Smart Transportation Market Expected To Witness a Sustainable Growth Over 2031 By Transparency Market Research Published May 12, 2022
According to the report, the global smart transportation market was valued at US$ 47.91 Bn in 2020, expanding at a CAGR of 21.3% during the forecast period. Smart transportation integrates different technological features and applications for providing real-time information to improve, innovate and manage transportation systems. These technological features are adopted in all the transportation services including roadways, railways, airways, and maritime to improve performance in the transportation systems. Rising technological advancements to enhance the customer experience in vehicles drives the growth of the smart transportation market. Moreover, the integration of arti몭cial intelligence (AI), machine learning (ML), and the internet of things (IoT) in vehicles can endorse a better understanding and knowledge of consumer behaviors and thereby, further opt for appropriate solutions and better decision making for consumers’ safety and security. In addition, such technologies also provide guidance in real-time data tracking and management solution. Therefore, the use of advanced technology in vehicles propels the growth of the smart transportation market. Due to onset of the COVID-19 pandemic, the transportation sector was widely hampered, as the public was restricted from traveling due to lockdown and all the public and private transport services were also shut down. Moreover, due to disruption of the global supply chain, rail, road, air, and sea transportation services were also stopped, which further hampered the market growth. However, all the