According to the latest report by IMARC Group, titled “Intelligent Transport Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the market. The intelligent transport systems market report also includes competitor and regional analysis, and contemporary advancements in the market. The global intelligent transport systems market size reached US$ 40.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 69.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.3% during 2023-2028.
Intelligent Transport Systems Market Overview:
Intelligent transport systems (ITS) refer to the use of advanced technologies such as sensors, communication networks, and data analytics to improve the efficiency and safety of transportation systems. ITS is applied in various transportation modes such as roadways, railways, airways, and waterways. The technology can facilitate traffic management, improve traveler information, enhance transport systems’ safety and security, and reduce transportation’s environmental impact. Examples of ITS applications include traffic monitoring and control systems, electronic toll collection, intelligent parking systems, real-time public transport information, and vehicle-to-vehicle communication systems.
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Global Intelligent Transport Systems Market Trends:
The global market is primarily driven by the increasing demand for efficient and safe transportation systems. In line with this, the rising government initiatives to improve transportation infrastructure and reduce traffic congestion are significantly contributing to the market.
Furthermore, the technological advancements in communication technologies, such as 5G networks, are driving the growth of the ITS market, as they enable faster and more reliable data transmission. Apart from this, the growing adoption of connected and autonomous vehicles is catalyzing the market.
Moreover, rapid urbanization worldwide is offering lucrative opportunities for the market as cities seek to improve their transportation systems to meet the needs of their growing populations. Besides, the escalating demand for real-time traffic information and increasing focus on reducing carbon emissions is strengthening the market. Additionally, the rising demand for smart transportation systems and heavy investment in smart city projects are providing a boost to the market.
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Key Market Segmentation:
Top Intelligent Transport Systems Companies Worldwide:
- Siemens AG
- Thales Group
- Garmin Ltd.
- Cubic Corporation
- FLIR Systems
- Lanner Electronics
- DENSO Corporation
- International Business Machines (IBM) Corporation
- ADDCO Acquisition, LLC
- TomTom N.V.
- Kapsch TrafficCom AG
- Iteris, Inc.
- Q-Free ASA
- Efkon GmbH
- GeoToll , Inc.
- ElectricFeel AG
- Doublemap, LLC
- BestMile Sarl
- Aptiv PLC (nuTonomy)
Breakup by Mode of Transport:
- Roadways
- Railways
- Airways
Breakup by Product:
- Network Management Systems
- Advanced Traffic Management Systems (ATMS)
- Road User Charging, Congestion Charging, etc.
- Freight and Commercial Systems
- Public Transport Systems
- Security and Crime Reduction Systems
- Automotive and Infotainment Systems
- Road Safety Systems
- Communications Systems
Breakup by Protocol:
- Short Range
- Wave (IEEE 802.11)
- Wpan (IEEE 802.15)
- Long Range
- Wimax (IEEE 802.11)
- Ofdm
- IEEE 1512
- Traffic Management Data Dictionary (TMDD)
- Others
Breakup by Offering:
- Hardware
- Interface Board
- Sensor
- Surveillance Camera
- Telecommunication Network
- Monitoring and Detection System
- Others
- Software
- Visualization Software
- Video Detection Management Software
- Transit Management System
- Others
- Services
- Business and Cloud Services
- Support and Maintenance Services
Breakup by Application:
- Fleet Management and Asset Monitoring
- Intelligent Traffic Control
- Collision Avoidance
- Parking Management
- Passenger Information Management
- Ticketing Management
- Emergency Vehicle Notification
- Automotive Telematics
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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