Le Lézard
Classified in: Transportation, Science and technology
Subject: MRR

Intelligent Transportation System (ITS) Market to Reach $98.02 Billion, Globally, by 2032 at 7.5% CAGR: Allied Market Research


Rise in traffic jams due to growing urbanization in developing countries, increase in investment in railway infrastructure, and increased inclination of governments toward CO2 emission reduction from the transportation industry drive the growth of the global intelligent transportation system (ITS) market.

WILMINGTON, Del., Dec. 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Intelligent Transportation System (ITS) Market by Component (Hardware, Software, and Services), Application (Traffic Management, Freight Management, Advanced Traveler Information System, Advanced Public Transportation System, Security and Surveillance, Ticketing and Tolling System, and Others), and End User (Roadways, Railways, Waterways, and Airways): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global intelligent transportation system industry size generated $48.36 billion in 2022 and is anticipated to generate $98.02 billion by 2032, witnessing a CAGR of 7.5% from 2023 to 2032.

Allied_Market_Research_Logo

Prime determinants of growth

Rise in traffic jams globally, increased investment in railways, and increased inclination of governments towards CO2 emission reduction from the transportation industry drive the growth of the global intelligent transportation system (ITS) market. However, factors such as the high cost of technology restrict the market growth. However, the growth of connected and autonomous driving car and the improvement of high-speed internet and communications technologies presents new opportunities in the coming years.

(We are providing ITS market report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)

Download Sample Pages - https://www.alliedmarketresearch.com/request-sample/209

Report Coverage and Details:

Report Coverage

Details

Forecast Period

2023?2032

Base Year

2022

Market Size in 2022

$48.36 billion

ITS Market Size in 2032

$98.02 billion

CAGR

7.5 %

No. of Pages in Report

473

Segments covered

Component, Application, End-User, and Region.

Drivers

Rise in traffic jams globally

Increased investment in railways

Increased inclination of governments toward CO2 emission reduction from the transportation industry

Opportunities

Growth of connected and autonomous driving car

Improvement of high-speed internet and communications technologies

Restraints

High Cost of Technology

 

The hardware segment to maintain its leadership status throughout the forecast period

Based on component, the hardware segment held the highest market share in 2022, accounting for half of the global intelligent transportation system (ITS) market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 7.8% from 2023 to 2032, owing to growth in investment in CCTV and other communication equipment for security and surveillance around the globe.

The other segment is expected to maintain its leadership throughout the forecast period.

Based on application, the other segment held the highest market share in 2022, accounting for one-fourth of the global intelligent transportation system (ITS) market and is projected to manifest the highest CAGR of 9.1% from 2023 to 2032 owing to the need for customized solutions for efficient, intelligent transportation systems.

Interested to Procure the Research Report? Inquire Before Buying - https://www.alliedmarketresearch.com/purchase-enquiry/209

The roadways segment to maintain its leadership during the forecast period  

Based on end-user, the roadways segment accounted for the largest share in 2022, contributing to nearly one-third of the global intelligent transportation system (ITS) market revenue and is projected to portray a CAGR of 8.3% from 2023 to 2032. The increase in government investment in the development of road networks across the globe is expected to foster market growth.

Asia-Pacific to maintain its dominance by 2031

By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for one-third of the global intelligent transportation system (ITS) market revenue and is expected to witness the fastest CAGR of 8.5% from 2023 to 2032. The strong economic growth in the region resulted in increased demand for Intelligent Transportation Systems (ITS) to effectively manage the growing transportation sector. 

Key Developments in the Intelligent Transportation Industry:

Key Highlights of the Report:

Procure Complete Research Report (PDF with Qualitative and Quotative Data, Insights, Statistics, Tables, Charts, Figures) - https://www.alliedmarketresearch.com/intelligent-transportation-system-market/purchase-options

Leading Market Players: -

The report provides a detailed analysis of the key players in the global intelligent transportation system (ITS) market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Similar Reports We Have on Transportation Industry:

Smart Transportation Market Research Report 2023-2032

Multimodal Transportation Market Research Report 2023-2032

Artificial Intelligence in Transportation Market Research Report 2023-2032

On-demand Transportation Market Research Report 2023-2032

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
+1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
[email protected]

Web: www.alliedmarketresearch.com

Allied Market Research Blog: https://blog.alliedmarketresearch.com

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg


These press releases may also interest you

at 14:20
KBRA assigns long-term ratings, each with a Stable Outlook, for the following Clark County, NV obligations: AA- to the Clark County, Nevada Airport System Subordinate Lien Refunding Revenue Bonds Series 2024A (Non-AMT) A+ to the Clark County,...

at 14:00
With passenger traffic at YUL Montréal-Trudeau International Airport at an all-time high and growth continuing at a rapid pace, many travellers will be visiting YUL this spring break to take off for the many sunny destinations offered by our airline...

at 13:58
In September 2023, the Office of the Privacy Commissioner of Canada (OPC) released their annual report which raised concerns about Canada Post's use of address data within its Smartmail Marketing (SMM) program. While Canada Post maintains that the...

at 13:40
Atlas Ocean Voyages announces Afar Recommends, a collection of shore excursions on 2024 Cultural Expeditions in Europe, the Caribbean, and South America. From meeting with the chief historian of the Evita Museum in Buenos Aires, Argentina, to...

at 13:31
At MWC Barcelona 2024, Huawei launched two innovative solutions for the global airport industry ? Fully Connected Fiber Network and Perimeter Security with Fiber Sensing ? with the aim to empower intelligent industry upgrade using innovative...

at 13:31
CSS Federal, was awarded a contract with the FAA for Information Security and Privacy (IS&P) Governance Support Services. For this contract, we strategically selected Tantus Technologies, Inc. and Compass Federal Consulting, LLC., to form Team CSS,...



News published on and distributed by: