According to a new report, published by KBV research, The Global Smart Transportation Market size is expected to reach $190.6 billion by 2028, rising at a market growth of 9.9% CAGR during the forecast period.
The Solution segment acquired maximum revenue share in the Global Smart Transportation Market by Component in 2021; thereby, achieving a market value of $126.2 billion by 2028. These solutions also assist providers in comparing their prices to those of competitors, allowing them to gain revenue. Through continuous monitoring, these solutions provide information on the availability of parking spaces for both parking providers and drivers. The solution includes software and hardware such as cameras, parking metres, automatic gates, and sensors that help maintain traffic flow while simultaneously improving security.
The Railways segment is showcasing a CAGR of 10.3% during (2022 - 2028). Every year, it transports billions of tonnes of freight and passengers, resulting in the development of advanced smart rail infrastructure and technology. Various governments are also launching programs and enacting legislation to promote the development of the smart railway system. The government of several nations, such as China, has committed $28 billion in various PPP initiatives to build smart railways. From a central office, the rail traffic management system controls groups of track switches and signals along a stretch of railway tracks. The system is designed to operate signaling systems consistently, regardless of the technologies used to construct them. The whole railway network's operational performance is managed by centralized traffic control solutions. The solution combines modern technologies with high-speed communication channels to capture critical real-time data on network traffic density.
The Europe market dominated the Global Smart Transportation Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $67.6 billion by 2028. The Asia Pacific market is estimated to witness a CAGR of 10.7% during (2022 - 2028). Additionally, The North America market would exhibit a CAGR of 9.5% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/smart-transportation-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Component
By Transportation Type
By Geography
Companies Profiled
Unique Offerings 
