(MENAFN- GlobeNewsWire - Nasdaq) Westford,USA, Nov. 13, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Smart transportation market will reach a value of USD 293.84 Billion by 2031, with a CAGR of 13% during the forecast period (2024-2031). The expansion of the market is primarily attributed to the growing advancements in urban projects, the initiatives undertaken by the governments to mitigate the emissions of greenhouse gases, and the increasing demand for the inclusion of technology in traffic management systems. The majority of cities face serious challenges with low-quality, unsafe public transportation, insufficient management capabilities, diminished road safety concerns, ineffective traffic control, and parking issues (including pedestrian walkways). As a result, there will probably be a large increase in demand for smart transport systems soon. Download a detailed overview:
Browse in-depth TOC on the "Smart Transportation Market"
Pages – 197
Tables – 64
Figures – 75
Smart Transportation Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 110.53 Billion |
| Estimated Value by 2031 | USD 293.84 Billion |
| Growth Rate | Poised to grow at a CAGR of 13% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Smart Transportation Market, Roadway, Railway, Airway, Maritime, Communication Technology, Application |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Emergence of connected and autonomous vehicles |
| Key Market Opportunities | Penetration of analytics in smart transportation |
| Key Market Drivers | Adoption of IoT to enhance technological optimization |
Solution Railway to Hold Significant Growth due to Enhancing Operational Efficiency and Safety
The reason for Solution Railway's stronghold in the global smart transportation market can be attributed to the thorough incorporation of technology, which increases efficiency and safety. This incorporation encourages the need for better communication systems and analysis of data as it becomes available, such that this leads to effective control of the routes taken and minimizes the delay suffered. As a result, these aspects improve user satisfaction to a great extent and enhance the growth of smart transportation in general.
Roadway Transportation Mode to Lead the Market due to Extensive Infrastructure and Adaptability to Technological Advancements
The dominance of roadway transportation in the global smart transportation market stems from its extensive infrastructure and adaptability to technological advancements. The combination of the Internet of Things and smart traffic management systems allows investigation of every vehicle on the road and smoothing the traffic efficiently with the aim of minimizing the road traffic and enhancing safety levels. Therefore, these developments improve user contentment and consequently promote the growth of the smart road solutions.
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North America to Dominate the Market due to Significant Investments in Infrastructure and Advanced Technologies
The growth of the global smart transportation market in North America has been primarily due to vast improvements in infrastructure and advanced technologies. The regions dominant regulatory framework and the focus on the sustainability encourage the uptake of smart solutions such as connected vehicles and intelligent transport systems. Therefore, these aspects heighten the operational performance of the region, and even enhance the safety levels, reinforcing the fact the region leads in this market.
Smart Transportation Market Insight
Drivers:
Big Data Analytics Enhancing Smart Transportation Solution
Increased Investment in Transportation Infrastructure
Growing Emphasis on Reducing Carbon Emissions
Restraints:
Challenges Associated with Integrating Various Technologies
Issues Regarding Data Security
User Privacy Impacting Consumer Trust
Prominent Players in Smart Transportation Market
The following are the Top Smart Transportation Market Companies
Siemens Mobility (Germany) Cisco Systems, Inc. (USA) IBM Corporation (USA) Hitachi, Ltd. (Japan) Alstom SA (France) Thales Group (France) Kapsch TrafficCom AG (Austria) General Motors Company (USA) Daimler AG (Germany) Uber Technologies, Inc. (USA)
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Key Questions Answered in Global Smart Transportation Market Report
What is the projected value of the Global Smart Transportation Market by 2031, according to SkyQuest? What are the main factors driving the expansion of the Global Smart Transportation Market? Which transportation mode is expected to lead the market due to its extensive infrastructure and adaptability to technological advancements?
This report provides the following insights:
Analysis of key drivers (Data-Driven Decision Making, collaboration between governments & private car companies, rising consumer demand for real-time information in travel), restraints (Lack of awareness & understanding of smart transportation, reluctance among stakeholders, absence of industry standards), opportunities (Expansion opportunities in developing regions, opportunities for new business in Mobility as a Service (MaaS), collaborations between tech firms & transportation), and challenges (Intense competition among technology providers, challenges in upgrading existing infrastructure) influencing the growth of smart transportation market. Market Penetration: Comprehensive information on the product portfolios offered by the top players in the smart transportation market. Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the smart transportation market. Market Development: Comprehensive information on lucrative emerging regions Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Mr. Jagraj Singh
Skyquest Technology
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