CHICAGO, Feb. 3, 2023 /PRNewswire/ — The global intelligent transportation system (ITS) market is projected to reach USD 67.2 billion by 2028 from an estimated USD 47.8 billion in 2023, at a CAGR of 7.1% from 2023 to 2028 according to a new report by MarketsandMarkets™. Favorable government initiatives for effective traffic management and rapid development of smart cities globally are among the key factors driving the growth of the ITS market.
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Rail-running operation & collision avoidance application held the largest size of the ITS market for railways in 2022
The rail-running operation & collision avoidance application held the largest size of the ITS market for railways in 2022. In this application, intelligent transportation systems are used to carry out various operations, such as train movement management, collision avoidance, maintenance work, and displaying real-time information; hence, this application accounts for a substantial market size at present, and a similar trend is likely to be observed in the coming years.
Smart ticketing segment of aviation application to register highest CAGR during the forecast period
Smart ticketing helps passengers to move smoothly and flawlessly. Also, they can travel through different modes with only a single card. It allows the passengers to load tickets or credit them before traveling to know the boarding times and reduce waiting time. Moreover, it offers greater convenience to transport operators as they can run their loyalty schemes and offer tickets to suit individual customers’ needs, thereby attracting more customers. This help to increases the number of commuters across the world. Thus, the smart ticketing segment of aviation application to register highest CAGR during the forecast period.
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North America accounted the largest share of the ITS market in 2022
In 2022, North America held the major share of the ITS market for roadways. The growth can be attributed to the growing adoption of ITS to counter traffic congestion and increase safety on roads and government-led funding and support for the implementation of ITS in the region. In addition, the focus of governments in this region is shifting from infrastructure development to the best use of existing infrastructure, wherein ITS will play a vital role. Furthermore, the US Department of Transportation Research and Innovative Technology Administration (RITA) and ITS America are major organizations focusing on R&D related to ITS.
Siemens AG (Germany); Hitachi, Ltd. (Japan); Cubic Corporation (US); Conduent Incorporate (US); Kapsch TrafficCom AG (Austria); Teledyne Technologies Incorporated (US); Denso Corporation (Japan); Indra Sistemas, S.A. (Spain); Garmin Ltd. (US); and TomTom International BV (Netherlands); are some of the key players in the ITS market.
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