intelligent transportation market size

This area is known as a technology hub because it is where cutting-edge technologies like machine learning, big data, cloud computing, and the Internet of Things are being developed and used in a big way. Intelligent Transportation System Market - Scope of Report This report on the global intelligent transportation system market studies the past as well as the current growth trends and . Presentation, Research Traffic management systems comprises of bridge traffic management systems, vehicle detection system, and ramp metering systems among others. Regional market sizes, concerning products by types, by application, and by players, are also provided. Intelligent Transportation Systems Market size is expected to reach USD 67.2 billion by 2028, growing at a CAGR of 7.1% , ITS market can be attributed to the rapid development of smart cities globally and the increasing demand for security and surveillance in the railways. Cubic was in charge of putting these parts in place. Events, Media Public-private partnerships are key to the success of ITS (PPPs). The increase in traffic on the roads is bad for the environment because of the pollution that comes from cars and trucks. The US, Dubai, and Japan spend a lot of money on ITS projects. The report also discusses technological trends and new product developments. Siemens Mobility will provide its full turnkey services for 15 years to design, install, test, and take care of the systems. 2030: Indias Electric Vehicle Deadline? On the other hand, automotive telematics anticipated to grow at the highest rate during the upcoming years owing to various regulations pertaining to security and safety of vehicle as well as passengers. Intelligent Transportation System Market Size Worth US$ 60 Billion By 2030 | CAGR: 10%: Observes TMR Study. Intelligent transportation technologies are used because the area is putting a lot of effort into improving its transportation infrastructure. Research Reports Worldis the credible source for gaining the market reports that will provide you with the lead your business needs. Intelligent Transportation System Market size exceeded USD 40 billion in 2020 and is projected to expand at over 9% CAGR from 2021 to 2027. In addition, the rising necessity for obtaining real-time information for improving the traffic management system by sharing required data with drivers and passengers also aid the growth of the ITS market. What can we do. An Intelligent Transportation System (ITS) is a technology that is used to manage transportation systems . Global IoT Market in Intelligent Transportation Systems Market offers complete, proficient report delivering market research data that is relevant for new market entrants or set u The industry is likely to be driven by a growing number of vehicles, ageing infrastructure, and a lack of traffic data management. Moreover, a surge in the road traffic has significantly triggered the demand for parking management systems. This section of the report provides key insights regarding various regions and the key players operating in each region. <br>ACRE has played an instrumental role in development and implementation of security technology initiatives on a global scale. They are achieving this by deploying strategies such as product innovation and launch, mergers and acquisitions, and others. Further, by the preventive measures adopted by the government of various nations for controlling the spread of the deadly virus public transportation sector have suffered a lot. The global intelligent transportation system (ITS) market size was valued at USD 29.69 billion in 2020 and is expected to reach US$ 47.89 Bn by 2030, growing at a compound annual growth rate (CAGR) of 6.3% from 2020 to 2030.The Asia Pacific intelligent transportation system market size was estimated at USD 21.6 billion in 2022. Additionally, ATMS also controls the traffic signals that contribute significantly in the congestion and also reduce the travelling time for passengers and drivers. By focusing on these three main factors, the market for intelligent transportation systems (ITS) is causing a sea change in how Traffic Management Centers (TMC) run and maintain highway networks. Who are the key players in the Intelligent Transportation System (ITS) market? Automotive telematics segment estimated to witness the highest growth rate of nearly 7.3% during the forecast period due to its positive impact on increasing the safety and security of a vehicle. The Asia Pacific intelligent transportation system market is expected to witness considerable growth with a CAGR of 11.0% from 2023 to 2030. New York, United States, July 25, 2022 (GLOBE NEWSWIRE) -- The market for intelligent transportation systems uses new information and communication technologies to make driving better. This report has provided the market size (revenue data) by application, during the historical period (2018-2023) and forecast period (2023-2029). This report has studied every segment and provided the market size using historical data. > ITS Canada, ITS America, ITS Thailand, ITS India, and ITS Germany all announce strategic partnerships with road and transport associations. The