The global smart transportation market size was USD 92.48 billion in 2020. The market is anticipated to grow from USD 98.74 billion in 2021 to USD 206.80 billion in 2028 at a CAGR of 11.1% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Smart Transportation Market, 2021-2028.” As per our report, the prompt adoption of this smart technique to monitor, assess, and handle transport systems and is probable to improve safety and proficiency. It utilizes innovative technologies to allow a more suitable commute around the city and is more cost-effective and better in terms of safety.

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Additionally, government awareness and support regarding the welfare of the citizens has amplified the demand for such systems. For example, in 2018, Pittsburgh installed smart traffic signals in 50 crossings across the city. This installation reduced the idling time by over 40% and declined travel time by about 25%. This is expected to bolster smart transportation market growth during the forecast period.

List of Key Players Covered in this Market Report

IBM Corporation
Cisco Systems, Inc.
Kapsch TrafficCom
Cubic Corporation
Xerox Corporation
Siemens AG
Iteris, Inc.
LG CNS Co. Ltd.
Thales Group
Indra Sistemas
Trapeze Software
TransCore Inc.
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Drivers and Restraints

Increasing Traffic Size to Augment Market Growth Globally

Traffic volume is rising along with the concerns that tag along owing to a dramatic upsurge in suburban and rural inhabitants moving to urban areas and the corresponding rise in population density in cities. Along with a speedy density growth, automobile overcrowding in cities has also risen, assisted by poor highway structures and inadequate urban organization.

For example, traffic bottlenecking itself charges over USD 200 billion in four developed nations such as the U.K., France, the U.S., and Germany. It results in a rise in accident cases, revenue & time consumed in traveling, and in a general loss of financial growth & output. Nevertheless, with the assistance of distant sensors, autonomous vehicles, 5G networks, vehicle-sharing services, dynamic traffic signals, and better infrastructure, automotive safety and efficiency can be increased. Hence, these factors are driving the demand for smart transportation networks.

Competitive Landscape

New Launches by Prominent Players to Mark Advancements in the Market

Key players are often seen applying efficient strategies in order to succeed in the market and maintain their global dominance in their particular domain. Among many strategies, one such efficient strategy is to launch an innovative system or product that is demanded by the end-users and customers. For instance, in April 2021, Trapeze Group Americas launched Vontas, which is its novel business unit fixated solely on fulfilling the Intelligent Transportation Systems (ITS) requirements of transportation organizations in the North American region.

Industry Development

February 2021: The New York Metropolitan Transportation Authority (MTA) granted a bond opportunity worth USD 39 million to Cubic Corporations’ CTS unit to make advancements in the ticket paying system for Metro-North Railroad and Long Island Rail Road.

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