Wilmington, Delaware, United States, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global intelligent transportation system market was estimated to have acquired US$ 26.4 billion in 2022. It is anticipated to register a 14.5% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 85.5 billion.
The use of blockchain technology for secure and transparent transactions is being explored in transportation. It can be applied to areas like toll collection, smart contracts, and supply chain management within the transportation sector.
Drones and UAVs are being utilized for traffic monitoring, surveillance, and emergency response in transportation systems. Integrating these technologies with ITS can enhance situational awareness and overall system efficiency.
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Key Findings of Market Report
- Improving road safety is a major driver for the adoption of ITS. Advanced driver assistance systems and intelligent traffic management contribute to reducing accidents and enhancing overall road safety.
- The development and testing of autonomous vehicles are creating opportunities for the integration of ITS. Intelligent transportation systems can support the safe and efficient operation of autonomous vehicles through features like traffic management and communication with other vehicles.
- Consumers and businesses increasingly demand real time information on traffic conditions, public transportation schedules, and other relevant data. ITS provides a platform for delivering this information and improving overall user experience.
- The development of smart infrastructure, including smart traffic lights, sensors, and road infrastructure, is a key trend. The elements enhance the capabilities of ITS by providing real time data for better traffic management.
Global Intelligent Transportation System Market: Key Players
The following companies are well known participants in the global intelligent transportation system market:
Aarya ITES, Aeon Software, AGMA Technologies, AllGoVision Technologies, ATT Group, AUM Infotech, CELLINT, CUBIC CORPORATION, Cyrrup, EFKON GMBH, eTrans Solutions, Garmin International Inc., GPS Allied, INDRA SISTEMAS, S.A., Iteris, Inc., KAPSCH TRAFFICCOM, LANNER ELECTRONICS, Nuance Communications Incorporation, RICARDO, Sixth Sensor Technology, TELEGRA, Telenav, Inc., Thales Group, TomTom NV, Vbron Technologies, WS Atkins PLC
Trends for Intelligent Transportation System Market
- Governments around the world have been investing in smart city projects and transportation infrastructure. ITS is a key component of these initiatives, with governments recognizing the potential for improved safety, reduced emissions, and enhanced transportation efficiency.
- The development of advanced communication technologies, such as 5G, has played a crucial role in the growth of ITS. The technologies facilitate real time communication between vehicles, infrastructure, and central management systems.
- There is a growing demand for solutions that can optimize traffic flow, reduce travel times, and minimize environmental impact, with increasing concerns about traffic congestion and environmental issues.
- The integration of Internet of Things devices and big data analytics allows for the collection and analysis of vast amounts of transportation related data. The data is utilized to make informed decisions, optimize routes, and improve overall transportation efficiency.
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Global Market for Intelligent Transportation System: Regional Outlook
Various reasons are propelling the growth of the intelligent transportation system market in different regions. The regions include,
North America
- Persistent challenges related to traffic congestion and long commuting times in major metropolitan areas create a demand for intelligent transportation solutions that can optimize traffic flow and reduce congestion.
- Ongoing investments in smart infrastructure projects, including the deployment of sensors, smart traffic lights, and other connected devices, contribute to the growth of the ITS market by providing a foundation for intelligent transportation solutions.
- North America is a hub for technological innovation, and advancements in communication technologies, artificial intelligence, and data analytics are expected to drive the growth of intelligent transportation systems in the region.
Asia Pacific
- The region is witnessing rapid technological advancements and widespread adoption of digital technologies, which creates a conducive environment for the growth of intelligent transportation systems that leverage advanced communication and data analytics technologies.
- The improvement and modernization of public transportation systems, including buses and trains, contribute to the growth of ITS. Real time information, smart ticketing, and efficient routing enhance the overall public transportation experience.
Global Intelligent Transportation System Market Segmentation
Type
- Advanced Traveler Information System
- Advanced Transportation Management System
- Advanced Transportation Pricing System
- Advanced Public Transportation System
- Cooperative Vehicle System
- Automatic Number Plate Recognition System
Application
- Traffic Management
- Road Safety & Surveillance
- Freight Management
- Public Transport
- Environment Protection
- Automotive Telematics
- Parking Management
- Road User Charging
- Automated Vehicles
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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