rise in ITS market demand can be mainly associated with the increasing demand for integrated security & safety systems for improved public safety. Global Intelligent Transportation System (ATIS, ATMS, ATPS, APTS, EMS) Market Size, Share & Trends Analysis Report 2021-2028 - ResearchAndMarkets.com August 11, 2021 10:54 AM Eastern Daylight Time Cubic will also install the SynchroGreen Adaptive Signal Control module at about 50 different junctions. Increasing reception of innovation, to manage traffic will reinforce the development of the market during the gauge time frame. So, governments in many different countries are taking different steps to encourage the development of cutting-edge software. The automotive telematics segment is anticipated to register the highest CAGR of 9.9% through 2030. According to the World Economic Forum data, by the year 2030, six cities will emerge as new megacities, including Dar es Salaam, Luanda, and Chennai, as the population keeps flocking to urban areas. Increasing traffic congestion impact adversely on the development and socio-economic growth of a nation as it resulted in higher fuel consumption, more traffic time, and monetary losses. The MarketWatch News Department was not involved in the creation of this content. Intelligent transportation system market in the U.S. will record a CAGR of over 12% through 2027 with the rapidly evolving and developing roadway infrastructure. Kapsch is providing an all-electronic tolling system and related maintenance services for a major bridge and tunnel replacement in Belle Chasse, Louisiana. The global smart transportation market size was valued at USD 92.48 billion in 2020 and is projected to grow from USD 98.74 billion in 2021 to USD 206.80 billion in 2028 at a CAGR of 11.1% in the 2021-2028 period. Based on artificial intelligence video analytics, the solution uses the existing CCTV network on stations and onboard trains to offer real-time information on passenger density. The Asia Pacific estimated to exhibit the fastest CAGR over the forecast period because of rapid transformation in the automotive and transportation sector. & Specialty Chemicals, Electronics How women can empower themselves financially and what's in their way. Some of the prominent players in the Intelligent Transportation System Market include: This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Please visit: https://www.fortunebusinessinsights.com/intelligent-transportation-system-market-102065. Global Intelligent Transportation System Market Segmentation: Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. & Advanced Materials, Sustainable North America, Europe, Asia Pacific, Rest of the World, Lanner Electronics, Hitachi Ltd., Kapsch TrafficCom, Denso Corporation, TomTom International BV, Siemens AG, Garmin International, Clever Devices Ltd., Nuance Communications, Intelligent Transportation System (ITS) Market. The global intelligent transport system (ITS) market size is estimated to be valued at US$ 37.8 Bn in 2022 and is projected to surpass a valuation of US$ 132.93 Bn by 2032. This report additionally states import/export consumption, supply and demand Figures, cost, price, revenue, and gross margins. Inc. Demand for Pay-as-you-go ticketing service among commuters in Europe and North America, Rise in favorable government initiatives for effective traffic management in North America and Asia Pacific, Growing investment in railway infrastructure in Europe, Rapidly growing urbanization and rising smart city projects in Asia Pacific, High adoption of wireless technologies in transportation industry in MEA, Expansion of transportation industry in Latin America, High installation cost and data complexity issues, Integration complexities with legacy systems, High cost of maritime equipment High installation cost and data complexity issues, Advanced Traffic Management System (ATMS), Advanced Traveler Information System (ATIS), Advanced Transportation Pricing System (ATPS), Advanced Rural Transportation System (ARTS), Real-time passenger information system (Freight management), Maritime navigation and information system. Global Intelligent Transportation Systems (ITS) Market to Reach $42.8 Billion by 2030 In the changed post COVID-19 business landscape, the global market for Intelligent Transportation Systems (ITS) estimated at US$30.3 Billion in the year 2022, is projected to reach a revised size of US$42.8 Billion by 2030, growing at a CAGR of 4.4% over the analysis period 2022-2030. The global intelligent . APAC: +65-3129-7718 Formulate effective sales and marketing strategies by understanding the competitive landscape and by analysing the company share of market leaders. Further, the rapid transformation in the city life culture and increasing importance of smart city expected to propel the acceptance of parking management solutions. The project will improve the connectivity of Russian cities and develop strategic road routes. In June 2020, the Yucatan state government chose Cubic Transportation Systems (CTS) to install advanced traffic control systems in Merida, Mexico. This is attributable to factors such as increasing need for efficient management of the growing traffic in the region. The high demand for advanced telecommunications and automotive technologies and heavy investments in the development and adoption of ITS solutions across Singapore, India, China, and Japan which is driving the ITS industry growth in the region. It provides various types of services such as fleet management, parking management system, smart ticketing solution, intelligent traffic management, security & surveillance, passenger information solution, and mobility services. The US Department of Transportation says that each mobile data terminal costs between $1,000 and $4,000, plus between $500 and $1,000 to set up. Deutsche Bahn AG plans to digitalize its railway network and interlockings by 2035 to modernize the countrys railway lines. