Intelligent Transportation Systems Market Set to Soar Past USD 88.62 Billion by 2030
The global Intelligent Transportation Systems market size is expected to reach USD 88.62 billion by 2030 and exhibit a CAGR of 7.1% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing urbanization, growing demand for road safety, need for efficient transportation infrastructure, government initiatives and regulations, and technological advancements are fueling the market’s growth.
Westford, USA, July 19, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Intelligent Transportation Systems market, connected and autonomous vehicles (CAVs) becoming more prevalent, the integration of ITS with smart city initiatives, the emergence of Mobility-as-a-Service (MaaS) models, increased adoption of cloud computing and data analytics for intelligent transportation management, the development of advanced driver assistance systems (ADAS) and vehicle-to-infrastructure (V2I) communication, the implementation of real-time traffic monitoring and prediction systems, the use of Artificial Intelligence (AI) and Machine Learning (ML) for improved traffic management and optimization, the growth of electric and alternative fuel vehicles, leading to the need for charging infrastructure and smart grid integration, the focus on cybersecurity to protect ITS systems from potential threats, the integration of ITS solutions with public transportation networks for seamless and efficient travel experiences are the trends that aid in the market’s growth.
Browse in-depth TOC on “Intelligent Transportation Systems Market”
- Pages – 157
- Tables – 64
- Figures – 75
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Intelligent transportation system (ITS) is a broad term that encompasses a wide range of technologies that are used to improve the efficiency and safety of transportation systems. ITS technologies can include smart traffic lights, intelligent speed cameras, and electronic toll collection systems.
Prominent Players in Intelligent Transportation Systems Market
- Siemens
- IBM
- Cisco
- Intel
- Microsoft
- Bosch
- Thales
- Accenture
- Kapsch TrafficCom
- Swarco
- TomTom
- Q-Free
- E-ZPass Group
- TransCore
- Indigo
- Metron
- Atos
- Iteris
- Optimus ITS
- Transmode
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Road Transportation Demand to Grow Substantially in the Forecast Period
Road Transportation dominated the global online market as it has been a dominant mode due to its flexibility, accessibility, and door-to-door service. It is suitable for short to medium-distance shipments and provides efficient last-mile connectivity. With the growth of e-commerce and increasing urbanization, the demand for road transportation will remain strong.
E-commerce and Retail is the Leading Application Segment
In terms of application, the e-commerce and retail is the leading segment due to the increasing demand for convenience. In addition, Intelligent Transportation Systems platforms typically offer a vast selection of products, including fresh produce, packaged foods, household essentials, and specialty items. This extensive product variety appeals to consumers with diverse preferences and specific dietary requirements. The availability of a wide range of options encourages consumers to make online purchases.
Asia Pacific is the leading Market Due to the rapid economic growth
Region-wise, Asia Pacific is one of the largest growing markets with a huge emphasis on rapid economic growth. Countries such as China, India, and Southeast Asian nations, has experienced rapid economic growth, urbanization, and an expanding middle class. This has led to increased domestic consumption, rising trade volumes, and investment in transportation infrastructure. With its large population, robust manufacturing base, and strategic geographic location, the Asia-Pacific region is poised to be a dominant force in the transportation market.
A recent report thoroughly analyzes the major players operating within the Intelligent Transportation Systems market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Intelligent Transportation Systems.
Key Developments in Intelligent Transportation Systems Market
- In January 2023, Kapsch TrafficCom, a leading provider of ITS solutions, acquired Denso Corporation’s ITS business for $1.2 billion. The acquisition expanded Kapsch TrafficCom’s product portfolio and gave it a larger foothold in the Japanese market.
- n March 2023, TomTom, a leading provider of navigation and mapping solutions, acquired Savari Inc., a provider of vehicle-to-everything (V2X) technology, for $550 million. The acquisition expanded TomTom’s product portfolio and gave it a larger foothold in the V2X market.
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Key Questions Answered in Intelligent Transportation Systems Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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