Intelligent Transportation Systems Global Market Report 2024 - Market Poised to Reach $52.23 Billion by 2028

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Feb 13, 2024, 17:45 ET

DUBLIN, Feb. 13, 2024 /PRNewswire/ -- The "Intelligent Transportation Systems Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.

The latest market insights reveal that the Intelligent Transportation Systems (ITS) industry is on a robust upward trajectory, with anticipated growth from $35.52 billion in 2024 to $52.23 billion by 2028. This surge reflects a compound annual growth rate (CAGR) of 10.1%, propelled by advancements in connected vehicles, smart infrastructure investments, and the integration of Mobility-as-a-Service (MaaS).

Key Market Drivers and Innovations

The escalation of road fatalities and the imperative need for efficient traffic management are prime factors driving the market. Innovations within ITS technologies, including IoT, advanced driver assistance systems (ADAS), and Artificial Intelligence (AI), are significantly contributing to the enhancement of transportation safety and efficiency.

Dynamic Advancements Shaping the ITS Landscape

The ITS industry continues to evolve, with key trends like the adoption of smart parking solutions, increased focus on cybersecurity, and the application of augmented reality in navigation, greatly influencing market growth.

The remarkable advancements in 5G connectivity and blockchain technology further bolster the ITS market's potential.

Connected Vehicles: The integration of communication systems in vehicles enhances road safety and traffic management.
Data Analytics and Traffic Forecasting: Leveraging big data for predictive traffic models optimizes traffic flow and reduces congestion.
Smart Mobility Solutions: New urban air mobility solutions and Mobility-as-a-Service (MaaS) platforms are being developed to improve last-mile connectivity.
Public-Private Partnerships: Collaborations are paramount for innovation and expansion in ITS sector.
Advanced Traffic Management: ITS plays a crucial role in streamlining traffic operations through innovative management systems.

Strategic Collaborations and Market Expansion

The report highlights how strategic partnerships and acquisitions among key players are shaping the market's competitive landscape. For instance, the recent partnership between Vix Technology and myBus outlines the industry's focus on delivering end-to-end ITS solutions through collaboration.

Regional Market Insights

North America has been identified as the leading region in ITS market adoption for 2023, with Asia-Pacific projected to experience the fastest growth in the coming years. These insights indicate the diverse adoption of ITS solutions across the globe, with varying regional dynamics and growth potential.

Comprehensive Market Evaluation

The report provides an exhaustive analysis of the global ITS market, including sectorial performance, regional market shares, and projections for future industry developments. It serves as a valuable compass for understanding current trends and future market directions in intelligent transportation.

The Intelligent Transportation Systems market is advancing at an impressive pace, with technological innovations and strategic industry maneuvers contributing to the market's growth and diversification.

Companies Profiled

Denso
EFKON
Garmin Ltd.
Thales Group
Kapsch TrafficCom
Lanner Electronic Inc.
Siemens Aktiengesellschaft
Cubic Corporation
TomTom International
Indra Sistemas
Q-Free ASA
Iteris Inc.
Hitachi Ltd.
Nuance Communications Inc.
Teledyne FLIR
IBM
Advantech Co. Ltd.
TransCore Holdings Inc.
Savari Inc.
Addco
Ricardo
Xerox
Traffic Tech Inc.
Alstom SA
Cisco Systems Inc.
Intel Corporation
Omnitracs LLC
Panasonic Corporation
Qualcomm Technologies Inc.
Trimble Inc.

For more information about this report visit https://www.researchandmarkets.com/r/1vialn

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