Smart Transportation Market To Witness Remarkable Growth With USD 60.65 Billion by 2032

As per study of Zion Market Research, global Smart Transportation Market was worth USD 13.62 Billion in 2023. The market is forecast to reach USD 60.65 Billion by 2032, growing at a compound annual growth rate (CAGR) of 16.1% during the forecast period 2024-2032. Furthermore, growth of smart transportation market over forecast timeframe can be due to rise in demand for public transport by travellers. In addition to this, growing awareness about green environment and ecological concerns among people is predicted to define smart transportation market trends. Moreover, use of IoT solutions in transportation sector has assisted government in erecting effective transportation infrastructure and this is likely to benefit growth of smart transportation industry along with providing apt solutions to smart city projects. Rapid surge in urban population has led to traffic congestion and road safety problems, thereby translating into humungous growth of smart transportation industry. Additionally, use of cloud-based tools in automotive sector & breakthroughs in vehicle-to-vehicle as well as vehicle to grid infrastructure are predicted to contribute massively towards smart transportation market revenue. Favorable laws supporting use of new technology in automotive and government aid in production of vehicles with new & advanced technological features will supplement growth of smart transportation industry.

Cloud Services Segment To Dominate Services Landscape By 2032

Expansion of cloud services segment over estimated timeframe is owing to high demand for storing big data regularly. In addition to this, cloud services facilitate secured data storage and this is predicted to enhance its use in transport sector, thereby driving segmental growth.

Traffic Management Segment To Account Remarkably Towards Smart Transportation Industry Over 2024-2032

Growth of segment in forecast timeframe is due to the ability of traffic management systems in effectively managing traffic problems in cities along with reducing traffic jams on roads. Apparently, traffic management tools include smart signaling systems, video surveillance tools, and smart video management systems.

European Smart Transportation Market Growth To Hit Threshold By 2032

Growth of regional market over assessment period is due to rise in traffic jams in cities and urban areas. Apart from this, introduction of directive 2010/40/EU by European Union in next half of 2010 has facilitated setting up of new transport systems in Europe. Moreover, supportive government laws pertaining to introduction of new technologies in transport sector will proliferate size of smart transportation market in Europe.

Key players profiled in report and favorably influencing smart transportation market revenue are GE Company, Cisco Systems, Inc., Indra Sistema S.A., LG CNS Co. Ltd., Alstom AG, Thales Group, Kapsch Group, Siemens AG, WS Atkins, Cubic Corporation, IBM Corporation, and Accenture Plc.

Browse the full “Smart Transportation Market - By Technology (IoT, Wireless Technology, GPS, And Sensing Technology), By Services (Cloud Services, Business Services, And Professional Services) And By Solutions (Parking Management Systems, Traffic Management Systems, Ticketing Management Systems, And Integrated Supervisory Systems): Global Industry Perspective, Comprehensive Analysis And Forecast, 2024-2032.” Report at https://www.zionmarketresearch.com/report/smart-transportation-market

The global Smart Transportation Market is segmented as follows:

By Technology

• IoT
• Wireless Technology
• GPS
• Sensing Technology

By Disease Type

• Parking Management Systems
• Traffic Management Systems
• Ticketing Management Systems
• Integrated Supervisory Systems

By Services

• Cloud Services
• Professional Services
• Business Services

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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