Smart Transportation Market Size, Share, Growth and 2028 Forecast Report

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The global smart transportation market size was USD 92.48 billion in 2020. The market is anticipated to grow from USD 98.74 billion in 2021 to USD 206.80 billion in 2028 at a CAGR of 11.1% in the 2021-2028 period.

The global smart transportation market size was USD 92.48 billion in 2020. The market is anticipated to grow from USD 98.74 billion in 2021 to USD 206.80 billion in 2028 at a CAGR of 11.1% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Smart Transportation Market, 2021-2028.” As per our report, the prompt adoption of this smart technique to monitor, assess, and handle transport systems and is probable to improve safety and proficiency. It utilizes innovative technologies to allow a more suitable commute around the city and is more cost-effective and better in terms of safety.

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Additionally, government awareness and support regarding the welfare of the citizens has amplified the demand for such systems. For example, in 2018, Pittsburgh installed smart traffic signals in 50 crossings across the city. This installation reduced the idling time by over 40% and declined travel time by about 25%. This is expected to bolster smart transportation market growth during the forecast period.

Technologies such as AI and IoT can aid in balancing acts by regulating the complete data provided on high ridership points and low points. Advanced technologies utilized in smart transportation shall present consumers with thorough transportation records such as real-time arrival and departure information to evade unnecessary waiting at jam-packed traveling stations or to show exact bookings done for train and bus, among other reimbursements.

List of Key Players Covered in this Market Report

  • IBM Corporation
  • Cisco Systems, Inc.
  • Kapsch TrafficCom
  • Cubic Corporation
  • Xerox Corporation
  • Siemens AG
  • Iteris, Inc.
  • LG CNS Co. Ltd.
  • Thales Group
  • Indra Sistemas
  • Trapeze Software
  • TransCore Inc.

Report Coverage

The market report provides a rounded-up assessment of the overview and the segments of the market. A wide-ranging study of the present trends and upcoming opportunities in the market is offered in the report. It likewise delivers a comprehensive analysis of the regional insights and how these aspects lead the market growth in the respective areas. The impact of the COVID-19 pandemic is mentioned for further comprehension of the probable threats in the market. The proficient tactics of the leading players and how they steer the market growth are discussed in the following report.

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Segmentation

Based on solutions, the global market is divided into ticketing management systems, parking management systems, integrated supervision systems, and traffic management systems. On the basis of communication type, the market is classified into vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and others. In terms of geography, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.

On the basis of service, the market is categorized into business, professional, and cloud services. The professional services segment is estimated to display considerable growth during the forecast period driven by the rise in demand for consulting services. They offer application support, design advice, tactic improvement, among other functions for various subsystems, and assist in elevating current infrastructure systems.

Industry Development

February 2021: The New York Metropolitan Transportation Authority (MTA) granted a bond opportunity worth USD 39 million to Cubic Corporations’ CTS unit to make advancements in the ticket paying system for Metro-North Railroad and Long Island Rail Road.

Major Table of Content for Smart Transportation Market:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Industry Developments _ Mergers, Acquisitions Partnerships
    • Porter’s Five Forces Analysis
    • SWOT Analysis
    • Distributor Analysis
  • Technological Developments
    • Impact of COVID-19
  • Global Smart Transportation Market Analysis, Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Service
      • Business
      • Professional
      • Cloud
    • Market Analysis, Insights and Forecast – By Solution
      • Ticketing Management System
      • Parking Management System
      • Integrated Supervision System
      • Traffic Management System
    • Market Analysis, Insights and Forecast – By Region
  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

TOC Continued…

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