Intelligent Transport Systems Market to Reach US$ 63.8 Billion by 2027

According to the latest report by IMARC Group, titled "Intelligent Transport Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", The global intelligent transport systems market size reached US$ 37.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 63.8 Billion by 2027, exhibiting a growth rate (CAGR) of 9.4% during 2022-2027.

Intelligent transport systems (ITS) generally uses analytical, control, visual, and communication technologies to manage various modes of transportation systems. Additionally, they aid in enhancing mobility, safety, and efficiency of different modes of transport, including roadways, airways, and railways. They utilize various methods, such as the global positioning system (GPS)-based automated cars, cameras, cell phones and sensors to collect real-time data. Some of the commonly used intelligent transport systems across the globe include electronic toll collectors, traffic-signal coordinators, traveler-information systems, ramp meters, traffic light cameras, and transit signal systems.

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Global Intelligent Transport Systems Industry Growth Analysis:

Considerable increase in traffic level across the globe majorly drives the market. Along with this, the rising smart cities development across multiple countries is impacting the market growth favorably. Moreover, the integration of dedicated short-range communication (DSRC) and carrier access for land mobiles (CALM) with ITS that help in managing traffics efficiently is providing an impetus to the market growth. Due to the numerous initiative undertaken by the governments for improving road safety and surveillance systems, coupled with the advent of license plate recognition (LPR) systems and modern cameras is significantly supporting the demand for ITS on the global level. In line with this, continual improvements in vehicle-to-infrastructure (V2I) and vehicle-to-vehicle (V2V) communication are creating a positive market outlook. Some of the other factors driving the market include rapid urbanization, the accelerating demand for smart vehicles and rising research and development (R&D) activities.

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Key Market Segmentation:

Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players being 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 and Aptiv PLC (nuTonomy).

Breakup by Mode of Transport:

• Roadways
• Railways
• Airways

Breakup by Product:

• Network Management Systems
o Advanced Traffic Management Systems (ATMS)
o 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
o Wave (IEEE 802.11)
o Wpan (IEEE 802.15)

• Long Range
o Wimax (IEEE 802.11)
o Ofdm

• IEEE 1512
• Traffic Management Data Dictionary (TMDD)
• Others

Breakup by Offering:

• Hardware
o Interface Board
o Sensor
o Surveillance Camera
o Telecommunication Network
o Monitoring and Detection System
o Others

• Software
o Visualization Software
o Video Detection Management Software
o Transit Management System
o Others

• Services
o Business and Cloud Services
o 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)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

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