The smart transportation market involves the integration of advanced technologies such as IoT, communication networks, and automation into public transport and transportation infrastructure management systems. The smart transportation systems offer benefits such as optimized traffic management, reduced traffic congestion, improved road safety, and lower transportation costs. The growing need for advanced transportation management solutions to handle the increasing traffic volumes is driving the demand for smart transportation globally.

The Global Smart Transportation Market is estimated to be valued at US$ 133 billion in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024-2030.

Key Takeaways

Key players operating in the smart transportation are IBM Corporation, Cisco Systems, Siemens, Thales, Garmin etc.

Key opportunities in the Smart Transportation Market Demand include integrating to improve urban transport infrastructure, demand for advanced mobility services like Mobility as a Service and development of autonomous vehicles.

Emerging technological trends such as IoT, AI, and 5G connectivity will transform the transportation sector by enabling connected vehicles, automated driving, smart logistics, and advanced traffic management solutions.

Market drivers

The major driver for the growth of the smart transportation market is the increasing focus on reducing traffic congestion and improving passenger safety. Integration of smart technologies allows transportation authorities to optimize traffic light timing, vehicle routes, and detect accidents and anomalies quickly. This leads to better management of traffic flows and reduction in road accidents. Moreover, smart transportation helps lower carbon footprint by facilitating greener transportation options like electric and shared mobility services. The market is also driven by supportive government policies and initiatives focused on developing smart city infrastructure.

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