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Intelligent Transportation System Market is expected to grow at a CAGR of 9.1% during the forecasted period | Evolve Business Intelligence
• The global Intelligent Transportation System Market size was valued at USD 50.1 billion in 2023 growing at a CAGR of 9.1% from 2023 to 2033.
• North America dominated the market in 2023
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
As per the study initiated by Evolve Business Intelligence, the global Intelligent Transportation System Market size accounted for USD 50.1 Billion in 2023, growing at a CAGR of 9.1% from 2023 to 2033. An Intelligent Transportation System (ITS) refers to the use of advanced technologies, communication, and information to improve the efficiency, safety, and sustainability of transportation systems. ITS encompasses a wide range of applications that leverage information and communication technologies to enhance the management of transportation networks, vehicles, and users.
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As urban areas experience increasing levels of traffic congestion, there is a growing need for technologies that can alleviate congestion and improve the overall efficiency of transportation systems. Enhancing road safety is a significant driver for ITS. Technologies like collision avoidance systems and real-time traffic monitoring contribute to reducing accidents and improving overall safety. Governments and organizations are increasingly focused on sustainable transportation solutions. ITS can contribute to reducing emissions and promoting more eco-friendly modes of transportation. The growth of urban areas has led to increased demand for efficient transportation systems. ITS provides solutions for managing the complex traffic scenarios associated with urbanization.
Key Players
Some of the major Intelligent Transportation System Market players holding high market shares include Advantech Co., Ltd.; Aireon; Alstom SA; Cubic Corporation; EFKON GmbH; Hitachi, Ltd.; Indra Sistemas, S.A. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Iteris, Inc.; Kapsch TrafficCom AG; KONGSBERG; Lanner; L3Harris Technologies, Inc.; Navico Group; NEC Corporation; Siemens AG; Spire Global; Teledyne Technologies Incorporated; Thales; TransCore; Wabtec Corporation
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Segmental Analysis
Based on the mode of transport, the Intelligent Transportation System market is segmented into Roadways, Railways, and Airways. Roadways is the largest segment of the Intelligent Transportation System (ITS) market. This is due to the widespread adoption of ITS technologies in road transportation, such as traffic signal control systems, electronic toll collection (ETC) systems, and advanced driver-assistance systems (ADAS). The growing demand for smart cities and the need to improve traffic congestion and safety are also driving the growth of the ITS market in roadways.
Based on application, the Intelligent Transportation System market is Advanced Traveller Information System (ATIS), Advanced Traffic Management System (ATMS), and Advanced Public Transportation System (APTS). The Advanced Traffic Management System (ATMS) is the largest segment of the ITS market. ATMS is a critical component of smart transportation systems, and it helps to improve traffic flow, reduce congestion, and enhance road safety. ATMS utilizes a variety of technologies, such as real-time traffic monitoring, adaptive traffic signal control, and smart parking systems, to optimize traffic flow and improve the overall transportation experience.
Based on deployment mode, the Intelligent Transportation System market is an On-Premise, Cloud. The cloud-based deployment of ITS solutions offers several advantages, such as lower upfront costs, increased scalability, and improved flexibility. In addition, cloud-based ITS solutions can be easily integrated with other cloud-based applications, such as enterprise resource planning (ERP) and customer relationship management (CRM) systems.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
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Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
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