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Language Services Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Language Services Market
As per the report, 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 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%.
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The Crucial Role Of Intelligent Transportation Systems In Enhancing Safety
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.
Product Innovations Propel Growth In The Intelligent Transportation Systems Market
Product innovations have emerged as key trends gaining popularity in the intelligent transportation systems market. Major companies operating in the market are developing innovative products such as integrating the internet of things (IoT), communication technologies, precise sensors, and artificial intelligence (AI) into new products to sustain their position in the market. For instance, in January 2021, Cubic Corporation, American public transportation, and defense corporation announced the launch of UMO. UMO is a completely integrated set of platforms for customers, transit operators, and mobility service providers that helps the business expand its modern transportation technology offering. It is a versatile product suite that allows users to pay fares, plan trips across public and private modes, get points for taking public transportation, and access real-time information to enhance their mobility experience.
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
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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.
Contents of the report:
1. Executive Summary
2. Intelligent Transportation Systems Market Report Structure
3. Intelligent Transportation Systems Market Trends And Strategies
4. Intelligent Transportation Systems Market - Macro Economic Scenario
5. Intelligent Transportation Systems Market Size And Growth
…..
27. Intelligent Transportation Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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