The Smart Transportation Global Market Report 2023, provides comprehensive information on the smart transportation market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Smart Transportation Global Market Report 2023, the market size is expected to grow from $123.15 billion in 2022 to $143.54 billion in 2023 at a compound annual growth rate (CAGR) of 16.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of smart transportation market is expected to grow to $261.1 billion in 2027 at a CAGR of 16.1%.
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Internet of Things (IoT) is a key trend gaining popularity in the smart transportation market. IoT sensors and devices collect information, such as trip time or weather conditions and connect with other devices and systems in intelligent transportation systems. The data can also be used to assist drivers. Environmental sensors and computerized weather systems can alert a vehicle when they are going to reach a stretch of road with icy patches. When cars are equipped with sensors that can transmit information about road conditions to a centralized traffic system, traffic administrators can utilize this data to make adjustments, change traffic signals, and better guide traffic to minimize accidents. In November 20202, China’s first smart transportation IoT platform was recently launched at the World Transport Conference. The platform employs a wide range of IoT hardware facilities, such as smart cones, accident car boxes, law enforcement integrated fast road sealers, and others, and smart transportation IoT software platforms, to assist road traffic practitioners (traffic cops, road maintenance workers, and road builders) in working more safely and efficiently.
The smart transportation market is segmented:
1) By Product Type: Advanced Traveler Information Systems (ATIC), Advanced Transportation Management Systems (ATMS), Advanced Transportation Pricing Systems (ATPS), Advanced Public Transportation Systems (APTS), Cooperative Vehicle Systems
2) By Transportation Mode: Roadways, Railways, Airways, Maritime
3) By Application: Traffic Management, Road Safety and Security, Parking Management, Public Transport, Automotive Telematics, Freight
North America was the largest region in the smart transportation market in 2022.
The table of contents in TBRC’s smart transportation market report includes:
Executive Summary
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