North America Smart Transportation Market Outlook, 2029

North America Smart Transportation Market Outlook, 2029

North America has been a pioneer in the development and deployment of intelligent transportation systems (ITS). The region has implemented various technologies, such as traffic signal control systems, electronic toll collection, and dynamic message signs, to improve traffic flow, enhance safety, and reduce congestion on roadways. North America, particularly the United States, has witnessed rapid growth in ride-sharing and mobility services. Companies like Uber, Lyft, and Via have revolutionised urban transportation, offering convenient, on-demand mobility options that complement traditional modes of transportation such as public transit and personal vehicles. Furthermore, North America is playing a key role in electric vehicle adoption, with several states and provinces offering incentives and infrastructure support to encourage EV uptake. The region is home to prominent EV manufacturers like Tesla, and initiatives such as the Zero Emission Vehicle (ZEV) mandate in California are driving the transition towards cleaner and more sustainable transportation options. Many cities across North America are implementing smart city initiatives that incorporate smart transportation solutions. These initiatives aim to leverage technology to improve transportation efficiency, reduce emissions, enhance public safety, and create more livable urban environments. Furthermore, North America is at the forefront of developing and testing autonomous vehicle (AV) technologies. Companies like Waymo, Cruise, and Aurora are conducting extensive testing of AVs on public roads in various cities across the United States and Canada, with the potential to revolutionise the future of transportation. As well, there is a growing emphasis on sustainable and multimodal transportation solutions in North America. Cities are investing in bike lanes, pedestrian-friendly infrastructure, and public transit enhancements to provide residents with diverse and environmentally friendly transportation options.

According to the research report ""North America Smart Transportation Market Outlook, 2029,"" published by Bonafide Research, the North America Smart Transportation Market was valued at more than USD 20 Billion in 2023. North America is home to highly crowd urban areas with heavy traffic, protracted commutes, and a scarcity of parking spots. The desire to ease traffic, shorten travel times, and boost mobility in metropolitan areas where conventional transportation systems are under pressure is what is driving the need for smart transportation solutions. North America is a hub for technological innovation, with leading companies and research institutions driving advancements in areas such as artificial intelligence, the Internet of Things (IoT), and data analytics. The region's strong innovation ecosystem fuels the development and adoption of smart transportation technologies, including connected vehicles, intelligent transportation systems, and mobility-as-a-service platforms. In North America, people are becoming more conscious of environmental problems such as air pollution, greenhouse gas emissions, and climate change. As politicians and consumers place a higher priority on environmental stewardship and sustainability, smart mobility options, including electric cars, bike-sharing programmes, and sustainable urban design efforts, are becoming more common. Furthermore, governments at the federal, state, and local levels in North America are investing in smart transportation initiatives to address urban mobility challenges, reduce congestion, and improve transportation efficiency. Funding programmes, grants, and incentives support the deployment of smart transportation technologies and infrastructure projects, driving demand for innovative solutions.

Major Drivers
• Urbanisation and Population Growth: The increasing urbanisation and population growth in North America are leading to a higher demand for efficient transportation solutions. Smart transportation systems are essential for managing the growing mobility needs of urban populations, reducing congestion, and improving the overall quality of transportation services.
• Traffic Congestion: Traffic congestion is a significant challenge in many North American cities, resulting in wasted time, fuel consumption, and environmental pollution. Smart transportation technologies such as intelligent traffic management systems, dynamic routing, and congestion pricing help alleviate congestion by optimising traffic flow, reducing travel times, and improving the efficiency of transportation networks.

Major Challenges
• Interoperability Issues: Integrating diverse transportation systems and technologies to create a seamless smart transportation network can be challenging due to interoperability issues. Different systems use proprietary standards, protocols, or data formats, making it difficult to exchange information and coordinate operations across different modes of transport and jurisdictions.
• User Acceptance and Behaviour Change: Encouraging user acceptance and behaviour change is essential for the success of smart transportation initiatives. While smart technologies offer potential benefits such as improved convenience, safety, and efficiency, users are reluctant to adopt new modes of transport or change their travel behavior. Education, outreach, and incentives are needed to promote the adoption of smart transportation solutions and encourage sustainable travel choices.

Based on the solution types, they are segmented into the Traffic Management System, Ticketing Management System, Parking Management and Guidance System, and Integrated Supervision System. Furthermore, in terms of transportation modes, they are segmented into road, railway, airway, and maritime.

