Smart Transportation Market Size, Share, Growth Analysis, By Smart Transportation Market(Roadway, Railway, Airway, Maritime), By Roadway(Solutions [Smart Ticketing, Parking Management, Traffic Management, Passenger Information), By Railway(Solutions [Smart Ticketing, Passenger Information, Freight Information, Rail Traffic Management), By Airway(Solutions [Smart Ticketing, Passenger Information, Ramo Management, Freight Information System), By Maritime(Solutions [Port Operations Management, Vessel Tracking, Maritime Software and Other Solution in Maritime], and Services [Consulting), By Communication Technology(Communication Technology in Roadways, Communication Technology in Railways, Communication Technology in Airways, and Communication Technology in Maritime), By Application(Mobility as a Service, Route Information and Route Guidance, Public Transport, Transit Hubs), By Region - Industry Forecast 2024-2031

Global Smart Transportation Market size was valued at around USD 97.81 billion in 2022 and is expected to rise from USD 110.53 billion in 2023 to reach a value of USD 293.84 Billion by 2031, at a CAGR of 13.0% over the forecast period (2024–2031).

The smart transportation industry is experiencing significant growth as a result of increased urbanization, government programs to minimize greenhouse gas emissions, and rising demand for technological integration in traffic management systems. The majority of cities (including pedestrian walkways) face substantial obstacles, such as a lack of high-quality and safe public transportation, concerns about diminished road safety, inadequate traffic management, and parking issues. As a result, the demand for smart transportation systems is expected to skyrocket in the next years. Smart transportation infrastructure is becoming easier to adopt as a result of factors such as urbanization, increased acceptance of IoT-based technologies, and the proliferation of 5G-based connections.

Public transit agencies are embracing smart transportation solutions to enhance the commuter experience. Real-time passenger information, contactless payment systems, and mobile apps are making public transit more accessible and convenient. The introduction of self-driving cars, more spending on smart city programs, a drop in vehicle ownership, and the expansion of mobility as a service (MaaS) will all likely provide significant growth opportunities for participants in the smart transportation business. Initiatives such as Mobility as a Service (MaaS) are gaining traction, allowing passengers to seamlessly plan and pay for multimodal trips. These developments are not only improving the passenger experience but also promoting the use of public transportation, reducing congestion, and decreasing emissions.