Smart Transportation Market to Surpass 285.12 Billion by 2030 Drives Due to Expanding Urban Development Projects
SkyQuest projects that the smart transportation market will attain a value of USD 285.12 billion by 2030, with a CAGR of 13% over the forecast period (2023-2030). The smart transportation market is experiencing substantial growth, driven by a convergence of pivotal factors. Expanding urban development projects have led to a burgeoning need for efficient and sustainable transportation solutions.
Westford, USA, Jan. 17, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, Governments worldwide are increasingly focused on mitigating greenhouse gas emissions, prompting investments in smart transportation initiatives that promote eco-friendly mobility alternatives in the smart transportation market.
Browse in-depth TOC on the “Smart Transportation Market”
- Pages – 157
- Tables – 64
- Figures – 75
The rising demand for technology integration in traffic control systems is revolutionizing how cities manage their transportation networks. This includes deploying intelligent systems that enhance traffic flow, optimize routes, and provide real-time information to commuters. As a result, the smart transportation sector is witnessing robust expansion in the smart transportation market, offering a promising pathway towards more sustainable, efficient, and interconnected urban transportation ecosystems.
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Prominent Players in Smart Transportation Market
- Cisco Systems
- Siemens AG
- IBM Corporation
- Intel Corporation
- Thales Group
- Huawei Technologies Co. Ltd.
- General Electric Company
- Cubic Corporation
- TomTom International B.V.
- Denso Corporation
- Alstom S.A.
- Hitachi Ltd.
- Robert Bosch GmbH
- SAP SE
- Qualcomm Technologies Inc.
- Microsoft Corporation
- Accenture PLC
- Trimble Inc.
- Daimler AG
- Ford Motor Company
Traffic Management Segment is Expected to Dominate the Market Due to the Growing Challenges of Urban Congestion
Traffic management segment asserted its dominance in the smart transportation market, commanding a substantial smart transportation market share of over 32%, and this position is expected to remain unaltered throughout the forecast period. This steadfast position underscores the importance of effective traffic management solutions in addressing the growing challenges of urban congestion and transportation efficiency.
The market in North America has firmly established itself as a dominant player in the global smart transportation market, boasting a substantial market share exceeding 33%. Several compelling factors underpin this prominent position. Regional governments are placing a growing emphasis on enhancing transportation infrastructure to meet the evolving needs of their populations.
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Cloud Services Segment is Expected to Grow the Market Due to Pervasive Adoption of Mobile Technologies
Cloud services category firmly secured its position as the leader, commanding the largest smart transportation market share of approximately 42.4%. This dominance is a testament to the increasing reliance on cloud-based solutions. It reflects its unparalleled capacity to manage the staggering volumes of data generated by the pervasive adoption of mobile technologies and sensor-driven applications.
Regional markets in Europe are poised to emerge as a pivotal market for expanding the smart transportation market, with a burgeoning customer base fueled by the increasing adoption of technology and mounting traffic congestion in major urban centers.
A comprehensive analysis of the major players in the smart transportation market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Smart Transportation Market
- In 2022, a significant collaboration agreement was forged between Alstom and Kazakhstan Railways (KTZ). This strategic partnership was established to modernize KTZ’s locomotive fleet and enhance maintenance support services. A key highlight of this collaboration is the focus on the KZ8A next-generation locomotive, representing a significant leap in locomotive technology. This initiative underscores Alstom and KTZ’s commitment to advancing rail transportation capabilities in Kazakhstan and beyond.
- In 2022, Siemens embarked on a pioneering project alongside 16 prominent partners to advance artificial intelligence in the autonomous operation of regional trains. This ambitious venture is slated to continue its efforts through the end of 2024.
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Key Questions Answered in Smart Transportation Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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