Smart Transportation Market to Advance at CAGR of 21.30%; Integration of ITS with Traffic Management Propelling Revenue Gains: TMR Study

ALBANY, N.Y., Feb. 24, 2022 /PRNewswire/ -- The need for road safety in public transportation has propelled the adoption of intelligent transportation systems. Technologies including traffic signal control systems, cutting-edge speed image recognition cameras, global positioning system (GPS), and Internet of Things (IoT) are extensively used to generate real-time data for preventing traffic congestion issues. The smart transportation market is projected to advance at CAGR of 21.30% during 2021–2031, and reach US$ 400.77 Bn by 2031.

ALBANY, N.Y., Feb. 24, 2022 /PRNewswire/ -- The need for road safety in public transportation has propelled the adoption of intelligent transportation systems. Technologies including traffic signal control systems, cutting-edge speed image recognition cameras, global positioning system (GPS), and Internet of Things (IoT) are extensively used to generate real-time data for preventing traffic congestion issues. The smart transportation market is projected to advance at CAGR of 21.30% during 2021–2031, and reach US$ 400.77 Bn by 2031.

The rapid pace of urbanization has spurred the prospects of smart transportation for urban mobility. The need for improving safety of passengers is propelling investments in transportation infrastructure facilities. The focus of transportation system in emerging economies on supporting smart urban mobility has expanded the outlook of the smart transportation market. This will expand horizon in sustainable transportation.

The growing popularity of connected cars for safety and comfort of passengers has boosted the customer propositions of smart transportation. Some of the lucrative applications are mobility as a service, route information, and route guidance. Growing investments in modernizing rail networks in developed regions have fuelled investment in the smart transportation market, increasingly in France and the U.K.

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Key Findings of Smart Transportation Market Study

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Smart Transportation Market: Key Drivers

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Smart Transportation Market: Lucrative Regions

Smart Transportation Market: Key Players

Some of the key players in the smart transportation market are Bentley Systems, Hitachi Ltd., Amadeus IT Group SA, TomTom International BV., Harris Corporation, Bombardier Inc., Huawei Technologies Co., Ltd., Siemens AG, Thales Group, Cubic Corporation, Accenture PLC, and Cisco Systems.

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Global Smart Transportation Market: Segmentation

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