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Intelligent Transportation Systems Market Growth, Insights, and Forecast until 2033
Intelligent Transportation Systems Market
The Business Research Company presents an extensive market research report on the Intelligent Transportation Systems Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The intelligent transportation systems market size has grown strongly in recent years. It will grow from $32.33 billion in 2023 to $35.52 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to traffic congestion mitigation, safety improvement measures, environmental sustainability goals, emergency response and incident management, public transportation integration, efficiency in freight and logistics, traffic signal control optimization..
The intelligent transportation systems market size is expected to see rapid growth in the next few years. It will grow to $52.23 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to rapid growth of connected vehicles, smart infrastructure investments, data analytics for traffic prediction, dynamic road pricing systems, focus on last-mile connectivity, smart mobility as a service (maas), urban air mobility integration.. Major trends in the forecast period include iot integration, advanced driver assistance systems (adas), smart parking solutions, cybersecurity measures, augmented reality (ar) in navigation, 5g connectivity, blockchain for transportation security, public-private partnerships..
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Key Market Players:
Major companies operating in the intelligent transportation systems market report are Denso Corporation, EFKON GmbH, Garmin Ltd., Thales Group, Kapsch TrafficCom AG, Lanner Electronic Inc., Siemens Aktiengesellschaft, Cubic Corporation, TomTom International B.V., Indra Sistemas S.A., Q-Free ASA, Iteris Inc., Hitachi Ltd., Nuance Communications Inc., Teledyne FLIR LLC, The International Business Machines Corporation, Advantech Co. Ltd., TransCore Holdings Inc., Savari Inc., Addco LLC, Ricardo plc, Xerox Corporation, Traffic Tech Inc., Alstom SA, Cisco Systems Inc., Intel Corporation, Omnitracs LLC, Panasonic Corporation, Qualcomm Technologies Inc., Trimble Inc.
Market Drivers:
An increasing number of road fatalities is expected to propel the intelligent transportation systems market. A road fatality is defined as any person killed instantly or dying within 30 days as a result of a road injury or accident. An intelligent transportation system is a system that assists drivers in avoiding accidents by detecting surrounding automobiles, motorcycles, and pedestrians and adjusting driving speed and distance from other vehicles. Additionally, rising road traffic congestion has also favored the demand for intelligent transportation systems. For instance, in August 2022, according to a report published by the National Highway Traffic Safety Administration (NHTSA), a US-based agency for the Department of Transportation, in the first quarter of 2022, 9,560 persons were killed in road accidents, this indicates a 7% increase over the 8,935 fatalities predicted for the same period in 2021. Therefore, the increasing number of road fatalities will drive the market for intelligent transportation systems.
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https://www.thebusinessresearchcompany.com/report/intelligent-transportation-systems-global-market-report
The intelligent transportation systems market covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By System: Advanced Traffic Management System, Cooperative Vehicle System, Advanced Public Transportation System, Advanced Traveler Information System, Advanced Transportation Pricing Systems
3) By Application: Roadways, Aviation, Railways, Maritime
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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"Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps"
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