The global smart transportation market size was US$ 106.5 billion in 2021. The global smart transportation market size is forecast to reach US$ 252 billion by 2030, growing at a compound annual growth rate (CAGR) of 10.3% during the forecast period from 2022 to 2030.

Smart transportation, often known as intelligent transportation, is a type of modern transportation infrastructure that strives to provide novel traffic and transportation management services. It can use for parking management and guiding, passenger information, and traffic management, among other things. Intelligent transportation systems (ITS) are cutting-edge applications that deliver cutting-edge transportation and traffic management services. Using technology like automobile navigation, traffic signal control systems, speed cameras, and other real-time data and computational technologies allows numerous users to be more coordinated and informed. Infrastructure upgrades, legislative requirements for sustainable fuels for public transportation vehicles, and the deployment of systems to efficiently supply mobility services to ever-expanding cities are all ways to attain this smart transportation information.

Factors Influencing Market Growth

• Among the factors driving the global market include a rise in demand for efficient transportation networks worldwide, government initiatives for the expansion & promotion of green fuels, and rising demand due to an increase in road safety & traffic congestion problems.
• Some of the primary factors expected to support the market's growth include the increase in the use of smart transportation systems in railroads and the rising utilization of cloud services in transportation.
• High capital investments, massive database requirements for the road network, and a lack of standardized and uniform technologies may slow down the overall market growth.
• The adoption of parking management systems and investments in emerging smart city ideas is forecast to create lucrative opportunities for the global market during the forecast period.

Impact Analysis of COVID-19

The COVID-19 crisis wreaked havoc on all markets and caused a serious impact on the transportation industry. The transportation business has suffered a significant loss due to most governments adopting isolation policies. Governments in many regions declared total lockdown and temporary industry shutdowns, resulting in border restrictions that hampered the movement of transportation and logistics services. Toll and fare collections have been discontinued in nations like China and the United States. As a result, the COVID-19 pandemic had a negative impact on the global market growth.

Regional Insights

Europe is forecast to have lucrative growth in the market during the forecast period. As a result, Western European countries, such as the United Kingdom, France, and Germany, have well-developed transportation infrastructure, and numerous regional transportation operators are implementing advanced smart transportation systems. European countries have made significant investments in rail infrastructure upgrading and upgrades. Large-scale, cross-border trade and passenger traffic have increased in Europe due to social and trade agreements among European Union (EU) nations. Thus, these factors are forecast to fuel the regional market growth.

Leading Competitors

The leading prominent companies profiled in the global smart transportation market are:

• Accenture plc
• Alstom SA 
• MSR Traffic GmbH
• Siemens AG
• Thales Group
• TomTom International
• Cisco Systems Incorporated
• Cubic Corporation
• International Business Machines Corporation
• Iteris, Incorporated
• Other Prominent Players

Scope of the Report

The global smart transportation market segmentation focuses on Transportation Type, Solution, Services, and Region.

Segmentation based on Transportation Type

• Maritime
• Roadways
• Railways
• Airways

Segmentation based on Solution

• Ticketing Management System
• Parking Management and Guidance System
• Integrated Supervision System
• Traffic Management System

Segmentation based on Services

• Business
• Professional
• Cloud Services

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America