The smart transportation market size is projected to grow from USD 122.4 billion in 2023 to USD 248.7 billion by 2028, at a CAGR of 15.2% during the forecast period. Adoption of IoT and automation technologies will drive the growth of smart transportation market. As the Internet of Things (IoT) gets more pervasive, the railway industry is implementing more advanced analytics for streamlined operations. Rail transport carries a comparatively large number of commuters to their destinations. Therefore, safety and surveillance are among the important measures that must be considered to avoid causalities.
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By Roadway, passenger information segment is expected to hold the largest market share during the forecast period
The passenger information system is an integrated service, which utilizes tracking data from vehicles to estimate the departure and arrival time. The passenger information solution is an important link between passengers and transit service providers. It provides real-time information on transit services, such as current location, estimated arrival and departure time, and disruption causes. The exponential growth in smartphone usage and advancements in network infrastructure enables transport authorities to provide timely status and updates cost-effectively.
By Transportation Mode, the airway segment to have the highest growth rate during the forecast period
Air transportation is an important transportation mode in the global smart transportation market. With the growing urbanization across the globe, the airways industry has evolved over the years. Systems in airports are built around a digital grid, a single, converged IP network that enables high-speed broadband traffic throughout the entire ecosystem, including the airport, airport city, airlines, seaport, logistics, and authorities. The digital grid is the airport’s nervous system, touching and managing every point of interaction. By enabling the exchange of real-time information, deep cross-silo collaboration, and airport-wide process integration, smart airways solutions has significantly improved operational efficiencies, passenger services, and advanced security capabilities.
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Unique Features in the Smart Transportation Market
Using adaptive traffic management, dynamic traffic signal control, and congestion pricing mechanisms, smart transportation systems optimise traffic flow, minimise travel times, and reduce congestion by utilising real-time data analytics and prediction algorithms.
In order to enable driverless transportation, ride-sharing, and on-demand mobility alternatives, smart transportation solutions support the deployment of autonomous vehicles (AVs) and linked mobility services. This will revolutionise how people and commodities move across urban and rural areas.
In order to provide seamless mobility experiences and enable Mobility as a Service (MaaS) platforms for practical and sustainable urban mobility, smart transportation platforms integrate multiple modes of transportation, such as public transportation, ridesharing, bicycling, walking, and micro-mobility alternatives.
In order to optimise parking utilisation, lessen traffic congestion, and enhance the entire parking experience, smart transportation systems integrate sophisticated parking management solutions. These solutions include smart parking sensors, dynamic pricing models, and real-time parking availability information.
In order to achieve cleaner and greener mobility, smart transportation efforts support the deployment of charging infrastructure, electric vehicle incentives, and carbon emissions reduction targets. These measures encourage the use of electric cars (EVs), alternative fuels, and sustainable transportation options.
Major Highlights of the Smart Transportation Market
Through sophisticated traffic management systems and intelligent transportation networks, smart transportation solutions provide effective ways to lessen traffic congestion, shorten travel times, and enhance overall mobility in metropolitan areas in light of the rapidly increasing urbanisation of the world.
Smarter and more responsive transportation systems are made possible by the real-time data collecting, analysis, and decision-making made possible by the integration of Internet of Things (IoT) devices and connection solutions into transportation infrastructure and vehicles.
In order to finance and carry out smart transport initiatives, public-private partnerships are essential. They encourage cooperation between governmental organisations, technological companies, and transport operators in order to develop creative mobility solutions.
By promoting the use of other modes of transportation like public transportation, biking, walking, and shared mobility services to minimise carbon emissions and promote eco-friendly travel options, smart transportation solutions foster sustainability and environmental stewardship.
User experience and accessibility are given top priority in smart transport systems, which provide smooth, integrated mobility solutions that meet the demands of a variety of demographics, including the elderly, those with disabilities, and underprivileged communities.
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Top Companies in the Smart Transportation Market
Various globally established players such as Alstom (France), Hitachi (Japan), Thales (France), Huawei (China), are dominating the smart transportation market. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the smart transportation market.
Alstom offers digital mobility solutions to provide smart operations in driving automation. These solutions help to improve overall transportation efficiency. It operates through four business segments: Rolling Stock Systems, Services, and Signaling. In April 2022, Alstom and ENGIE partnered to provide the rail freight sector with a solution for decarbonizing mainline operations by substituting diesel-powered locomotives with hydrogen versions.
Another important player in smart transportation market is Siemens. Siemens offers a wide range of smart transportation solutions. In November 2021, Siemens Mobility and RazorSecure have signed an agreement to provide Rolling Stock operators with enhanced rail cybersecurity monitoring solutions. Siemens signed an agreement with the Passenger Rail Agency of South Africa (PRASA) to install intelligent signaling in 3 of South Africa’s busiest rail stations. Siemens Mobility and PRASA have successfully installed and operationalized a new signaling system in Johannesburg Park Station, Braamfontein, and Pretoria station.
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