The renowned consulting, data analytics, and market research firm, Markntel Advisors, published a recent report i.e., “Global Intelligent Transportation System Market Research Report: Forecast (2023-2028)”. The market is predicted to grow significantly in the coming years. According to the report, the Global Intelligent Transportation System Market is projected to grow at a CAGR of around 8.5% during the forecast period, 2023-28.
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The rising adoption of advanced technologies such as AI and VR, drives the market expansion. This facilitates heads-up display, visualization, smart suggestions, and fast solutions during congested issues, they are likely to add to the market value. This ongoing trend of integrating cutting-edge technologies resulted in the lucrative growth of the Intelligent Transportation System Industry. In Addition to this, development and research towards the innovation of autonomous vehicles and research towards producing connected cars with each other and the surrounding infrastructure will create innovative opportunities for the market. These are the prominent factors that resulted in accelerating the industry growth.
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Which Market Leaders Are Behind the Growth of the Intelligent Transportation System Market?
Key players in the Intelligent Transportation System Market include Denso Corporation, Iteris, Lanner Electronics, Agero, EFKON, Cisco, Flir System, Siemens, TransCore, and Citilog.
How is the Global Intelligent Transportation System Market Segmented?
1) By Component: Hardware, Software, and Services
2) 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}, and Others
3) By End-User: Traffic Management, Freight Management, Road Tolling System, Road Safety and Security, Public Transport, Environment Protection, Parking Management, and Others
4) Mode of Transport: Roadways, Airways, Railways, and Maritime
5) By Deployment: Cloud, and On-Premise
Regional Insights: North America Paving the Way in the Intelligent Transportation System Market
The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. North America was the largest region in the market in the historical period and is expected to be the fastest-growing region in the report during the forecast period. This growth is further driven by the presence of major market players and he region being equipped and integrated with numerous technological development. Additionally, the growing adoption of innovative modifications amongst the countries and their populace further boosts the market growth.
What is the Definition of the Intelligent Transportation System Market?
An Intelligent Transportation System is the integration of advanced technologies into vehicles, operating systems, and infrastructure related to or connected to transportation. It aims to provide innovative and intelligent services by applying sensing, analyzing, control, and communication technologies to improve safety, mobility, and transportation efficiency. In addition, it collects the data surrounding transportation and applies it to develop better future directions and options for traffic.
Key Report Highlights:
Market Dimensions & Projections
Pricing Evaluation,
Recent Strategic Moves by Companies,
Primary Stakeholders,
Analysis of Import and Export Trends,
Competitive Landscape Assessment,
Emerging Opportunities,
Market Trends and Indicators
Why MarkNtel Advisors?
MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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