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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.

Major Smart Transportation Companies include

• Alstom (France)
• Siemens AG (Germany) 
• Hitachi (Japan)
• Thales (France)

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.

To know about the assumptions considered for the study download the pdf brochure

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.

Siemens.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.

Hitachi : Hitachi, Ltd., founded in 1910 and headquartered in Tokyo, Japan, is a multinational conglomerate with diverse business segments, including IT, energy, industry, mobility, and smart life solutions. Originally started as an electrical repair shop, Hitachi has grown into a global leader in various industries, driven by innovation and technological advancement

Thales (France) : Thales Group, founded in 2000 and headquartered in Paris, France, is a multinational company that designs and builds electrical systems and provides services for the aerospace, defense, transportation, and security markets. With a rich history dating back to 1893 through its predecessor companies, Thales has become a global leader in advanced technology solutions.

Related Reports:

Smart Transportation Market by Transportation Mode, Solution (Smart Ticketing, Passenger Information, Freight Information System), Service, Communication Technology, Application and Region - Global Forecast to 2028