Smart Transportation Industry

The global smart transportation market size is expected to reach USD 285.12 billion by 2030 and is expected to expand at 13.0% CAGR from 2023 to 2030, according to a new study by Grand View Research, Inc. The requirement for an efficient management system for seamless transportation services is predicted to increase, as the number of cars on-road grows and existing transportation infrastructure becomes ineffective.

Favorable government actions aimed at improving infrastructure and easing the transition toward an effective transportation system are expected to aid sector growth. By reacting to specific data on the peaks and troughs of passenger service, artificial intelligence (AI) and the internet of things (IoT) can help balance operations. Smart transportation technology will provide customers with detailed transportation information, such as actual arrival information to prevent waiting at crowded platforms, and instant visibility and alerts for trouble spots or issues affecting citywide congestion on public streets.

As smart transportation has become a vital aspect of the global smart city initiative, increasing investments in smart city solutions are expected to provide new avenues for market growth over the forecast period. Growing adoption of smart transportation solutions by government authorities has led to enhanced security & supply chain resiliency as well as environmental considerations. Furthermore, it has also added key benefits such as better management, security, and efficiency of transport systems in cities. Hence, several vendors are expected to develop and expand new products and solutions.

Gather more insights about the market drivers, restrains and growth of the Global Smart Transportation market

Smart Transportation Market Segments Highlights:

• The cloud service is anticipated to emerge as the fastest-growing service segment over the forecast period, owing to the demand for cloud-based solutions to better manage data and storage. The demand for cloud services is bolstered by smart transportation, which offers reliable data and real-time visibility to local transportation agencies and businesses
• The parking management system is anticipated to emerge as the fastest-growing solution segment over the forecast period. The parking management system is expected to boost growth, owing to increased urbanization. It has resulted in increasing parking resource prices and a reduction in real estate space, which are expected to drive market growth
• The APAC market is estimated to be the fastest-growing regional segment over the forecast period, offering lucrative growth opportunities for industry players. The need for better transportation is expected to increase as a key element driving the expansion of the smart transportation industry in APAC, as increased car usage creates more parking problems

Browse through Grand View Research's Automotive & Transportation Industry Research Reports.

• The global 4D imaging radar market size was estimated at USD 2.65 billion in 2023 and is expected to grow at a CAGR of 17.6% from 2024 to 2030.
• The global overhead cranes market size was estimated at USD 5.18 billion in 2023 and is projected to grow and at a CAGR of 6.8% from 2024 to 2030.

Segments Covered in the Report

Grand View Research has segmented the global smart transportation market based on solution, service, and region.

Smart Transportation Solution Outlook (Revenue, USD Billion, 2018 - 2030)

• Ticketing Management System
• Parking Management System
• Integrated Supervision System
• Traffic Management System

Smart Transportation Service Outlook (Revenue, USD Billion, 2018 - 2030)

• Cloud Services
• Business Services
• Professional Services

Smart Transportation Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
• Asia Pacific
  • China
  • India
  • Japan
• Latin America
  • Brazil
• Middle East & Africa

Order a free sample PDF of the Smart Transportation Market Intelligence Study, published by Grand View Research.