Press release
Intelligent Transportation System Market Poised for Growth: 8.4% CAGR to Drive Expansion to US$ 123.66 Billion by 2034
Intelligent Transportation System Market
Market Definition:
Intelligent transportation systems are the application of computer, electronics, and communication technologies and management policies in an assimilated manner to offer travelers details to escalate the security and productivity of the surface transportation systems. These systems include vehicles, drivers, passengers, road operators, and managers, all communicating with each other and their ambiance and connecting with intricate framework systems.
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Growth Drivers and Opportunities:
• Several reasons have contributed to the expansion of the intelligent transportation system market in recent years. Among these is the growing concentration and funding in smart city projects. In September 2024, the Government of India disclosed USD 563.8 billion to 100 smart cities.
• The market size will expand due to the escalating urbanization. As per the World Bank gathering of advancement barometers urban population globally was reported at 57.34% in 2023. Thus, there is a rise in transportation requirements, which need inventive solutions to sustain productivity and security.
Key Players:
Prominent market contenders are funding massively in R&D so as to augment their offerings which will assist the market to grow even more. Here is the list of the leading companies operating in the intelligent transportation system market:
• Navico Group
• NEC Corporation
• Siemens AG
• Spire Global
• Teledyne Technologies Incorporated
• Thales
• TransCore
• Wabtec Corporation
• Advantech Co., Ltd.
• Aireon
• Alstom SA
• Cubic Corporation
• EFKON GmbH
• Hitachi, Ltd.
• Indra Sistemas, S.A.
• Iteris, Inc.
• Kapsch TrafficCom AG
• KONGSBERG
• L3Harris Technologies, Inc.
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Geographical Landscape:
• North America
o US
o Canada
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Malaysia
o South Korea
o Indonesia
o Australia
o Vietnam
o Rest of Asia Pacific
• Middle East & Africa
o Saudi Arabia
o UAE
o Israel
o South Africa
o Rest of Middle East & Africa
• Latin America
o Mexico
o Brazil
o Argentina
o Rest of Latin America
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Segmentation Overview:
The intelligent transportation system market analysis is mainly based on type, mode of transportation, offering, application, and region. Based on type, the advanced traffic management system (ATMS) segment witnessed the fastest growth. It plays an important part in maximizing traffic flow and diminishing congestion in growingly urbanized ambiances.
According to the mode of transportation, the roadway segment holds a significant revenue share. It plays an important part in escalating traffic congestion and enhancing security on urban and inter-urban road frameworks.
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