CHICAGO, July 19, 2024 /PRNewswire/ -- The global
intelligent transportation system market is expected
to reach USD 70.7 billion in 2029
from USD 50.7 billion in 2024, at a
CAGR of 6.9% during the forecast period according to a new report
by MarketsandMarkets™. The market's growth is
propelled by growing demand from emerging economies, growing
public-private partnerships, and growing demand for mobility
services. However, the high upfront costs of implementation
restrain the market's growth.
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Browse in-depth TOC on "Intelligent Transportation
System Market"
150 – Tables
60 – Figures
210 – Pages
Intelligent Transportation System Market
Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 50.7
billion
|
Estimated Value by
2029
|
$ 70.7
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 6.9%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Offering, Mode,
System and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Complexity of data
management and privacy
|
Key Market
Opportunities
|
Growing demand from
emerging economies
|
Key Market
Drivers
|
Rapid urbanization to
fuel the demand for intelligent transportation system
|
The Roadways segment is expected to dominate in the forecast
period.
The roadways are expected to continue holding major shares of
passenger and freight transportation. This huge number of vehicles
demands advanced management systems to enable the smooth flow of
traffic and decongest it. Various governments are investing in
smart city initiatives and roadway infrastructure. These
investments focus on the roadways as it has a high impact on daily
commuting and economic activities.
The commercial vehicle operation segment is anticipated to
grow fastest during the forecast period.
The commercial vehicle operation segment is expected to grow
fastest in the forecast period, boosted by several factors.
Government regulations and mandates of safety, emissions, and
operational standards are being deployed and hence drive the
adoption of ITS in commercial vehicle operations. The technologies,
such as electronic logging devices, fleet management systems, and
telematics, ensure compliance with such regulations.
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US in the North America
region to dominate the intelligent transportation system
industry during the forecast period.
The US transport infrastructure is very well developed, with
long road networks, highways, and urban transit systems that can
support the deployment of advanced ITS technologies. It is home to
major technology companies and research institutions developing and
implementing advanced ITS solutions. These companies have adopted
artificial intelligence, machine learning, IoT, and big data
analytics, which are crucial for the success of ITS.
Key players
The intelligent transportation system companies includes
significant Tier I and II players like Siemens (Germany), Hitachi Ltd. (Japan), Cubic Corporation (US), Conduent
Incorporated (US), Kapsch TrafficCom AG (Austria), Denso Corporation (Japan), Teledyne Technologies Incorporated
(US), Indra SIstemas S.A. (Spain),
Garmin Ltd. (US), and Tomtom International BV (Netherlands) are some of the key players in
the intelligent transportation system market.
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