The global smart transportation market size was USD 103.81 Billion in 2021 and is expected to register a revenue CAGR of 10.6% during the forecast period, according to latest analysis by Emergen Research. Technological advancements to enhance customer experience is the major factor driving market revenue growth.With significant technological development, autonomous and semi-autonomous cars are evolving quickly, as they can operate with little or no assistance from humans. The transportation sector is experiencing a trend toward development of autonomous cars, while semi-autonomous cars are anticipated to be introduced by a number of transportation providers in the future, even if widespread adoption of autonomous vehicles would take some time. Some businesses that offer mobility-on-demand services are now using semi-autonomous vehicle technologies in automobiles.
Since autonomous cars don’t need drivers and would save mobility service providers money, their deployment is essential for development of the smart transportation sector. Although several businesses in the smart transportation sector are already moving in this direction, autonomous cars are still in early stages of development. For providers of smart transportation solutions, the development of automated cars offers enormous growth prospects.However, market expansion is expected to be limited by a shortage of consistent and systematized technologies. Smart transportation solutions consists of a variety of parts including software, hardware, and other technologies, all of which are offered by a number of providers. As a result, solutions lack uniformity and consistency, which creates compatibility issues.
The rising technology in Smart Transportation Market is also depicted in this research report. Factors that are boosting the growth of the market, and giving a positive push to thrive in the global market is explained in detail. The study considers the present scenario of the data center power market and its market dynamics for the period 2022-2030. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
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Historical data available in the report elaborates on the development of the Smart Transportation on national, regional and international levels. Smart Transportation market Research Report presents a detailed analysis based on the thorough research of the overall market, particularly on questions that border on the market size, growth scenario, potential opportunities, operation landscape, trend analysis, and competitive analysis.
Some Key Highlights
The roadway segment accounted for largest revenue share in 2021. There is an increasing demand for smart transportation owing to ,technology’s capacity to increase road safety and reduce traffic congestion through efficient monitoring and control of road transport. Lower injury rates and improved protection for motorists, riders, and pedestrians are results of implementing smart transportation on roads, which is one of the major factors driving revenue growth of this segment. Advancements in technology for a variety of uses, such as installing improved radar and warning lights embedded in e roadway pavement to alert vehicles, are also expected to drive revenue growth of this segment.
Smart ticketing technology is one of the most innovative methods of handling tickets and related processes in the airline company. Among other technological solutions and other transport networks, implementation of smart ticketing in airlines is experiencing a lot of changes on a global scale. Airport staff can manage manual chores at peak times by deploying smart ticketing technology, while airlines receive helpful services and benefits including self-boarding and self-luggage management, which is expected to drive revenue growth of this segment.
Communication technology in the maritime segment accounted for largest revenue share in 2021. Enterprise software specifically created for shipping industries is known as maritime software. Shipping companies can manage their fleets and control ships and communicate between ships with the help of this fully integrated software. All shipping-related tasks associated with waterway transportation are handled by the program, including Management Information System (MIS), dry docking, bunkering, and vessel performance, among others. Smart transportation in maritime comes with advantages such as increasing operational effectiveness and saving operating and maintenance costs. These systems are the most crucial software for shipping businesses, which is driving revenue growth of this segment.
The report further studies the key companies operating in the industry and their company profiles, product portfolio, expansion strategies, and strategic alliances such as mergers and acquisitions, collaborations, and joint ventures, among others. It also offers insights into their market reach and global position, along with highlights about their achievements and financial standings.
Major Players/Manufacturers profiled in the report are:
Thales, Huawei Technologies Co., Ltd., Siemens, IBM, Cisco Systems, Inc., SAP, Cubic Corporation, Alstom, Bombardier, and Toshiba Corporation.
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For the purpose of this report, Emergen Research has segmented the global smart transportation market based on component type, application type, communication technology, and region:
Component Type Outlook (Revenue, USD Billion; 2019-2030)
Railways
Roadways
Airways
Maritime
Application Type Outlook (Revenue, USD Billion; 2019-2030)
Mobility as a Service
Smart ticketing solution
Route Information and Route Guidance
Passenger Information
Public Transport
Transit Hubs
Connected Cars
Video Management
Others
Communication Technology Outlook (Revenue, USD Billion; 2019-2030)
Communication Technology in Roadways
Communication Technology in Railways
Communication Technology in Airways
Communication Technology in Maritime
Research Methodology
Using secondary sources such as company websites, annual reports, press releases, financial data, investor presentations, articles, news, white papers, certified publications, and government publishing sources as a starting point for the research methodology used to estimate and forecast the size of the Global Smart Transportation Market. In addition, the research takes into account vendor offers in order to categorise the market.
Using this data, the research then calculates the size of the global Smart Transportation market using a bottom-up approach. Primary research included thorough interviews with senior executives, chief executive officers, and directors, as well as vice presidents (VPs) and managers to determine the size of the market. These categories and sub-segments were then confirmed and validated by secondary research. Data triangulation processes are then used to complete the total market engineering process and arrive at precise statistics for all segments and sub-segments
Major Regions Covered in the Smart Transportation Market Report:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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Our report offers:
– Market share assessments for the regional and country level segments.
– Market share analysis of the top industry players.
– Strategic recommendations for the new entrants.
– Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets.
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations).
– Strategic recommendations in key business segments based on the market estimations.
– Competitive landscaping mapping the key common trends.
– Company profiling with detailed strategies, financials, and recent developments.
– Supply chain trends mapping the latest technological advancements.
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