Latest News- Intelligent Transport System (ITS) Market: Traffic management is expected to lead the Application segment during 2025-2029

The Intelligent Transport System (ITS) Market is being driven by Increasing traffic congestion and road accidents

The Intelligent Transport System (ITS) Market is expected to grow at a CAGR of 10% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 47378.9 million. In the transportation sector, Intelligent Transport Systems (ITS) are increasingly adopting cloud computing as a key enabler. This technology provides on-demand access to a shared pool of configurable resources, such as networks, servers, storage, and applications. Cloud computing's essential functions, including on-demand self-service, broad network access, pooling of resources, increased elasticity, and measured services, offer numerous benefits to transport fleet owners and operators. Real-time operational visibility, cost savings, enhanced vehicle uptime through data sharing, and reduced maintenance costs are some of the advantages. Cloud computing models, including private, public, community, and hybrid, are deployed based on user requirements. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Traffic management
  • Toll management
  • Automotive and infotainment telematics
  • Public transport
  • Others
• Type
  • Advanced traffic management system
  • Advanced traveller information system
  • Advanced public transportation system
  • Advanced transportation pricing system
  • Others
• Mode Of Transportation
  • Roadway
  • Railway
  • Airway
  • Maritime
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing traffic congestion and road accidents
• Growing road freight logistics market
• Growth in number of smart connected devices

However, the market also witnesses some limitations, which are as follows:

• System integration and interoperability issues
• Data privacy and security concerns
• Government regulations and standards

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Market Scope in Intelligent Transport System (ITS) Market Research Report

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Research Analysis Overview

The Intelligent Transport System (ITS) market encompasses advanced technologies such as traffic signal timing, sensor data fusion, dynamic route optimization, predictive maintenance, and traffic simulation models. Key components include network capacity analysis, incident management strategies, public transport integration, travel demand management, parking space availability, and traffic modeling software. ITS deployment strategies prioritize data security measures, autonomous vehicle control, system integration, and performance evaluation metrics. Cost-benefit analysis, system reliability assessment, network performance metrics, ITS communication architecture, smart mobility solutions, sustainable transport planning, urban traffic control, transit signal priority, integrated transport network, real-time traffic information, and traffic safety improvement are also essential aspects of this dynamic and evolving industry.

Market Research Overview

The Intelligent Transport System (ITS) market encompasses businesses specializing in traffic management solutions, vehicle-to-infrastructure communication, adaptive traffic control, and real-time traffic data. This sector experiences growth due to the increasing demand for advanced transportation systems, facilitating smoother traffic flow and enhanced safety. The global industrial machinery and supplies and components market, encompassing manufacturers of machinery and components for presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications, is predicted to expand significantly. This expansion is attributed to the burgeoning industrial output in process and discrete industries, driven by the rising demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing economies. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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