PUNE, India, March 9, 2023 /PRNewswire/ — The Global Intelligent Transportation System market is a rapidly growing industry that is revolutionizing the transportation sector with the integration of advanced technologies and sustainable solutions. The market is driven by the increasing demand for efficient transportation systems, the need to reduce traffic congestion and carbon emissions, and the emergence of connected and autonomous vehicles.
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The Intelligent Transportation System market includes various systems and solutions, including advanced traffic management systems, electronic toll collection systems, traveler information systems, vehicle-to-vehicle communication systems, and intelligent parking management systems. These solutions help to improve traffic flow, reduce travel time, and enhance safety and security on roads and highways.
The market is also segmented based on end-users, including government agencies, commercial and business organizations, and individual users. The government agencies segment is expected to dominate the market due to the increasing investment in transportation infrastructure and the deployment of smart city projects.
Key segments of the ITS market include Advanced Traffic Management Systems (ATMS), Advanced Traveler Information Systems (ATIS), Advanced Public Transportation Systems (APTS), Advanced Safety Systems (ASS), and Cooperative ITS (C-ITS).
The global Intelligent Transportation System 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 Factors such as government efforts to ensure road and public safety, increased need to reduce traffic congestion, favorable government policies for effective traffic management, high adoption of eco-friendly automobile technology, and rapid development of smart cities globally have proved to be the major driving forces for the ITS market for roadways.
Geographically, the Intelligent Transportation System market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America is expected to dominate the market due to the presence of major ITS vendors, the high adoption rate of advanced technologies, and the increasing investment in smart transportation infrastructure.
Some of the key players in the ITS market include Siemens AG(Germany), Hitachi, Ltd. (Japan), Conduent Incorporated (US), Cubic Corporation (US), Kapsch TrafficCom AG (Austria), and so on.
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Overall, the ITS market is expected to continue to grow at a rapid pace due to the increasing need for smart transportation systems, the emergence of connected and autonomous vehicles, and the adoption of sustainable solutions to reduce carbon emissions and enhance transportation efficiency.
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