Intelligent Transportation Systems Market Size, Share & Trends Analysis Report By Product, By Distribution Channel, By Region, And Segment Forecasts, 2022 – 2028
Intelligent Transportation Systems (ITS) Market was estimated at USD 26.1 billion in 2021, and is projected to reach USD 55.22 billion by 2028, growing at a CAGR of 11.3%.
The intelligent transportation system aims to achieve traffic efficiency by minimizing traffic problems. It enriches users with traffic information in advance, real-time operational information for local convenience, seat availability, shortens travel time for travelers, and improves their safety and comfort. The increasing demand for sensitive vehicles with integrated state-of-the-art telecommunication technology as well as the improved security and police investigation through modern cameras and license plate recognition of vehicles on the streets, aging infrastructure, and the threatened lack of traffic information management are some of the opposing factors which should contribute to market expansion. Corridors and highways have created the need for other traffic management technology. Transport authorities are trying to use innovative and advanced information analytics technologies to cope with the difficulties of increasing traffic. Such Push from government and private players ensures the growth of the Intelligent Transportation Systems Market.
The Intelligent Transportation Systems Market analysis summary is a comprehensive examination of the present developments in many areas that are driving this vertical trend. Market share, applications, market size, statistics, and sales are all summarized in this report. Furthermore, this research highlights a detailed competition analysis of market possibilities, particularly growth plans as claimed by industry specialists. The Intelligent Transportation Systems market report examines the competitive environment in terms of markets, applications, and regions to assist the vendor in determining a match or alignment between their strengths and future growth potential.
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America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe) • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
South America (Brazil, Argentina, Rest of SA)
Questions Answered in the Intelligent Transportation Systems Market Research Report:
• How big is the intelligent transportation system market?
• Who are the key players in the intelligent transportation system market?
• What are the factors driving the intelligent transportation system market?
• What is the intelligent transportation system market growth?
Regional analysis includes country-level and regional market information, illustrating the market's dynamics by the major segments included in the research. The research looks at both new technologies and current innovations that are expected to propel the industry forward in the next years.
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The outbreak of the COVID-19 pandemic has adversely affected every sector and industry in North America. The region recorded the highest number of cases in the world. The countries in the region faced severe disruptions in the automotive, transportation, retail, agriculture, and construction sectors, leading to complete or partial shutdown of manufacturing units. Thus, the ITS market, too, has been affected by this crisis.
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