North America Smart Transportation Market Size, Share & Industry Trends Analysis Report By Component (Solution and Services), By Transportation Type, By Country and Growth Forecast, 2022 - 2028

Market Report Description

The North America Smart Transportation Market would witness market growth of 9.5% CAGR during the forecast period (2022-2028).

Smart transportation, often known as smart transportation, is a type of modern transportation infrastructure that strives to provide novel traffic and transportation management services. It can be used for parking management and guiding, passenger information, and traffic management, among other things. Smart transportation systems (ITS) are cutting-edge applications that deliver advanced transportation and traffic management services. Using technology like automobile navigation, speed cameras, traffic signal control systems, and other real-time data and computational technologies, it allows numerous users to be more coordinated and informed. Infrastructure upgrades, legislative requirements for sustainable fuels for public transportation vehicles, and the deployment of systems to efficiently supply mobility services to ever-expanding cities are all ways to attain this smart transportation information.

The Texas Transportation Commission approved a $1.3 billion plan in June 2016 to reduce vehicle congestion on the state's most congested highways, which is expected to promote transportation infrastructure modernization through 2021. These types of investments will fuel the demand for smart transportation.

In the United States, federal-state cooperation on policy direction and funding has increased, resulting in faster road testing and software development. In 2018, Pittsburgh, for example, piloted Smart traffic lights in 50 intersections throughout the city. Idling time was decreased by more than 40%, while travel time was lowered by about 25%. As a result, infrastructure expansion, notably in the United States.

Because of the rapid deployment of smart transportation solutions, which include features such as real-time traffic information, parking management systems, smart signaling systems, electronic toll collection, and real-time information for public transit systems, North America would be a key region for this market. For example, the US Department of Transportation invested $160 billion in smart city technologies in 2016. These projects aim to improve parking and traffic management solutions, hence generating demand for the smart transportation sector.

The US market dominated the North America Smart Transportation Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $41,794.5 million by 2028. The Canada market is poised to grow at a CAGR of 12% during (2022 - 2028). Additionally, The Mexico market would display a CAGR of 11% 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 U.S., Mexico, Canada, and Rest of North America.

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.

Free Valuable Insights: The Global Smart Transportation Market is Estimated to reach $190.6 Billion by 2028, at a CAGR of 9.9%

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.

Scope of the Study

Market Segments Covered in the Report:

By Component

• Solution
  • Traffic Management System
  • Parking Management & Guidance System
  • Ticketing Management System
  • Integrated Supervision System
• Services
  • Business
  • Professional
  • Cloud Services

By Transportation Type

• Roadways
• Railways
• Airways
• Maritime

By Country

• US
• Canada
• Mexico
• Rest of North America

Key Market Players

List of Companies Profiled in the Report:

• 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)
• Iteris, Inc.

Related Reports:

Global Smart Transportation Market Report 2022-2028

Europe Smart Transportation Market Report 2022-2028

Asia Pacific Smart Transportation Market Report 2022-2028

LAMEA Smart Transportation Market Report 2022-2028