The smart transportation market is expected to grow from USD 122.4 billion in 2023 to USD 248.7 billion by 2028, with a compound annual growth rate (CAGR) of 15.2% during the forecast period. The adoption of IoT and automation technologies will be key drivers of this market growth. As IoT becomes increasingly widespread, the railway sector is leveraging advanced analytics to optimize operations. Given that rail transport carries a large number of passengers, ensuring safety and surveillance is crucial to prevent accidents and enhance commuter security.
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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.
Asia Pacific is expected to have the highest growth rate during the forecast period
China, Japan, and India are the major revenue contributing countries for the Asia Pacific Smart Transportation market. Asia Pacific is estimated to be the fastest-growing region in terms of the growth of the smart transportation market, due to the increase in the adoption of new technologies, higher investments in digital transformation, and the growth in GDP in the Asia Pacific countries. With untapped potential markets, the high penetration of advanced technologies, the growing freight usage in various industries, and the economic developments and government regulations are expected to drive the smart transportation market. The market in the region is expected to grow at the highest rate during the forecast period.
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Unique Features in the Smart Transportation Market
A defining feature of the smart transportation market is the integration of IoT technology, which enables real-time monitoring of transportation systems. IoT sensors and devices collect data from vehicles, infrastructure, and passengers, providing instant updates on traffic conditions, vehicle performance, and commuter behavior.
Smart transportation incorporates advanced automation technologies, including automated traffic lights, smart parking systems, and predictive analytics for congestion control.
One of the standout features is the use of advanced analytics, particularly in public transportation systems like railways. These analytics tools help optimize schedules, predict maintenance needs, and improve operational efficiency.
Safety is a critical focus in smart transportation, with the use of technologies such as AI-powered surveillance cameras, automated emergency response systems, and predictive safety algorithms.
Another unique feature of smart transportation is its emphasis on sustainability. Electric vehicles (EVs), hybrid systems, and smart energy management solutions are being integrated into transportation networks to reduce emissions and energy consumption. Smart transportation systems also support more efficient public transit, reducing the carbon footprint of urban mobility.
Major Highlights of the Smart Transportation Market
One of the major highlights of this market is the widespread adoption of IoT and automation technologies. These advancements are revolutionizing how transportation systems operate by enabling real-time monitoring, automated traffic control, and predictive analytics. IoT and automation are key drivers of efficiency, reducing congestion, improving safety, and optimizing public transit systems.
The railway industry is undergoing significant transformation through the implementation of smart transportation solutions. Advanced analytics and IoT are being used to streamline operations, optimize schedules, and enhance safety. Rail transport, being a major mode of transportation for large numbers of commuters, benefits greatly from these innovations, ensuring more efficient and secure travel.
Another key highlight is the focus on safety and surveillance within smart transportation systems. Technologies such as AI-powered cameras, real-time monitoring, and automated emergency response systems are being integrated to prevent accidents and enhance the security of passengers. This emphasis on safety is crucial, especially in public transit systems like railways, where large volumes of passengers are transported daily.
The smart transportation market is placing a strong emphasis on sustainability, with a growing adoption of electric vehicles (EVs), hybrid systems, and energy-efficient technologies. This push towards greener transportation solutions helps reduce carbon emissions and energy consumption, aligning with global efforts to combat climate change and promote sustainable urban mobility.
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Top Companies in the Smart Transportation Market
The major players in the smart transportation market are Alstom (France), Hitachi Ltd. (Japan), Thales Group (France), Huawei Technologies Co., Ltd. (China), Siemens AG (Germany), IBM Corporation (US), Cisco Systems, Inc. (US), SAP (Germany), Cubic Corporation (US), Toshiba (Japan), Saab AB (Sweden), Veson Nautical (Massachusetts), BASS Software (Norway), Bentley Systems (US), Indra Sistemas (Spain), Trimble (US), TomTom International BV. (Netherlands), Amadeus IT Group SA (Spain), Conduent (US), Kapsch (Austria), Descartes (Canada), Accenture (Ireland), and DNV GL (Norway). 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.
Siemens.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.
Hitachi : Hitachi, Ltd., founded in 1910 and headquartered in Tokyo, Japan, is a multinational conglomerate with diverse business segments, including IT, energy, industry, mobility, and smart life solutions. Originally started as an electrical repair shop, Hitachi has grown into a global leader in various industries, driven by innovation and technological advancement
Thales (France) : Thales Group, founded in 2000 and headquartered in Paris, France, is a multinational company that designs and builds electrical systems and provides services for the aerospace, defense, transportation, and security markets. With a rich history dating back to 1893 through its predecessor companies, Thales has become a global leader in advanced technology solutions.
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