In North America, the Traffic Management System leads the market; the expansion of smart city projects, the development of adaptive traffic controls and analytics, the effectiveness of transport systems, rising economic productivity, and encouraging government measures to build traffic infrastructure are all responsible for the increase. North America, home to Silicon Valley and other tech hubs, is a hotbed for technological innovation. Companies in the region continually develop cutting-edge solutions for traffic management, leveraging advancements in artificial intelligence, machine learning, IoT, and data analytics to improve transportation efficiency and safety. North American governments and private entities invest heavily in transportation infrastructure, including roads, bridges, and smart transportation systems. This commitment to infrastructure development creates opportunities for the implementation of advanced traffic management solutions. Many cities in North America are densely populated, leading to increased traffic congestion and the need for effective traffic management systems. As urbanisation continues to grow, there is a greater demand for smart transportation solutions to alleviate congestion, reduce emissions, and enhance mobility. Furthermore, North America has been an early adopter of smart transportation technologies, contributing to the region's market maturity and leadership. The presence of established players and a strong ecosystem of suppliers and service providers further solidifies North America's position at the forefront of the smart transportation market. Furthermore, the road contributes the highest market share. North America has a well-developed roadway infrastructure, including highways, roads, and bridges, which form the backbone of transportation networks. As a result, there is a significant emphasis on optimising and modernising roadways through smart transportation technologies to improve efficiency, safety, and sustainability. Many urban areas in North America experience high levels of traffic congestion due to population growth and urbanization. Roadway transportation remains the primary mode of travel for commuters and freight, making it a priority to implement smart transportation solutions to alleviate congestion and enhance mobility.

According to the report, the services are divided into business, professional, and cloud services.

In the region where professionals contribute the most, North America boasts a highly skilled workforce with expertise in various fields related to smart transportation, including urban planning, civil engineering, data analytics, software development, and system integration. Professional services providers leverage their specialised knowledge to design, implement, and optimise smart transportation solutions tailored to the unique needs of different regions and municipalities. The smart transportation ecosystem comprises a diverse array of technologies, systems, and stakeholders. Professional services providers play a crucial role in integrating disparate systems, ensuring interoperability, and optimising the performance of interconnected transportation infrastructure elements such as traffic signals, sensors, cameras, and communication networks.

Based on the report, the major countries covered include the USA, Canada, Mexico, and the rest of North America.

In North America, the USA leads the market. The USA is home to some of the world's most innovative technology companies, research institutions, and startups. Silicon Valley, in particular, serves as a global hub for technological innovation, fostering the development of cutting-edge solutions in areas such as artificial intelligence, data analytics, the Internet of Things (IoT), and autonomous vehicles. This culture of innovation drives the advancement of smart transportation technologies and solutions in the USA. Furthermore, the USA has a long history of investing in transportation infrastructure, including roads, bridges, public transit systems, and intelligent transportation systems (ITS). Government agencies at the federal, state, and local levels allocate significant funds towards the modernization and expansion of transportation infrastructure, creating opportunities for the integration of smart technologies to improve efficiency, safety, and sustainability. The USA has established regulatory frameworks and standards to support the development and deployment of smart transportation technologies. Agencies such as the National Highway Traffic Safety Administration (NHTSA) and the Federal Highway Administration (FHWA) provide guidance, funding, and incentives to encourage innovation and the adoption of intelligent transportation systems nationwide. The USA has a vibrant entrepreneurial culture that encourages innovation and risk-taking in the transportation sector. Start-ups and entrepreneurial ventures focused on smart transportation technologies, mobility solutions, and related services thrive in cities like San Francisco, New York, and Boston, contributing to the dynamism and growth of the market.

The market is highly competitive, with several players catering to different sectors. The presence of established players is a crucial factor deterring potential players from entering the market. However, the increasing development of differentiated smart transportation solutions and services in the market is expected to create growth opportunities for new entrants. Market players are focusing on expanding their businesses and strengthening their market positions through collaborations and partnerships. Key players are adopting strategic approaches to dominate the market share and expand their dominance globally. One of the best strategies is to build a novel system or service that buyers and end-users continue to demand. These main market companies are working on increasing their consumer base across international countries, while local governments are focusing on improving transportation infrastructure. The different types of developmental strategies such as joint venture, investments, acquisition, business expansion, new product launches, partnerships, and mergers fosters market growth and offers lucrative growth opportunities to the smart transportation market players. The main smart transportation industry players are concentrating their efforts on expanding their operations in emerging markets. These firms have a history of introducing creative and innovative solutions to expand their product offerings in the smart transportation market.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Smart Transportation market Research Report with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Solution
• Traffic Management System
• Ticketing Management System
• Parking Management and Guidance System
• Integrated Supervision System

By Transportation Mode
• Roadway
• Railway
• Airway
• Maritime

By Services
• Business
• Professional
• Cloud Services

By Application
• Mobility as a Service
• Route Information and Route Guidance
• Public Transport
• Transit Hubs
• Connected Cars
• Video Management
• Other Applications

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Smart Transportation industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.***Please Note: It will take 48 hours (2 Business days) for delivery of the report upon order confirmation.