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Redding, California - June 6, 2024

Smart Transportation Market to be Worth $52.1 Billion by 2031

Smart Transportation Market Size, Share, Forecast, & Trends Analysis by Mode (Roadways, Railways, Airways, Others), Offering (Solutions (Smart Ticketing & Toll, Parking Management, Other) & Services), Application (MaaS, Route Information & Guidance, Others) - Geography - Global Forecast to 2031


Meticulous Research®—a leading global market research company, published a research report titled, ‘Smart Transportation Market by Mode (Roadways, Railways, Airways, Others), Offering (Solutions (Smart Ticketing & Toll, Parking Management, Other) & Services), Application (MaaS, Route Information & Guidance, Others) - Geography — Global Forecast to 2031.

According to this latest publication from Meticulous Research®, the smart transportation market is projected to reach $52.1 billion by 2031, at a CAGR of 18.3% from 2024 to 2031. The growth in this market is driven by factors such as rising government initiatives for reducing greenhouse gas emissions, rising urbanization & demand for efficient transportation, and technological advancements to enhance customer experience. In addition, the emergence of autonomous vehicles, increasing investments in smart city projects, and decline in vehicle ownership with the advancement of MaaS are expected to provide opportunities for market growth. However, the lack of standardized and uniform technology is expected to restrain the growth of the market.  The high initial cost of deployment is expected to challenge the growth of this market. 

The smart transportation market is segmented by transportation mode, offering, and application. The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on transportation mode, the smart transportation market is segmented into roadways, railways, airways, and maritime. In 2024, the roadways segment is expected to account for the largest share of above 55.7% of the global smart transportation market. The large share of this segment is attributed to the rising need for better and sustainable roadways, increasing demand for safer roads, the rising need to reduce traffic congestion, and government initiatives for smart roadways. In addition, the growing trend toward the adoption of smart cities is also expected to drive segment growth.

However, the railways segment is expected to grow at the highest CAGR during the forecast period. The trend of globalization & urbanization accelerated the demand for smart railway solutions, promoting safe and reliable advanced services and operational efficiency to passengers. Besides, the rise in the number of rail accidents and increasing initiatives by governments worldwide to implement advanced technologies for the development of smart railway systems are also expected to drive the segment growth.

Based on offering, the smart transportation market is broadly segmented into solutions and services. In 2024, the solutions segment is expected to account for the largest share of above 63.8% of the global smart transportation market. The large share of this segment is attributed to the growing concerns toward public safety, growing traffic congestion, favorable government initiatives towards effective traffic management implementation, the rising investment in smart cities across the world, and the rising focus of market players to launch innovative smart transportation solutions.

However, the services segment is expected to grow at the highest CAGR during the forecast period. The growing concern of organizations to gain visibility for diagnosing and troubleshooting problems before hampering operations or end-user experiences is expected to drive the adoption of smart transportation services. Furthermore, the rising need for technical support and upgradation of smart transportation solutions to ensure optimum utilization of these solutions is also supporting the growth of the smart transportation services market.

Based on application, the smart transportation market is segmented into mobility as a service, route information and route guidance, public transport, transit hubs, connected cars, and other applications. In 2024, the connected cars segment is expected to account for the largest share of above 29.2% of the global smart transportation market. The large share of this segment is attributed to the rise in consumer demand for connectivity solutions, a surge in the need for constant connectivity, an increase in dependency on technology, and the upsurge in the tech-savvy population. Moreover, the connected cars segment is expected to grow at the highest CAGR during the forecast period.

Based on geography, the smart transportation market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Europe is expected to account for the largest share of above 29.6% of the smart transportation market. The large share of the region is attributed to the well-established transportation infrastructure, increasing passenger transport, and rising government spending on improving the urban transport and traffic system of the region. Moreover, flourishing cross-border trade is promoting traffic in the region, leading to the rising demand for smart transportation in the European economies.

However, the Asia-Pacific region is expected to grow with the highest CAGR of above 20.0% during the forecast period. The growth of the market is attributed to the increasing investment by countries such as India, Japan, and China in megacities to modernize their transportation networks to facilitate enhanced trade exchanges, growing number of vehicles, and rising demand for road safety and traffic management.

Key Players:

The key players operating in the smart transportation market are Thales Group (France), Huawei Technologies Co., Ltd. (China), Siemens AG (Germany),  IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), Cubic Corporation (U.S.), Alstom (France), Bentley Systems, Inc. (U.S.), Toshiba Corporation (Japan), Harris Corporation (U.S.), Saab AB (Sweden), Veson Nautical (U.S.), BASS Software Ltd. (Norway) and Indra Sistemas (Spain).

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Key questions answered in the report-

  • Which are the high-growth market segments based on transportation mode, offering, and application?
  • What was the historical market for smart transportation solutions/services?
  • What are the market forecasts and estimates for the period 2024–2031?
  • What are the major drivers, restraints, opportunities, and challenges in the smart transportation market?
  • Who are the major players, and what shares do they hold in the smart transportation market?
  • How is the competitive landscape in the smart transportation market?
  • What are the recent developments in the smart transportation market?
  • What are the different strategies adopted by the major players in the smart transportation market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the global smart transportation market, and how do they compete with the other players?

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Smart Transportation Market - Global Opportunity Analysis and Industry Forecast (2024-2031)
Report ID: MRICT - 104506 Pages: 250 Formats*:PDF Category: Information and Communications Technology
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