PUBLISHER: Mind Commerce | PRODUCT CODE: 1211135
PUBLISHER: Mind Commerce | PRODUCT CODE: 1211135
This report evaluates the smart transportation market by technology and solutions with segmentation by business model, transportation mode, and vehicle types from 2023 to 2028. The report assesses global, regional, and country-specific market opportunities.
Leading smart transportation technologies covered in the report include: Automatic Vehicle Location Systems, Traveler Information Systems, Electronic Payment Systems, and Intelligent Vehicle Initiative Systems.
Smart transportation consists of systems in which information and communication technologies are applied in the field of road, aviation, marine, and rail transport, including infrastructure, vehicles, and users and in traffic management and mobility management, as well as for interfaces with other modes of transport.
It is based upon the integration of many systems, such as automated vehicle location system, real time traffic information system, automated fare collection system, parking information system, and others. Taking all of these systems into consideration, the market for global smart transportation in the year 2022 reached $152.5 billion. We estimate the overall worldwide smart transportation market will reach $213.4 billion by 2028.
Moreover, smart transportation represents a systematic means to resolve, or at least minimize, traffic problems and overall congestion in cities and main travel arteries. Often challenges facing smart transportation systems come from the emergence of technologies in operational management, such as automation, sharing, and electrification.
With the emergence of intelligent transportation systems, and advances in the Internet of Things (IoT), the world is entering towards a new smart transportation paradigm. According to the US Department of Transportation, intelligent transportation Systems leverage technologies to monitor, evaluate, and manage transportation systems to improve efficiency and safety. These technologies will include IoT as well as AI and 5G telecommunications.
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