Global Smart Transportation Market Is Expected to Reach USD 191.3 Billion In 2026

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The global smart transportation market was valued at USD 57.9 billion in 2018 and is expected to reach USD 191.3 billion in 2026, growing at a CAGR of 16.4% during the forecast period.

Smart transportation is a key area of the internet of things where modern transportation technologies are effectively and strategically managed. It is primarily employed to innovate transportation service industry by managing the traffic in a better way as well as enabling users to make informed choices. Smart transportation is also utilized to provide safer transport networks. Smart transportation solutions include elementary systems such as car navigation, traffic signal control, container management systems, among others. It also includes advanced technologies that provide real-time data such as parking guidance and information systems, weather information, among other custom solutions.

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Evolution of smart transportation has resulted in several technological solutions across the globe. These solutions include, a real-time navigation system, accident aversion, and smart parking guidance, detect traffic, reroute traffic based on road and weather conditions, among others. Smart transportation tools also allow users to track and manage fuel consumption. All these solutions have boosted the comfort and safety of passengers which is a major aspect of the smart city project. Rapid growth in population is creating a need for safer transportation which requires to utilize smart transportation solutions.

Moreover, government initiatives to attract private sector investments in this sector is one of the factors driving the smart transportation industry globally. The airways segment expected to grow at the fastest rate of 22% CAGR during the forecast period Based on the transportation mode, the global smart transportation market has been segmented into roadways, railways, airways, and maritime. The airways segment expected to grow at the fastest rate of 22% CAGR during the forecast period. Growth in the airline industry which is coupled with rising disposable income is resulting in consumers increasingly inclining towards availing airways as their mode of transportation.

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Moreover, recent aircraft accident incidents have fuelled more emphasis on making airways safer mode of transportation. Based on the application, the shared mobility segment is expected to register 40% share and further lead during the forecast period Based on the application, the market has been segmented into shared mobility, route information and route guidance, public transport, transit hubs, autonomous/driverless vehicles, and others. In 2018, the shared mobility segment accounted for the highest market share of almost 40% in the global market.

The autonomous/driverless vehicles sector is anticipated to grow at highest CAGR owing to adoption of connected vehicles in key developing economies. Rapidly growing urban demographics is creating a demand for shared transportation. Moreover, high ownership costs of personal vehicles are boosting the demand for shared mobility. North America to dominate the Smart transportation market throughout the forecast period The global smart transportation market is led by North America region which accounted for more than 28% share in 2018 and is expected to dominate the market throughout the forecast period. It is followed by Europe and the Asia Pacific.

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The highest adoption rate of cloud services which is coupled with a stable economy are some of the key factors driving the smart transportation industry in this region. Company Profiles and Competitive Intelligence: The major players operating in the global smart transportation market are Thales (France), Huawei (China), Siemens (Germany), IBM (US), Cisco Systems (US), SAP (Germany), Cubic (US), ALSTOM (France), Bombardier (Canada), and Toshiba (Japan) among others.

Table Of Content

Chapter 1 Executive Summary
1.1. Market Summary
1.1.1. Global Smart Transportation Market, 2016-2026, (USD Million)
1.2. Market Snapshot: Global Smart Transportation Market
1.3. Market Dynamics
1.4. Global Smart Transportation Market, by Segment, 2018
1.4.1. Global Smart Transportation Market, by Transportation Mode, 2018, (USD Million)
1.4.2. Global Smart Transportation Market, by Application, 2018, (USD Million)
1.4.3. Global Smart Transportation Market, by Region, 2018 (USD Million)
1.5. Premium Insights
1.5.1. Smart Transportation Market In Developed Vs. Developing Economies, 2018 vs 2026
1.5.2. Global Smart Transportation Market: Regional Life Cycle Analysis

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