The global Smart Transportation Market size is expected to reach USD 285.12 billion by 2030 and is expected to expand at 13.0% CAGR from 2023 to 2030, according to a new study by Grand View Research, Inc. The requirement for an efficient management system for seamless transportation services is predicted to increase, as the number of cars on-road grows and existing transportation infrastructure becomes ineffective.
Favorable
government actions aimed at improving infrastructure and easing the transition
toward an effective transportation system are expected to aid sector growth. By
reacting to specific data on the peaks and troughs of passenger service,
artificial intelligence (AI) and the internet of things (IoT) can help balance
operations. Smart transportation technology will provide customers with
detailed transportation information, such as actual arrival information to
prevent waiting at crowded platforms, and instant visibility and alerts for
trouble spots or issues affecting citywide congestion on public streets.
As
smart transportation has become a vital aspect of the global smart city
initiative, increasing investments in smart city solutions are expected to
provide new avenues for market growth over the forecast period. Growing
adoption of smart transportation solutions by government authorities has led to
enhanced security & supply chain resiliency as well as environmental
considerations. Furthermore, it has also added key benefits such as better management,
security, and efficiency of transport systems in cities. Hence, several vendors
are expected to develop and expand new products and solutions.
For
instance, in September 2022, Accenture plc announced the acquisition of
MacGregor Partners, a supply chain & logistics company. The acquisition
enabled the company to expand its fulfillment transformation capabilities and
supply chain network driven by Blue Yonder technology, an omnichannel
fulfillment mechanism. Moreover, a team of over 100 employees from MacGregor
Partners joined Accenture plc's intelligent platform services division, which
brings extensive expertise in assisting businesses from various industries with
the implementation of Warehouse Management Systems (WMS) and Transportation
Management Systems (TMS).
The
need for significant capital to replace the current infrastructure with an
updated technical system is anticipated to impede industry expansion. The
current system's prolonged downtime for replacement could hinder its
development and have an impact on daily commuter activity. Similarly, the
European Union (EU) has continued to use Dedicated Short-range Communication
(DSRC) as its communication technology protocol. Therefore, a lack of
uniformity also remains a challenge for the growth of the market.
Related Press
Release@ Smart Transportation Market Report
Smart Transportation Market Report Highlights
- The cloud
service is anticipated to emerge as the fastest-growing service segment
over the forecast period, owing to the demand for cloud-based solutions to
better manage data and storage. The demand for cloud services is bolstered
by smart transportation, which offers reliable data and real-time
visibility to local transportation agencies and businesses
- The parking
management system is anticipated to emerge as the fastest-growing solution
segment over the forecast period. The parking management system is expected
to boost growth, owing to increased urbanization. It has resulted in
increasing parking resource prices and a reduction in real estate space,
which are expected to drive market growth
- The APAC market is estimated to be the fastest-growing regional segment over the forecast period, offering lucrative growth opportunities for industry players. The need for better transportation is expected to increase as a key element driving the expansion of the smart transportation industry in APAC, as increased car usage creates more parking problems
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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