Intelligent Transportation System Market Share
Market Overview
The Global Intelligent Transportation System Market Share Size is expected to reach USD 54.59 Billion with a CAGR growth of 9.31% during the forecast period.
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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. In addition, the growing requirement for successful deployment of connected opening doors technology in automobiles is propelling revenue growth in the intelligent transportation system market. Furthermore, the growing need for intelligent transportation systems is expected to drive significant growth in a variety of wireless applications and devices, providing a significant opportunity for key players in the global intelligent transportation system market.
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
Regional Classification:
North America in the intelligent transportation system market is predicted to experience the fastest rise in industry trends. The great level of deployment of trends in this region is the reason for such rapid expansion of ITS. The United States dominates the North American ITS market since it is the most technologically advanced country. In addition, Europe is the second-fastest-growing region in the market. In addition, because of increased concerns about various traffic congestions, the Asia Pacific region is predicted to be another market for the fast-growing market size. In addition, the need to reduce injuries and improve facilities is propelling the intelligent transportation system market in countries such as India, Australia, China, Singapore, and Japan.
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Industry News:
The major key players in the market are Hitachi Ltd (Japan), Siemens AG (Germany), Thales Group (France), Xerox Corporation (US), BRISA (Portugal), Kapsch Trafficcom (Austria), Q Free (Norway), Efkon AG (Austria), Roper Technologies, Inc. (US), Lanner Electronics Inc. (Taiwan), TomTom International BV (Netherlands), Denso Corporation (Japan), Savari Inc. (US), Nuance Communication Inc. (US) and Garmin Ltd (US).
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