transportation Market 2024-2031
Meticulous Researcha leading global market
research company, published a research report
titled, Smart Transportation Market by Mode
(Roadways, Railways, Airways, Others), Offering
(Solutions (Smart Ticketing Toll, Parking
Management, Other) Services), Application
(MaaS, Route Information Guidance, Others) -
Geography Global Forecast to 2031. According
to this latest publication from Meticulous
Research, the smart transportation market is
projected to reach 52.1 billion by 2031, at a
CAGR of 18.3 from 2024 to 2031. The growth in
this market is driven by factors such as rising
government initiatives for reducing greenhouse
gas emissions, rising urbanization demand for
efficient transportation, and technological
advancements to enhance customer experience. In
addition, the emergence of autonomous vehicles,
increasing investments in smart city projects,
and decline in vehicle ownership with the
advancement of MaaS are expected to provide
opportunities for market growth. However, the
lack of standardized and uniform technology is
expected to restrain the growth of the market.
The high initial cost of deployment is expected
to challenge the growth of this market. The
smart transportation market is segmented by
transportation mode, offering, and application.
The study also evaluates industry competitors and
analyzes the regional and country-level
markets. Based on transportation mode, the smart
transportation market is segmented into roadways,
railways, airways, and maritime. In 2024, the
roadways segment is expected to account for the
largest share of above 55.7 of the global smart
transportation market. The large share of this
segment is attributed to the rising need for
better and sustainable roadways, increasing
demand for safer roads, the rising need to reduce
traffic congestion, and government initiatives
for smart roadways. In addition, the growing
trend toward the adoption of smart cities is also
expected to drive segment growth. However, the
railways segment is expected to grow at the
highest CAGR during the forecast period. The
trend of globalization urbanization accelerated
the demand for smart railway solutions, promoting
safe and reliable advanced services and
operational efficiency to passengers. Besides,
the rise in the number of rail accidents and
increasing initiatives by governments worldwide
to implement advanced technologies for the
development of smart railway systems are also
expected to drive the segment growth. Based on
offering, the smart transportation market is
broadly segmented into solutions and services. In
2024, the solutions segment is expected to
account for the largest share of above 63.8 of
the global smart transportation market. The large
share of this segment is attributed to the
growing concerns toward public safety, growing
traffic congestion, favorable government
initiatives towards effective traffic management
implementation, the rising investment in smart
cities across the world, and the rising focus of
market players to launch innovative smart
transportation solutions. However, the services
segment is expected to grow at the highest CAGR
during the forecast period. The growing concern
of organizations to gain visibility for
diagnosing and troubleshooting problems before
hampering operations or end-user experiences is
expected to drive the adoption of smart
transportation services. Furthermore, the rising
need for technical support and upgradation of
smart transportation solutions to ensure optimum
utilization of these solutions is also supporting
the growth of the smart transportation services
market. Based on application, the smart
transportation market is segmented into mobility
as a service, route information and route
guidance, public transport, transit hubs,
connected cars, and other applications. In 2024,
the connected cars segment is expected to account
for the largest share of above 29.2 of the
global smart transportation market. The large
share of this segment is attributed to the rise
in consumer demand for connectivity solutions, a
surge in the need for constant connectivity, an
increase in dependency on technology, and the
upsurge in the tech-savvy population. Moreover,
the connected cars segment is expected to grow at
the highest CAGR during the forecast period.
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Global Smart Transportation Market 2024-2031

• Based on geography, the smart transportation
  market is segmented into North America,
  Asia-Pacific, Europe, Latin America, and the
  Middle East Africa. In 2024, Europe is expected
  to account for the largest share of above 29.6
  of the smart transportation market. The large
  share of the region is attributed to the
  well-established transportation infrastructure,
  increasing passenger transport, and rising
  government spending on improving the urban
  transport and traffic system of the region.
  Moreover, flourishing cross-border trade is
  promoting traffic in the region, leading to the
  rising demand for smart transportation in the
  European economies.
• However, the Asia-Pacific region is expected to
  grow with the highest CAGR of above 20.0 during
  the forecast period. The growth of the market is
  attributed to the increasing investment by
  countries such as India, Japan, and China in
  megacities to modernize their transportation
  networks to facilitate enhanced trade exchanges,
  growing number of vehicles, and rising demand for
  road safety and traffic management.
• Key Players
• The key players operating in the smart
  transportation market are Thales Group (France),
  Huawei Technologies Co., Ltd. (China), Siemens AG
  (Germany), IBM Corporation (U.S.), Cisco Systems,
  Inc. (U.S.), SAP SE (Germany), Cubic Corporation
  (U.S.), Alstom (France), Bentley Systems, Inc.
  (U.S.), Toshiba Corporation (Japan), Harris
  Corporation (U.S.), Saab AB (Sweden), Veson
  Nautical (U.S.), BASS Software Ltd. (Norway) and
  Indra Sistemas (Spain).
• Download Sample Report Here _at_ https//www.meticulo
  usresearch.com/download-sample- report/cp_id5199
• Key questions answered in the report-
• Which are the high-growth market segments based
  on transportation mode, offering, and
  application?
• What was the historical market for smart
  transportation solutions/services?
• What are the market forecasts and estimates for
  the period 20242031?
• What are the major drivers, restraints,
  opportunities, and challenges in the smart
  transportation market?
• Who are the major players, and what shares do
  they hold in the smart transportation market?
• How is the competitive landscape in the smart
  transportation market?
• What are the recent developments in the smart
  transportation market?

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