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Global Cross-Border E-Commerce Market is Expected to Surge to a Value of $600 Billion, Recording a CAGR of 18% by 2030.
Intelligent Transportation System Market
According to the research report published by Credible Markets, Global Intelligent Transportation System Market is currently valued at $40 billion in 2020 and is anticipated to register a CAGR (Compound annual growth rate) of 10% over the forecast period of 2022-2030.
Global Intelligent Transportation System Market - Overview
An intelligent transportation system (ITS) is a type of technology, application or stage, that works on the nature of transportation, or accomplishes different results in view of uses that screen, manage or upgrade transportation systems.
Intelligent transportation system alludes to the advanced technologies that are being applied to vehicles, foundation, and working systems, which make the vehicles intelligent. As ITS innovations are being utilized in different ventures beyond transportation and coordinated factors, the interest for such systems is expanding quickly.
Key market trends- Growth determinants and restraints
The developing number of vehicles on the road and the absence of sufficient transportation infrastructure brings about traffic congestion. The rising street traffic congestion, thusly, prompts an adverse consequence on the climate because of vehicle outflows and may cause an expansion in street fatalities.
. State run administrations in numerous nations are teaming up with private accomplices to take active measures toward blockage. Intelligent transportation system suppliers likewise support the public authority by giving skill on carrying out IRS in the transportation foundation.
Continuous Financial emergency in certain areas of the world might hamper the market development to some level. The execution and organization of such intelligent system requires dynamic venture from the public authority. The Coronavirus pandemic has caused a further surge in monetary emergency in numerous nations, which might act as an obstruction to market development.
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Segmental Analysis of Global Intelligent Transportation System Market
Based on type -
• Advanced Traveller Information System (ATIS)
• Advanced Traffic Management System (ATMS)
• Advanced Transportation Pricing System (ATPS)
• Advanced Public Transportation System (APTS)
• Emergency Medical System (EMS)
The Advanced Traffic Management System (ATMS) segment represented for a market share more than 30% in 2020, and is expected to grow more in the future years.
Based on application -
• Traffic Management
• Road Safety and Security
• Freight Management
• Public Transport
• Environment Protection
• Automotive Telematics
• Parking Management
• Road Tolling Systems
Traffic management presently holds the largest market share, as it is aimed towards improving the dependability and functional execution of road networks. This system may regularly incorporate vehicle recognition system, bridge traffic management, and incline metering systems, among different systems.
North America is expected to capture the highest market share
Asia Pacific, North America, Europe, and Middle East & Africa are the primary regions considered to understand the geographical dynamics of the industry.
North America is the most advanced market for ITS. The locale is outfitted with a few ITS system set up, to deal with the rising traffic and public transportation systems. The region is seeing outstanding development in the deals of business drones, alongside nations like the United States forcing solid regulations on drone pilots and registrations. Thus, it is relied upon to spur an enormous interest for ITS in the aviation routes area over the estimate time frame.
Competitive landscape
Intelligent Transportation System Market is consolidated in the view of presence of some substantial market companies like Hitachi Ltd., Siemens AG, Kapsch TrafficCom, and Lanner Electronics among others. These organizations are benefited by their assorted item offerings and technological advancements in the intelligent transportation system industry that assist them with catching enormous client base. Major development
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• In January 2021, DENSO CORPORATION joined forces with Aeva, a developer of LiDAR and discernment systems for independent vehicles, to foster detecting and insight frameworks. The organization visualizes the two organizations creating Frequency Modulated Continuous Wave (FMCW) LiDAR that might conceivably help in estimating the speed and reflectivity of vehicles.
Major questions answered in this report
•1) What is the growth rate of the intelligent transportation system market?
•2) What are the primary growth determinants of the intelligent transportation system market?
•3) Which are the major regions constituting the geographical landscape of intelligent transportation system market?
•4) Which are the prominent companies operating in intelligent transportation system market?
Key takeaways from the report-
• The intelligent transportation system market registers a CAGR of over 10% over 2022-2030.
• The developing number of vehicles on the road and the absence of sufficient transportation infrastructure brings about traffic congestion are the major development.
• The Advanced Traffic Management System (ATMS) segment accounted for the largest market share.
• North America is the most advanced market for intelligent transportation system (ITS).
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About Credible Markets
Credible Markets in one of the leading market research firms providing a 360-degree outlook of various
industry dynamics to their clients. The reports and services offered by Credible Markets are used by
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