Press release
Intelligent Transportation System Market Trends, Forecast by 2031
The global intelligent transportation system market is expected to reach US$ 85.52 Bn by the end of 2031Leading players in the intelligent transportation system market, such as Thales Group, Siemens, Garmin, and Indra, are focusing on the upgrade of smart transportation system such as Advanced Traveler Information System (ATIS), Advanced Transportation Management System (ATMS), Advanced Transportation Pricing System (ATPS), and Advanced Public Transportation System (APTS), to offer their clients with a product portfolio that is innovative, offers cutting-edge technology, is cost effective, and diverse.
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A key factor fueling the intelligent transportation system market growth is the rise in demand for utility vehicles. Utility vehicles are built for specific tasks or for use on and off the road. In terms of application, traffic management is a prominent segment, and road user charging is a rapidly growing segment owing to an increase in the demand for sensor-based detection systems. Furthermore, government initiatives to develop smart cities are estimated to offer significant opportunities for manufacturers of intelligent transportation systems in the near future.
An intelligent transportation system (ITS) is an advanced technology that aims to provide innovative services relating to different modes of transport and traffic management and enables users to be appropriately informed to make safer, more coordinated, and 'smarter' use of transport networks. In other words, Intelligent Transport System (ITS) is a system that enables communication and data transfer between road infrastructure, vehicle, travelers and drivers. ITS uses computers, sensors, and electronics to improve safety and efficiency of the transport system. ITS is used in automatic number plate recognition (APNR) technology in car parking areas, toll booths, traffic lights, and bridges. ITS enables gathering of information real time and actively manages the traffic in public and private transportation sectors. ITS is a technology upgrade to the traditional transport system in order to improve traffic flow, safety, and achieve lower emission values.
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Sales forecast for intelligent transportation system report indicate that the market is estimated to reach a value of ~US$ 26.39 Bn by end of 2022, owing to the significant demand from vehicle users. If properly managed, urbanization may support sustainable growth by boosting productivity and encouraging the emergence of new concepts and innovation. ITS comprises numerous subsystems, including Pedestrian Information and Communication Systems (PICS), Advanced Mobile Information Systems (AMIS), Driving Safety Support Systems (DSSS), Traffic Signal Prediction Systems (TSPS), and Public Transportation Priority Systems (PTPS).
Advanced transportation management systems (ATMS) are being installed to control the traffic on the road and enable drivers to move hassle free. The intelligent transportation system is anticipated to eliminate the issue of traffic congestion and consequently, an increase in implementation of the intelligent transportation system is estimated to decrease ratio of road accidents.
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IoT is the networking of physical items using embedded sensors, actuators, and other devices that may gather and communicate data about in-progress network activities. Subsequently, transportation authorities can examine the data obtained from these devices to enhance travelling experience, increase safety, decrease traffic and energy consumption, and enhance operational efficiency.
Growth frontiers for the intelligent transportation systems include optimization of the movement of people and goods, improve public safety, economics, and the environment. Next-generation of intelligent transportation systems are expected to work on automation of roadways, railways, and airways, which transforms passenger experiences, and reshape the way merchandise and cargo are tracked and delivered, creating substantial business opportunities for system integrators, independent software vendors (ISVs), service providers, and other solution providers, which is driving the ITS market size globally.
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The intelligent transportation system market is estimated to witness rapid increase in adoption of smart and connected technologies such as sensor-based detection system, and infrared sensors. These new technologies are anticipated to drive the market for intelligent transportation system due to increased focus on enhancing the on-road driving experience as well as boosting the transportation sector by including advanced technologies.
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