Intelligent Transportation System Market Size, Growth, Trends, Analysis, Forecasts 2022 to 2030 | Addco, Agero, Inc., DENSO CORPORATION

The global intelligent transportation system market size was US$ 15.1 billion in 2021. The global intelligent transportation market is forecast to grow to US$ 49.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 14.9% during the forecast period from 2022 to 2030.

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Factors Influencing the Market
The global intelligent transportation system market is primarily driven by the rising demand for traffic control solutions. Further, growing awareness related to smart vehicles with advanced telecommunications technology will also benefit the global intelligent transportation system market.
The rising demand for better safety and surveillance features will contribute to the growth of the intelligent transportation system market during the study period. In addition to that, the rapidly rising number of vehicles on road will also upsurge the demand for the intelligent transportation system in the coming years.

Other factors like aging infrastructure and shortage of traffic data management will accelerate the growth of the intelligent transportation system market. In addition to that, the eminent need to utilize innovative and advanced data analytics technologies aimed at addressing issues related to growing traffic will also benefit the intelligent transportation system market during the study period.

COVID-19 Impact Analysis

The COVID-19 pandemic has negatively affected the global intelligent transportation system market, as several major system manufacturers suspended their operations for a significant time. It is majorly attributed to the supply chain disruptions and the shortage of components. However, the existing ITS solutions were used throughout the pandemic, which has been beneficial for the global market. Moreover, the demand for intelligent transportation systems is growing at the same pace as the governments have lifted restrictions. Further, growing efforts to develop superior infrastructure will also contribute to the growth of the intelligent transportation system market during the forecast period.

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Regional Analysis

North America is forecast to hold the largest share in the global intelligent transportation system market as the region is steadily developing into a technology hub. Further, the rising implementation of the latest, advanced technologies, including cloud computing, machine learning, IoT, big data, etc., will contribute to the growth of this market.
This regional intelligent transportation system market is also driven by the strong emphasis of various governments on enhancing transportation infrastructure.
The Asia-Pacific intelligent transportation system market is forecast to register a substantial growth rate due to a wide range of economic benefits in developing countries like India, China, and Japan, combined with the growing efforts by government bodies.

Competitors in the Market

? Addco
? Agero, Inc.
? DENSO CORPORATION
? EFKON GmbH
? Hitachi, Ltd.
? Garmin Ltd.
? Thales Group
? Xerox Corporation
? Recardo
? Sensys Networks, Inc.
? Telenav, Inc.
? Iteris, Inc.
? Kapsch TrafficCom
? Lanner
? Nuance Communications, Inc.
? Q-Free ASA
? Siemens AG
? TomTom International BV
? TransCore
? Other Prominent Players

Market Segmentation

The global intelligent transportation system market segmentation focuses on Type, Application, and Region.

Type Outlook
? Advanced Traveler Information System (ATIS)
? Advanced Traffic Management System (ATMS)
? Advanced Transportation Pricing System (ATPS)
? Advanced Public Transportation System (APTS)
? Emergency Medical System (EMS)
Application Outlook
? Traffic Management
? Road Safety and Security
? Freight Management
? Public Transport
? Environment Protection
? Automotive Telematics
? Parking Management
? Road Tolling Systems

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By Region
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America

What is the goal of the report?

? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance

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This release was published on openPR.