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.
The Intelligent Transportation System (ITS) market is experiencing rapid growth due to advancements in technology and increasing urbanization. ITS integrates various information and communication technologies to enhance the efficiency and safety of transportation networks. Key components include traffic management systems, public transportation management, electronic toll collection, and real-time traffic information systems. Governments worldwide are investing heavily in ITS to address challenges such as traffic congestion, road safety, and environmental impact. For instance, smart traffic signals and adaptive traffic control systems can reduce wait times and emissions, leading to more sustainable urban mobility solutions.
The market is also driven by the rise of connected and autonomous vehicles, which rely on ITS for navigation, traffic management, and safety protocols. The integration of artificial intelligence and machine learning into transportation systems allows for predictive analytics, which can anticipate and mitigate traffic issues before they occur. Additionally, the adoption of 5G technology enhances the connectivity and responsiveness of ITS, enabling real-time communication between vehicles and infrastructure.
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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 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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