Intelligent Transportation System Market Future Insights, Market Revenue and Threat Forecast by 2030
Market Overview:
The Global Intelligence Transportation System Market Size is expected to reach USD 54.59 Billion with a CAGR growth of 9.31% during the forecast period.
An intelligent transportation system is a form of ground transportation application that uses communication, analysis, sensing, and control technologies to improve efficiency, mobility, and safety. The intelligent transportation system market is expected to increase in response to rising demands for improved road security, government efforts, and growing concern over various traffic congestions. Another factor driving the growth of the intelligent transportation system market is the transition of the freight industry from the unorganized to the organized sector.
However, the lack of appropriate infrastructure for the implementation of the intelligent transportation system market in various underdeveloped and developing countries, as well as high expenses for the security of the intelligent transportation system market revenue, are factors that will limit the market's growth over the forecast period.
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Regional analysis:
Intelligent Transportation System Market is analyzed in North America, Asia Pacific, Europe, South America, the middle east and Africa. North America will contribute to the market at a high rate. The increasing use of the integrating digital and physical world via the internet and the increasing traction and popularity of mixed reality are major factors driving the market. Businesses in North America utilize sophisticated virtual reality and augmented reality to improve the company processes. The increasing number of audiences on social media platforms and growing interest in games are the reason for enhancing the market in the euro[pwan region. Other regions, including the Asia Pacific and Latin America, also showcase substantial growth due to several propelling reasons.
Market Segmentation:
Based on the Component, the market is segmented into Surveillance Cameras (Thermal Camera, AID cameras), Software (Visualization software, Transit management software, Video detection management, and Others), Detection and monitoring system (Automation recognition of number plate and Intelligent traffic controller), Sensor (Pedestrian presence sensor, Vehicle detection sensor, Speed sensor), Telecommunication Network (Copper Lines, Fiber optics, Wireless).
Based on the Application, the market is segmented into Traffic management, Road user charging, Traffic signal control, Parking management, Environment protection, Automotive Telematics, Traffic enforcement camera, Collision advance system, Road security, and safety Commercial freight management, public transport
Based on the Country/Region, the market is segmented into Europe, Africa, the Middle East, North America, South America, and the Asia Pacific.
Based on the Product, the market is segmented into APTS or Advanced Public Transportation Systems, ATIS or Advanced traveler information Systems, ATMS or Advanced Transportation Management Systems, ATPS or Advanced Transportation Pricing Systems
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