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What Is The Expected Growth Rate In The Intelligent Transportation Systems Market?
The intelligent transportation systems market has been witnessing strong growth in recent years. It is projected to grow from $34.72 billion in 2024 to $37.75 billion in 2025 at a compound annual growth rate (CAGR) of 8.7%. This impressive growth during the historic period can be attributed to factors such as measures to mitigate traffic congestion, enhancement of safety, realization of environmental sustainability goals, better management of emergencies and incidents, integration of public transportation, improvement in freight and logistics efficiency, and optimization of traffic signal control.
The market is expected to continue its rapid growth in the forthcoming years, reaching $58.78 billion in 2029 at a CAGR of 11.7%. The growth in the forecast period can be credited to a range of factors including the rapid growth of connected vehicles, investments in smart infrastructure, utilization of data analytics for traffic prediction, implementation of dynamic road pricing systems, focus on last-mile connectivity, and integration of smart mobility as a service (MaaS) and urban air mobility. Some of the major trends observed during the forecast period include advances in IoT integration, advanced driver assistance systems (ADAS), smart parking solutions, measures to enhance cybersecurity, adoption of augmented reality (AR) in navigation, 5g connectivity, use of blockchain technology to enhance transportation security, and the formation of public-private partnerships.
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What Are The Factors Driving The Intelligent Transportation Systems Market?
An increasing number of road fatalities is expected to propel the intelligent transportation systems market. A road fatality is defined as a person who is killed instantly or dies within 30 days as a result of a road injury or accident. An intelligent transportation system assists drivers in avoiding accidents by detecting surrounding automobiles, motorcycles, and pedestrians and adjusting driving speed and distance from other vehicles. Rising road traffic congestion has also favored the demand for intelligent transportation systems. For instance, in August 2022, the National Highway Traffic Safety Administration (NHTSA), a US-based agency for the Department of Transportation, reported that there was a 7% increase in road fatalities in the first quarter of 2022 compared to the same period in 2021. Therefore, the increasing number of road fatalities is expected to drive the market for intelligent transportation systems.
What Are The Main Segments In The Intelligent Transportation Systems Market?
– By Offering: Hardware, Software, Services
– By System: Advanced Traffic Management System, Cooperative Vehicle System, Advanced Public Transportation System, Advanced Traveler Information System, Advanced Transportation Pricing Systems
– By Application: Roadways, Aviation, Railways, Maritime
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Who Are The Major Players In The Intelligent Transportation Systems Market?
Major companies operating in the intelligent transportation systems market include 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.
What Are The Emerging Trends In The Intelligent Transportation Systems Market?
Product innovations have emerged as key trends gaining popularity in the intelligent transportation systems market. Major companies are developing innovative products such as sustainable and automatic transportation systems to sustain their position in the market. For instance, in August 2024, Equans, a US-based provider of technical services collaborated with Optibus Ltd., a US-based provider of transportation management software to launch an intelligent transportation system to enhance public transportation services in the Greater Portland region.
Which Regions Are Dominating In The Intelligent Transportation Systems Market?
North America was the largest region in the intelligent transportation system market in 2024. Asia-Pacific is predicted to be the fastest-growing region in the global intelligent transportation systems market during the forecast period.
What Does The Intelligent Transportation Systems Market Report 2025 Offer?
Intelligent transportation systems (ITS) are ground transportation systems that use sensors, analytics, controller, and communications technology to increase safety, mobility, and efficiency. Intelligent transportation systems encompass diverse applications that collect and communicate data to reduce traffic congestion, enhance traffic management, reduce environmental impact, and boost transportation advantages for business customers and the general public. The Intelligent Transportation Systems Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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