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Intelligent Transportation Systems Market to reach USD 1610.8 Million by 2028 at a CAGR of 8.2%

BANGALORE, India, April 18, 2022 /PRNewswire/ — The Intelligent Transportation Systems Market is segmented by Type (Advanced Traffic Management System, Advanced Traveler Information System, ITS-enabled Transport Pricing System, Advanced Public Transport System, Commercial Vehicle Operation), by Application (Fleet Management and asset monitoring, intelligent traffic control, collision avoidance, parking management, passenger information management, ticketing management, emergency vehicle notification, automotive telematics): opportunity analysis and industry forecast, 2022-2028. It is published in Appreciate the reports under the Logistic transport Category.

The global Intelligent Transportation Systems (ITS) market size is expected to reach $1610.8 million by 2028, $901.4 million in 2021, at a CAGR of 8.2% over the period 2022-2028.

The major factors driving the growth of intelligent transportation system are:

The ability of ITS to process and share information that can prevent potential accidents, maintain traffic flow, and reduce the negative environmental impacts of the transportation sector on society is expected to drive the Intelligent Transportation Systems (ITS) market forward.

Additionally, government initiatives for efficient traffic management, growing need to reduce traffic congestion, rapid development of smart cities, and proliferation of connected vehicles are all expected to propel the intelligent transportation systems market forward.

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TRENDS INFLUENCING THE GROWTH OF THE INTELLIGENT TRANSPORTATION SYSTEMS MARKET

Government initiatives conducive to efficient traffic management are expected to drive the growth of the intelligent transportation system market. Governments around the world are implementing ITS to improve road safety and the operational performance of the transport system, as well as to reduce the environmental impact of transport. Important

funds are needed to implement ITS. countries like United States, dubaiand Japan invest heavily in various ITS projects. The government hopes that by deploying next-generation intelligent transport systems powered by AI, drivers will be able to plan their journeys without fear of getting stuck in traffic. These systems also reduce traffic congestion, delays and pollution.

To improve productivity, visibility and maintenance, the intelligent transportation system has enabled fleet management telematics, which shares data between vehicles and fleet managers. Maintenance can cost millions of dollars depending on the size of the fleet. Managers can repair or replace parts before they become too expensive when telematics predicts fleet maintenance needs. Improving route efficiency and freight utilization management can help managers save money. When telematics is used to provide optimized routes, ITS can also save money on fuel and reduce downtime. This is expected to propel the intelligent transportation system market forward.

To manage traffic flow, intelligent traffic solutions can detect traffic patterns and adjust the timing of traffic lights. These apps help avoid road widening and other infrastructure changes. Intelligent traffic management solutions also help drivers and first responders avoid dangerous or construction zones. These factors are expected to drive the growth of the intelligent transportation system market.

Advanced features such as vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication enhance the market prospects. These features provide travelers with real-time information on road conditions and construction zones, as well as seat availability and public transport timetables, thereby improving overall road safety and reducing the risk of fatalities while reducing the Travel time. The introduction of advanced technologies in the automotive sector has increased the global demand for improved automotive and transportation infrastructure. With the rise of intelligent and electric vehicles, the demand for advanced infrastructure and technology is increasing, which creates a favorable environment for the development of the intelligent transport system market.

Furthermore, the ITS market is expected to be driven by the growing demand for parking space management, especially in urban areas. For more convenient parking, parking management systems communicate the availability of parking spaces. Parking space information is sent to drivers’ smartphones via sensors embedded in the sidewalk of parking lots or above parking lots.

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INTELLIGENT TRANSPORTATION SYSTEMS MARKET SHARE ANALYSIS

Type-Based, Advanced traffic management systems should be the most lucrative. This is due to increasing traffic congestion on roads around the world.

Depending on the region, APAC should be the most lucrative. In countries like China, Japan, Australiaand the rest of APAC, the deployment of ITS has increased due to the growing number of megacities and population in developing countries.

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Key players

  • Thales
  • Siemens
  • Garmin
  • Kapsch Trafficcom
  • TomTom International
  • Cubic
  • Q-Free
  • Efkon
  • Flir Systems
  • Denso
  • Geotoll
  • Electric feeling
  • dual card
  • bestmile
  • Nutonomy

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SIMILAR REPORTS:

  • The Global automotive telematics market size was estimated at $50.4 billion in 2018, and should reach $320.6 billion by 2026, recording a CAGR of 26.8% from 2019 to 2026.
  • The Global IoT Fleet Management Market the size should reach $26,410 million by 2027, $6955.7 million in 2020 at a compound annual growth rate (CAGR) of 21.0% over the period 2021-2027.
  • The Global Commercial Vehicle Fleet Management System Market the size should reach $15,290 million by 2027, $5,581.7 million in 2020, at a CAGR of 15.5% over the period 2021-2027.
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  • The Global smart parking market the size should reach $13,180 million by 2028, $4779.7 million in 2021, at a CAGR of 15.3% over the period 2022-2028.
  • The Global Automatic License Plate Recognition Market the size should reach $1920.7 million by 2028, $1020.7 million in 2021, at a CAGR of 9.3% over the period 2022-2028.
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  • The Global Smart transportation market the size should reach $131,280 million by 2027, 72740 million USD in 2020, at a CAGR of 8.3% over the period 2021-2027.
  • The Global parking management market the size should reach $947.4 million by 2028, $565 million in 2021, at a CAGR of 7.6% over the period 2022-2028.
  • The Global Intelligent Traffic Systems Market the size should reach 37210 million USD by 2028, $28,610 million in 2021, at a CAGR of 3.8% over the period 2022-2028.
  • Due to the COVID-19 pandemic, the world Electronic toll market the size is estimated at the value $5033.8 million in 2022 and should have a readjusted size of $6254.6 million by 2028 with a CAGR of 3.7% over the reporting period.
  • The Global Intelligent Transportation Management System Market the size should reach 37210 million USD by 2028, $28,610 million in 2021, at a CAGR of 3.8% over the period 2022-2028.
  • Global Advanced Transportation Systems Market Overview and Forecast to 2028
  • Global Pay As You Go (PAYG) Automotive Road Pricing Market Overview, Forecast to 2028

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