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Smart Transportation Global Market Report 2022

·4-min read
ReportLinker
ReportLinker

Major players in the smart transportation market are Cisco Systems Inc. , Toshiba Corporation, Siemens Corporation, SAP SE, Thales Group, Kapsch Traffic Com, Cubic Corporation, Accenture, Alstom SA. , Indra Sistemas S.

New York, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Transportation Global Market Report 2022" - https://www.reportlinker.com/p06320083/?utm_source=GNW
A, TomTom International B.V, Huawei Technologies Co., Ltd., Iteris, Inc., Schneider Electric, and Q-Free ASA.

The global smart transportation market is expected to grow from $108 billion in 2021 to $124.21 billion in 2022 at a compound annual growth rate (CAGR) of 15.01%. The smart transportation market is expected to reach $238.41 billion in 2026 at a CAGR of 17.70%.

The smart transportation market consists of sales of smart transportation solutions and services by entities (organizations, sole traders, and partnerships) that refer to technological solutions, which employ a variety of technologies, ranging from basic management systems such as car navigation, traffic signal control systems, container management systems, automatic number plate recognition, speed cameras, and monitoring applications, to more sophisticated applications that include real-time data and input from a range of external sources. These smart transportation solutions are focused on the transportation management and safe movement of vehicles, pedestrians, traffic, parking, and others.

The main products of smart transportation include advanced traveler information systems, advanced transportation management systems, advanced transportation pricing systems, advanced public transportation systems, and cooperative vehicle systems.Advanced traveler information systems (refer to intelligent transportation systems that make use of a cutting-edge computer, communication, and information technologies to give users of a system crucial information about traffic laws, route and location guidance, hazardous situations and safety advisories, and warning messages.

They are widely used in various modes of transportation, which include roadways, railways, airways, and maritime. The applications of smart transportation include traffic management, road safety and security, parking management, public transport, automotive telematics, and freight management.

North America was the largest region in the smart transportation market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the smart transportation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The smart transportation market research report is one of a series of new reports that provides smart transportation market statistics, including smart transportation industry global market size, regional shares, competitors with a smart transportation market share, detailed smart transportation market segments, market trends and opportunities, and any further data you may need to thrive in the smart transportation industry. This smart transportation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Increasing government initiatives and regulations are driving the smart transportation market.The governments across emerging and developing economies are focusing on investing in innovative transportation technologies to reduce the congestion on roadways, maintain safe transportation practices and reduce road accidents.

Currently, the Indian government is building around 599 highway projects with a total outlay budget of INR 1,000 billion ($14.67 billion), out of which INR 480 billion ($ 7.03 billion) will be spent on the development of smart cities across the new highways. Therefore, increasing government initiatives and regulations is expected to boost demand for smart transportation solutions during the forecast period.

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.

In May 2021, Siemens Mobility, a Germany-based provider of sustainable and efficient transport solutions, acquired Padam Mobility for an undisclosed amount.This acquisition expands Siemens Mobility’s multimodal transportation-focused portfolio of intelligent infrastructure.

It aids transportation professionals in coordinating and integrating various types of transportation to ensure smooth travel from the first mile to the last. Padam Mobility is a France-based Software as a Service (SaaS) provider for on-demand and paratransit software solutions.

The countries covered in the smart transportation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06320083/?utm_source=GNW

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