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes. The MarketWatch News Department was not involved in the creation of this content. Get a Sample PDF of the report at -https://www.researchreportsworld.com/enquiry/request-sample/20955661. Fortune Business Insights. The intelligent transportation system (ITS) market size surpassed USD 40 billion in 2020 and is estimated to witness around 9% CAGR between 2021 and 2027 as rapid urbanization in developing economies is resulting in rise of public transport infrastructure development projects. A single fare payment system will make it easy for Omaha Metro Transit riders to plan and pay for their trips with Umo Pass. Intelligent transportation systems, such as contactless access control and smart ticketing systems, will increasingly be adopted across public transportation terminals in the wake of the pandemic. In response to the growing number of cars on the road and the increased traffic that comes with it, a number of government and business groups are working together to make plans for putting intelligent transportation systems into place in a number of cities across North America. Rising road traffic congestionTraffic jams are caused by the growing number of cars on the road and the lack of good transportation infrastructure. ITS is any way of getting around that uses smart communication systems. The intelligent transportation system market is growing at a CAGR of 6.3% between forecast period 2021 to 2030. Intelligent Transportation System market had recorded over USD 40 billion revenue in 2020 and will grow at a CAGR of over 9% through 2027, says this GMI report. The global intelligent transportation systems market size was valued at USD 23.8 billion in 2021 and is projected to reach USD 38.70 billion by 2030, registering a CAGR of 5.75% from 2022 to 2030. With relaxations in the lockdowns in the second half of 2021, the industry will witness robust growth. The development of the car built upon the transport sector first started by railways. For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. Preface 1.1. Increasing public-private partnershipsFor ITS to work, telecom operators, infrastructure providers, manufacturers, service providers, public sector organisations, and user groups need to work together. The coronavirus pandemic hindered the ITS market growth in the first half of 2020 due to lockdowns imposed by government organizations. The market is expected to grow because there is a growing need for traffic control systems, smart vehicles that are connected to the latest telecommunications technology, and modern cameras and licence plate readers that make people safer and keep an eye on them. So, public-private partnerships (PPPs), which are also known as public-private partnerships, would be important for the development of ITS. Inc. 2023 All Rights Reserved. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. Contact the source provider Comtex at editorial@comtex.com. Toll Free: +1-888-689-0688 February 22, 2022 00:17 ET Because of this, the people in charge of transportation are looking forward to using new and cutting-edge data analytics technology to deal with the problem of more traffic. The government allocated another USD 66.6 billion for the Safe and High-Quality Highway project. The global intelligent transportation system market size was valued at USD 28.25 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2023 to 2030. Japan Intelligent Transportation System Market Research & Intelligence Report Study Consists: Intelligent Transportation System Market Size, Share & Trends Analysis Report By Offering (Hardware . Analysts' Viewpoint on Intelligent Transportation System Market Scenario. To know How COVID-19 and Russia-Ukraine War Influence Will Impact This Market/Industry-Request a sample copy of the report-:https://www.researchreportsworld.com/enquiry/request-covid19/20955661. UK innovators are given more than USD 368 million to build a greener and more sustainable transportation network. Automatic number plate recognition systems, Advanced Traffic Management Systems (ATMs), Advanced Traveller Information Systems (ATIS), ITS-enabled Transportation Pricing Systems (ITPS), Advanced Public Transportation Systems (APTS), Commercial Vehicle Operation (CVO) Systems, Rail-running Operation and Collision Avoidance. Also, the area is home to important players in the international market. 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