Global Intelligent Transportation System Market Poised for Remarkable Growth, Predicts
Chicago, Nov. 15, 2023 (GLOBE NEWSWIRE) -- MarketsandMarkets, a leading market research firm, has released a comprehensive report on the "Intelligent Transportation System Market size." According to the report, the market is expected to experience substantial growth from 2023 to 2028, driven by various factors and advancements in transportation technology.
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*Scope of the Intelligent Transportation System Market Report *
*Report Metric* *Details*
*Projected Value* *USD 67.2 Billion by 2028*
*Estimated Value* *USD 47.8 Billion by 2023*
*Growth Rate* *7.1%*
* Market size available for years* 2018-2028
* Base year considered* 2022
* Forecast period* 2023–2028
* Forecast units* Value (USD Million/USD Billion)
* Segments covered* By Offering, By System, By Application – Roadways, Railways, Aviation, Maritime; and Region
* Geographies covered* North America, Europe, APAC, and RoW
*Key Segments:*
The Intelligent Transportation System (ITS) market covers a wide range of segments, including:
*Offering*: The market is segmented into Hardware and Software, with hardware components such as sensors, cameras, and processors playing a pivotal role in enabling smart transportation solutions.
*System*: ITS comprises various systems, including Advanced Traffic Management System (ATMS), ITS-enabled Transportation Pricing System (Tolling and Fare Management).
*Application*: The application areas of ITS are broad, encompassing Roadways, Railways, Aviation, and Marine.
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*Growth Drivers:*
The ITS market is set to grow due to several key drivers:
*Urbanization and Congestion*: Increasing urbanization and traffic congestion in major cities worldwide are driving the need for intelligent transportation solutions to optimize traffic flow and reduce congestion.
*Safety and Security*: Enhanced safety measures and security solutions are critical in modern transportation systems, making ITS a key player in improving road safety and security.
*Environmental Concerns*: Environmental issues and the need for sustainable transportation solutions are propelling the adoption of ITS for reducing emissions and promoting eco-friendly transport.
*Advancements in Technology*: Rapid technological advancements, including IoT, AI, and Big Data, are shaping the future of transportation, and ITS is at the forefront of this transformation.
*Smart Cities*: The development of smart cities is increasing the demand for integrated transportation systems that enhance the quality of life for urban residents.
*Challenges:*
The market is not without its challenges, including:
*Initial Investment*: Implementing ITS can require significant upfront investments in infrastructure and technology.
*Data Privacy and Security*: As transportation systems become more interconnected, data privacy and security are major concerns.
*Interoperability*: Ensuring that different components and systems work seamlessly together is an ongoing challenge.
*Opportunities*:
Despite challenges, the ITS market offers numerous opportunities, such as:
*Public-Private Partnerships*: Collaboration between public and private sectors can drive innovation and investment in ITS.
*Emerging Technologies*: The development of emerging technologies, like 5G, can create new possibilities for intelligent transportation solutions.
*Global Expansion*: The demand for ITS is growing globally, opening new markets and expansion opportunities.
*Key Players:*
· Siemens AG
· Cisco Systems, Inc.
· TomTom NV
· Sensys Networks, Inc.
· Cubic Corporation
· WS Atkins PLC (now part of SNC-Lavalin)
· Thales Group
· TransCore LP (Roper Technologies)
· Q-Free ASA
· Kapsch TrafficCom AG
*Prominent companies in the ITS market include:*
The ITS market is on a trajectory of significant growth, as it addresses critical issues in modern transportation, such as congestion, safety, and sustainability. Advancements in technology and the development of smart cities are creating new opportunities for innovation and investment in the intelligent transportation system sector.
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