The Intelligent Transportation Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Intelligent Transportation Systems Global Market Report 2024, 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..
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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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
Top Major Players
Denso Corporation
EFKON GmbH
Garmin Ltd.
Thales Group
Kapsch TrafficCom AG
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 report table of contents includes:
1. Executive Summary
2. Intelligent Transportation Systems Market Characteristics
3. Intelligent Transportation Systems Market Trends And Strategies
4. Intelligent Transportation Systems Market – Macro Economic Scenario
5. Global Intelligent Transportation Systems Market Size and Growth
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31. Global Intelligent Transportation Systems Market Competitive Benchmarking
32. Global Intelligent Transportation Systems Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Intelligent Transportation Systems Market
34. Intelligent Transportation Systems Market Future Outlook and Potential Analysis
35. Appendix
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