The smart transportation market size is projected to grow from USD 122.4 billion in 2023 to USD 248.7 billion by 2028, at a CAGR of 15.2% during the forecast period. Adoption of IoT and automation technologies will drive the growth of smart transportation market. As the Internet of Things (IoT) gets more pervasive, the railway industry is implementing more advanced analytics for streamlined operations. Rail transport carries a comparatively large number of commuters to their destinations. Therefore, safety and surveillance are among the important measures that must be considered to avoid causalities.
Various globally established players such as Alstom (France), Hitachi (Japan), Thales (France), Huawei (China), are dominating the smart transportation market. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the smart transportation market.
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Alstom offers digital mobility solutions to provide smart operations in driving automation. These solutions help to improve overall transportation efficiency. It operates through four business segments: Rolling Stock Systems, Services, and Signaling. In April 2022, Alstom and ENGIE partnered to provide the rail freight sector with a solution for decarbonizing mainline operations by substituting diesel-powered locomotives with hydrogen versions.
Another important player in smart transportation market is Siemens. Siemens offers a wide range of smart transportation solutions. In November 2021, Siemens Mobility and RazorSecure have signed an agreement to provide Rolling Stock operators with enhanced rail cybersecurity monitoring solutions. Siemens signed an agreement with the Passenger Rail Agency of South Africa (PRASA) to install intelligent signaling in 3 of South Africa's busiest rail stations. Siemens Mobility and PRASA have successfully installed and operationalized a new signaling system in Johannesburg Park Station, Braamfontein, and Pretoria station.
Smart Transportation Market by Transportation Mode, Solution (Smart Ticketing, Passenger Information, Freight Information System), Service, Communication Technology, Application and Region - Global Forecast to 2028
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