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The Asia Pacific Smart Transportation Market would witness market growth of 10.7% CAGR during the forecast period (2022-2028).
The combined use of the newest technology and management methods aimed at providing innovative services connected to various modes of transportation and traffic management systems is referred to as smart transportation. In addition, smart transportation allows for a better transportation network by providing real-time data on vehicle performance and traffic congestion issues, allowing for increased efficiency and lower emissions. Car navigation, traffic signal control systems, automatic number plate identification, and speed cameras are among the technology included. For example, Cubic Corporation updated its Trafficware's ATMS with the latest version of its industry-leading transportation management system, ATMS 2.9, in 2019 to provide additional metadata for the intersection layout, which is available via the connected vehicle module as well as TidalWave, a live streaming traffic information service powered by Smart edge analytics.
The Indian government's plan to establish 100 smart cities is expected to open up new opportunities for business. Countries like China and India have a significant impact on APAC's economy. The governments of these countries are implementing a number of smart city development programs. For example, India expects to invest more than $250 billion in smart city development in 2019. By 2023, China's smart city efforts are expected to be worth $38.92 billion.
Regulatory policies have aided the rapid development of smart transportation infrastructure in nations like China and South Korea. In China, for example, the Ministry of Transport released a Notice on Accelerating the Next-Generation National Traffic Control Network and Smart Highway Pilot in 2018. Among other things, it concentrates on infrastructure digitization, new national traffic control networks, and integrated road network management based on big data. Therefore, these factors are likely to propel the growth of the regional Smart Transportation Market during the forecasting period.
The China market dominated the Asia Pacific Smart Transportation Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $15,379.1 million by 2028. The Japan market is estimated to grow at a CAGR of 10% during (2022 - 2028). Additionally, The India market would witness a CAGR of 11.4% during (2022 - 2028).
Based on Component, the market is segmented into Solution (Traffic Management System, Parking Management & Guidance System, Ticketing Management System, and Integrated Supervision System) and Services (Business, Professional, and Cloud Services). Based on Transportation Type, the market is segmented into Roadways, Railways, Airways, and Maritime. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Cisco Systems, Inc., Accenture PLC, Cubic Corporation, ALSTOM Holdings, Siemens AG, Thales Group S.A., TomTom N.V., MSR-Traffic GmbH (MSR-Group GmbH), and Iteris, Inc.
By Transportation Type
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