PUBLISHER: Polaris Market Research | PRODUCT CODE: 1421648
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1421648
The global smart transportation market size is expected to reach USD 368.48 billion by 2032, according to a new study by Polaris Market Research. The report "Smart Transportation Market Share, Size, Trends, Industry Analysis Report, By Transportation Mode (Railways, Roadways, Airways, Maritime); By Solution; By Services; By Region; Segment Forecast, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Smart transportation involves the utilization of advanced and emerging technologies with the goal of improving the efficiency, safety, and environmental sustainability of transportation systems. It encompasses innovations such as real-time traffic monitoring, predictive vehicle maintenance, intelligent transportation systems, and interconnected autonomous vehicles.
The main aim of smart transportation is to create a cohesive and efficiently operating transportation network that reduces traffic congestion, improves mobility, and reduces the environmental impact of transportation.
Smart transportation integrates information technology into transportation systems, enhancing safety and efficiency through technologies like traffic signal management, vehicle navigation, and security surveillance. Its goal is to offer innovative services and build intelligent infrastructure for future transportation needs.
The global impact of the COVID-19 pandemic on smart transportation systems was profound. Despite a notable decrease in transportation demand, it underscored the crucial role of intelligent transportation solutions. Cities and regions worldwide embraced these systems to navigate the challenges of the "new normal." This involved utilizing real-time data for monitoring social distancing in public transport, adapting routes to accommodate changing demand and bolstering contactless payment options to minimize physical touchpoints.
The pandemic also expedited the adoption of telecommuting, sparking discussions on the enduring effects of smart transportation. Additionally, the integration of artificial intelligence and data analytics in smart transportation systems emerged as indispensable for efficient resource management amid uncertainties.
Additionally, a study published in the National Library of Medicine in June 2021 highlighted the significant impact of coronary artery disease (CAD) on global health. CAD alone is responsible for approximately 610,000 deaths annually, accounting for an estimated one in four deaths and making it the foremost cause of mortality in the United States. With the incidence of CAD rising, there is a growing demand for effective Smart Transportation devices to address this pressing medical need. Consequently, this factor is projected to drive the demand for coronary stents throughout the forecast period.
Polaris Market Research has segmented the smart transportation market report based on transportation mode, solution, services and region: