building smart cities is frantically expanding across the world. Over 1 billion connected things are
installed around the globe under smart cities’ project initiatives.
Smart transportation is a seen as a major part of the smart city projects where infrastructures are
playing an important role in providing a platform to implement a connected ecosystem. With the
rise in urbanization globally, investments are pouring into the smart transportation market. The US
Department of Transportation invested approximately USD 160 Bn in 2016 for smart cities solutions.
These projects are intended to provide better parking and traffic management solutions.
The rise in population and urbanization across the world is increasing the need for an improved
transport system for public purpose. Governments are taking initiatives in the development of smart
transport network which is bringing investments for the development of smart transportation
networks. Smart transportation is ensuring public safety as the prior availability of traffic and speed
related information is reducing the number of accidents and delay. Smart transportation is
environment-friendly and helps in keeping the ecosystem clean and safe. A smart vehicle reduces
harmful vehicle emissions, which is a step towards a safe environment. These are some of the critical
factors which are driving the market for the adaptation of smart transportation.
The Global Smart Transportation Market is segmented on the basis of Product Type, Application,
End Use Industry and Region. Worldwide popularity of cloud-based technologies and related
solutions are driving the adoption of smart transportation. The automotive industry is adopting
cloud technology for navigation, social connection, infotainment, etc. Moreover, the data collected
enhances the qualitative analysis of current transportation infrastructure and helping in the
implementation of advanced solutions and increase safety. The continuous demand for
improvement in public transport facilities, and safety is driving the smart transportation business.
The emerging trend of smart connected technology is boosting the acceptance of smart vehicles.
The demand for smart parking is ever increasing due to massive traffic congestion and lack of
parking space caused by growing number of vehicles. Using smart sensors and parking meters helps
drivers check for free parking space and reserve it in advance.
Market segment by Regions/Countries, this report covers: The current and forecasted regional
(North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa) market size data for
the Global Smart Transportation Market, by services: Network management services, road safety
services, public transportation services, freight efficiency services, security services, automotive
telematics, and communication services, this report investigates and analyzes the production, value,
price, market share and growth rate for the top manufacturers, Smart Transportation data from
2018 to 2023.
The complexity of infrastructure and limited availability of data which can monitor transportation
system is restraining the adoption of smart technology in the transportation industry. Lack of
internet penetration in developing and underdeveloped countries is seen as a major challenge. The
key players in the Global Smart Transportation Market are Siemens AG, Cubic Corporation, IBM,
Accenture PLC, Cisco Systems, Xerox Corporation, General Electric Company, LG CNS, Thales Group,
and Alstom SA.
Smart Transportation Questions Answered in this Report: