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Smart Transportation Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028

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Smart Transportation Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028

April 03
13:36 2023
Smart Transportation Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028
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), and DNV GL (Norway).
Smart Transportation Market by Transportation Mode, Solution (Smart Ticketing, Passenger Information, Freight Information System), Service, Communication Technology, Application and Region – Global Forecast to 2028

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, the 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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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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