Intelligent Transportation System Market Trends set to witness Explosive growth by 2028

Global Intelligent Transportation System Market Overview:

According to MarkNtel Advisors study the Global Intelligent Transportation System Market is projected to grow at a CAGR of around 8.5% during the forecast period, i.e., 2023-28. The market growth is aided by the surging need for an advanced traffic management solution to reduce the increasing traffic congestion & the incompatibility of old infrastructure and traditional traffic management systems with a heightened number of vehicles on the road. Moreover, the ever-rising figures of vehicles & increasing single-passenger four-wheeler vehicle figures due to hiker car purchases owing to high living standards and surging disposable income are raising the demand for the market.

Key Findings of the Study: Intelligent Transportation System market

Possible Restraint: High Investments Related to Intelligent Transport System Installation

The ITS heavily depends on numerous high-tech devices, software, and systems, making transforming traffic management into intelligent transportation systems rather expensive. Thus, the high cost associated with integrating and installing ITS could hamper the market expansion in the forthcoming years. Moreover, the maintenance costs and the high budget required for assistance through such technology are over the top for developing economies hindering industrial ascension.

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Scope of the Intelligent Transportation System Market Report Segmentation

-By Component

Hardware
Software
Services

-By Type

Advanced Public Transportation System (APTS)
Advanced Traffic Management System (ATMS)
Advanced Traveler Information System (ATIS)
Advanced Transport Pricing System (ATPS)
Its-Enabled Transportation Pricing System (ITPS)
Others

-By End User

Traffic Management
Freight Management
Road Tolling System
Road Safety and Security
Public Transport
Environment Protection
Parking Management
Others (Automotive Telematics, etc.)

-By Mode of Transport

Roadways
Airways
Railways
Maritime

-By Deployment

Cloud
On-Premise

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Geographical analysis:

-By Region

North America
South America
Europe
Middle East & Africa
Asia-Pacific

Globally, North America dominated the industry with the largest market share during the historical period and is anticipated to continue in the same trend in the forecast period. It is accredited to the heavy presence of major market participants and the region being equipped and integrated with numerous technological development. Besides, the fast adherence and adoption of innovative modifications amongst the countries and their populace further add to the market progression.

Recent Developments in the Market

In April 2023, Siemens unveiled a digital model of next-generation FREYR Battery factories developed using NVIDIA technology at the Hannover Messe 2023 trade show.
In March 2023, Denso Corporation and Toyota Motor Corporation signed an agreement with Electron, an Israel-headquartered wireless charging development company, to jointly develop an advanced wireless vehicle kit (vehicle receiver) and promote wireless technology.

Current Landscape of Intelligent Transportation System Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Intelligent Transportation System market. The research report profiles major players, including

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Denso Corporation
Iteris
Lanner Electronics
Agero
EFKON
Cisco
Flir System
Siemens
TransCore
Citilog

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