According to the research report titled ‘Global Smart Mobility Market Size study, by Element (Bike Commuting, Car Sharing, Ride Sharing), by Solution (Traffic Management, Parking Management, Mobility Management, Others), by Technology (3G & 4G, Wi-Fi, GPS, RFID, Embedded system, Others) and Regional Forecasts 2020-2027‘, available with Market Study Report, global smart mobility  market was valued at USD 34 billion in 2019 and is anticipated to experience a CAGR of 9.5% during 2020-2027.
 

Shifting preference of individuals towards multimodal transport system that offers centered intelligent management, great flexibility, and accessibility is a major factor driving the global smart mobility market. Several benefits of smart mobility such as zero-emission, no ownership of vehicles, reduction in number of vehicles on road leading to no or minimal accidents are fueling the industry growth.
 

Additionally, rising trend of on-demand transportation services, and increase in government initiatives for smart cities projects are likely to contribute to the market growth during the forecast period. According to GovInsider, around 1000 smart city pilot projects are under operation worldwide, of which 500 pilot projects are in China, and covers small as well as large cities.
 

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However, the threat of cyber-attacks and lack of standardized & uniform technology are the major factors expected to hamper the growth of worldwide smart mobility industry over the forecast period.
 

Based on technology, global smart mobility market is segmented into RFID, 3G & 4G, GPS, embedded system, Wi-Fi, and others. With regards to solution, the industry is bifurcated into mobility management, traffic management, parking management, and others. While as per element terrain, the industry is classified into ride sharing, car sharing, and bike commuting.
 

From a regional frame of reference, global smart mobility market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. Europe market is poised to witness significant returns during the forecast period, mainly due to rising support and funding by the government for building the intelligent transportation systems, and presence of large number of smart mobility solution manufacturers in the region.
 

Parallelly, Asia Pacific industry is predicted to register robust growth rate over 2020-2027, owing to rising adoption advanced technology in transportation, and increasing disposable income of the individuals in the region.
 

Major players operating in global smart mobility market include Excelfore Corporation, Innoviz Technologies Ltd, Toyota Motor Corporation, Ford Motor Company, QuaLiX Information System LLP, MaaS Global Ltd., Cisco Systems Inc., TomTom N.V., Robert Bosch GmbH, and Siemens AG.