Smart Transportation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The smart transportation market is expected to reach USD 311 billion by 2026, at a CAGR of 18.68% over the forecast period (2021-2026). The growing population of the world has led to rapid urbanization, resulting in many problems, such as congestion and safety issues on roads. The need to formulate a sustainable solution to counter these problems is gaining traction across the world. The emergence of cloud-based technologies and advances in vehicle-to-vehicle (V2V) and vehicle-to-grid infrastructure (V2I) are making smart transportation a reality.

• As the global population continues to grow, an increasing number of cities are experiencing the challenges of accommodating residents as well as visitors. Issues, like congested roadways and increased emissions, impact the health and well-being of city dwellers.
• Government regulations and initiatives are the most important drivers for the growth and development of the intelligent transportation system market. With growing road safety concerns and increasing auto thefts, governments across the world, especially in the United States, Europe, Russia, China, and Brazil, are mandating the installation of factory-fitted telematics and safety devices in vehicles.
• Smart transportation IoT solutions, augmented with smart city solutions, enable government organizations and their partners to create safer, efficient transport infrastructure in cities by improving community resources and transportation for everyone. IoT solutions, for smart transportation, offer real-time visibility and accurate data, allowing the concerned city transport authorities and organizations to improve efficiency, while creating smarter, greener cities for its dwellers.

Scope of the Report

Smart transportation is considered as the vertical application of IoT capabilities, and therfore refers to the integrated application of modern technologies and management strategies in the transportation systems. These technologies are aimed at providing innovative services related to different modes of transport and traffic management. It enables the users to be better informed and make safer and better use of transport networks.

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Key Market Trends

Rise in Urbanization, Increasing Mega Cities, and Population

• More than half the world’s urban population resides in Asia, where some countries, like India and China, already have about a billion people living in cities alone. The other regions with relatively high urban populations are North America, Europe, and Africa.
• Increasing urbanization is an indication of the rising complexities in the cities across the world, with transportation requirements being one of those issues. Resolving these complexities is one of the major challenges faced by the transportation markets across these regions.
• Technological innovations have brought about a major change in the way everything operates. The Internet of Things has made developing connected networks feasible in almost all major functioning sectors, today. The integration of this transportation system has resolved most of the transportation-related complexities. The rising growth rate of megacities worldwide and multiple innovations taking place in the field of technology are expected to open up a number of opportunities.

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