The smart transportation market size is projected to grow from USD 94.5 billion in 2020 to USD 156.5 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period. The major factors driving the growth of the smart transportation market include the technological advancement to enhance customer experience, growing government initiatives and PPP models for smart transportation, rising urban population and high demographic rates, and growing adoption of IoT and automation technologies to enhance technological optimization.
Major smart transportation vendors include Thales Group (France), Huawei Technologies Co., Ltd. (China), Siemens AG (Germany), IBM Corporation (US), Cisco Systems, Inc. (US), SAP (Germany), Cubic Corporation (US), Alstom (France), Bombardier Inc. (Canada), Toshiba (Japan), Harris Corporation (US), Saab AB (Sweden), Veson Nautical (Massachusetts), BASS Software (Norway), Bentley Systems (US), Indra Sistemas (Spain), Trimble (US), TomTom International BV. (Netherlands), Amadeus IT Group SA (Spain), Conduent (US), Kapsch (Austria), Hitachi Ltd. (Japan), Descartes (Canada), Accenture (Ireland), and DNV GL (Norway). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2018 to 2020, which helped companies innovate their offerings and broaden their customer base.
Thales Group (France) is one of the leading vendors in the smart transportation market. The company offers a wide range of solutions for smart transportation that includes such as Air Traffic Management, Training and Simulation Solutions, nose-to-tail aircraft connectivity and in-flight services, that connect all parts of the aerospace ecosystem. Thales Transportation solutions adapt to rapid urbanization and meet new mobility demands locally, between cities and across national frontiers. The company focuses more on the adoption of inorganic growth strategies to enhance its position in the smart transportation market.
For instance, in December 2019, Thales signed a contract with Hong Kong-based Mass Transit Railway (MTR) Corporation to expand the Central Control and Communication Systems for the Sydney Metro to City and Southwest (SMCSW) project. Through the contract, Thales will deliver the extension of the Sydney Metro to City and Southwest City project by delivering globally proven technology in Central Control and Communication solutions that have been successfully operating on the Sydney Metro North West project.
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