Wilmington, Delaware, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, "Smart Transportation Market By Solution (Ticketing Management System, Parking Management and Guidance System, Integrated Supervision System, Traffic Management System), by Services (Business, Professional, Cloud Services), by Transportation Type (Roadways, Railways, Airways, Maritime): Global Opportunity Analysis and Industry Forecast, 2020-2030".
The report indicates that the global smart transportation industry size is expected to generate $251.0 billion by 2030, having garnered the revenue of $96.6 billion, with a 10.2% CAGR during the forecast period of 2021 to 2030.
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Factors influencing the growth of the market:
The global smart transportation market is expanding rapidly due to factors such as growth in demand for efficient transportation networks, promotion and development of green fuel, time efficiency, and smooth flow of traffic. However, huge database requirements for road networks and high capital investment restrain the market expansion to some extent. Nevertheless, the arrival of parking management systems and investment in advanced ideas for smart cities will offer remunerative growth opportunities.
The airways segment to witness fastest growth by 2030
By vehicle type, the airways segment would experience the fastest growth with 11.2% throughout the forecast timeframe. The huge expansion of the aviation sector drives the growth of the segment. The roadways segment, on the other hand, gained the highest share of nearly one-third of the overall market revenue, owing to the increasing proliferation of automobile fleets across the world.
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The traffic management system segment secured the dominant position in 2020
In terms of solution, the traffic management system segment grabbed the highest share in 2020, accounting for nearly one-third of total market revenue. Integration of smart traffic systems and smart cities and swift urbanization drive the expansion of the segment. The parking management and guidance system segment, however, is projected to witness an accelerated growth with 11.7% CAGR from 2021 to 2030. The growth is attributed to enhanced collaboration between transportation and parking, accelerating demand for electronic cashless payment systems, and advanced technologies that enhance payment automation and access control.
Europe, followed by North America, to be the highest revenue contributor during the forecast period
As per the regional analysis in the report, Europe region contributed to the highest revenue of around one-third of the global smart transportation market share in 2020. The development of smart infrastructure and smart cities across the region propels the growth of the North America market. Moreover, the Asia-Pacific region is estimated to grow at the fastest rate with 11.7% CAGR from 2021 to 2030, owing to technological advancements and rise in production and sales of automobiles across the region.
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Leading market players:
- TomTom International BV.
- Siemens
- Thales Group
- Iteris, Inc.
- MSR-Traffic GmbH
- Cubic Corporation
- IBM Corporation
- Cisco Systems, Inc.
- Alstom
- Accenture
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