The Intelligent Transportation System Market size was valued at USD 28.1 billion in 2022 and is expected to grow to USD 52.78 billion by 2030 and grow at a CAGR of 8.2 % over the forecast period of 2023-2030.
Summary
The Intelligent Transportation System (ITS) market is poised for significant growth as urbanization and population density increase worldwide. One unique aspect driving this market is the integration of advanced technologies like artificial intelligence, machine learning, and IoT into transportation infrastructure. These innovations enable real-time data collection, analysis, and decision-making, resulting in improved traffic management, enhanced safety measures, and optimized transportation networks. Furthermore, the emergence of autonomous vehicles and connected transportation ecosystems adds another layer of complexity and opportunity to the ITS market, fostering collaborations between automotive manufacturers, technology providers, and government agencies to create smarter, more efficient transportation solutions.
Another distinctive factor shaping the Intelligent Transportation System market is the focus on sustainability and environmental consciousness. As cities grapple with pollution, congestion, and climate change concerns, there's a growing emphasis on developing ITS solutions that prioritize energy efficiency, emission reduction, and eco-friendly modes of transportation. This includes the promotion of public transit systems, cycling infrastructure, and shared mobility services alongside the deployment of intelligent traffic management systems and electric vehicle charging infrastructure. As governments worldwide commit to carbon neutrality goals and prioritize sustainable urban development, the ITS market stands to benefit from increased investment in green transportation solutions, driving innovation and growth in the quest for smarter, more sustainable cities.
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Covid 19 impact analysis:
The latest report is the most recent study that offers 360° coverage of the Intelligent Transportation System industry that has been facing the brunt of the adverse economic impact of the COVID-19 outbreak since the beginning of this year. The global health crisis has affected nearly every aspect of the business vertical and led to massive disruptions to the global Intelligent Transportation System market demand and supply chains. Researchers draw predictions for the market scenario in the post-COVID era. The report, additionally, assesses the present market situation and estimates its future outcomes, keeping in mind the impact of the pandemic on the global economic landscape.
Major companies profiled in the market report include
Kapsch TrafficCom, Agero, Inc., Iteris Inc., DENSO CORPORATION, EFKON GmbH, Garmin Ltd., Thales Group, Xerox Corporation, Recardo, Sensys Networks Inc., Telenav Inc., Lanner, Hitachi Ltd., Nuance Communications, Inc., Q-Free ASA, Siemens AG, TomTom International BV, TransCore., and others
Research objectives:
The latest research report has been formulated using industry-verified data. It provides a detailed understanding of the leading manufacturers and suppliers engaged in this market, their pricing analysis, product offerings, gross revenue, sales network & distribution channels, profit margins, and financial standing. The report’s insightful data is intended to enlighten the readers interested in this business sector about the lucrative growth opportunities in the Intelligent Transportation System market.
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It has segmented the global Intelligent Transportation System market
By Type
- Advanced Traveler Information System (ATIS)
- Advanced Traffic Management System (ATMS)
- Advanced Transportation Pricing System (ATPS)
- Advanced Public Transportation System (APTS)
- Emergency Medical System (EMS)
By Application
- Traffic Management
- Road Safety and Security
- Freight Management
- Public Transport
- Environment Protection
- Automotive Telematics
- Parking Management
- Road Tolling Systems
Key Points Covered in the Report:
- A thorough analysis of value and volume at the worldwide, sector, and regional levels is included in the global 'Intelligent Transportation System' market report.
- The study offers a full business size 'Intelligent Transportation System' from a global point of view through a review of past facts and possible scenarios.
- Geographically, the Intelligent Transportation Systemof market analysis includes the number of regions and their contrast of revenue.
- The market analysis focuses on ex-factory costs, output volume, market share & sales for every manufacturer on a company level basis.
Key Reasons to Purchase this Report:
- A comprehensive study of market size, share and dynamics is a global 'Intelligent Transportation System' market research report and a thorough survey of developments in the field.
- It offers an in-depth overview of revenue growth and an analysis of the total business benefits.
- In addition to the strategic landscape for commodity pricing and marketing, the 'Intelligent Transportation System' industry research also provides key players.
- This is a new post covering the latest impact on the target market. The research report addresses the rapidly evolving market climate as well as the initial and future impact assessment
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