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Intelligent Transportation System Market To Reach$102,617 Million by 2030
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Services had the largest revenue share, of about 50%, in 2021, and it will maintain its position in the years to come. This is owing to the necessity to surge surface transportation network competence and connectivity, requiring the appropriate maintenance of ITS equipment. Moreover, the data stored on cloud and additional storage amenities must be efficiently updated and achieved, for the suitable working of the system.
Advanced public transportation system will have the fastest growth in the years to come, with a growth rate of 9%. The increasing investment in instantaneous info gathering and examination for roadways, increasing number of public-private partnerships, and necessity to advance the public transportation network's operational effectiveness and passenger services are accountable for the increasing demand for APTS.
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Roadways had the largest revenue share in intelligent transportation system market in 2021, and will to dominate the industry in the years to come. This has a lot to do with the enormous count of companies that offer these kinds of solutions for terrestrial travel, fast development, snowballing traffic congestion in smart cities, growing requirement for parking management, and increasing vehicle ownership rate.
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