Smart transportation market to reach $388.0 billion by 2032 driven by IoT and AI technology growth.

From GlobeNewswire: 2025-01-14 09:00:00

The Smart Transportation Market is set to grow from USD 121.0 billion in 2023 to USD 388.0 billion by 2032, with a CAGR of 13.84%. Technological advancements like IoT and AI are driving growth, making urban mobility more effective and sustainable. Major players include Siemens Mobility, Thales Group, and IBM. North America leads with 35% market share, while Europe and the Middle East show significant growth potential. The traffic management segment dominates with 37% market share, while parking management is expected to register the fastest growth. Cloud services lead with 44% market share, and professional services are projected to witness the fastest CAGR. The Smart Transportation Market is on the rise, with cities and governments investing in advanced technologies for better transportation systems. The intelligent transportation industry is predicted to grow due to increased car usage, leading to parking challenges and a demand for efficient transportation systems globally. Recent developments include Zoomcar launching a chauffeur-driven cab service in Bengaluru and Tier IV developing self-driving electric vehicle taxis in Japan. For more information on smart transportation market analysis, visit the link provided.
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