Latest News- Intelligent Transport System (ITS) Market: Traffic management is expected to lead the Application segment during 2024-2028

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 8.55% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 36.34 billion. In the transportation sector, Intelligent Transport Systems (ITS) are increasingly adopting cloud computing as an evolving paradigm for on-demand access to a shared pool of configurable resources. This includes networks, servers, storage devices, and applications, promoting data availability and accessibility. Cloud computing's essential functions - on-demand self-service, broad network access, pooling of resources, increased elasticity, and measured services - offer significant benefits to transport fleet owners and operators. Real-time operation visibility, cost-effectiveness, enhanced vehicle uptime through data sharing, and reduced maintenance costs are some of these benefits. Cloud computing models, such as 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 public transportation system
  • Advanced transportation pricing system
  • Advanced traveler information system
  • Others
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
    • Japan
  • 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 a range of technologies and applications designed to enhance and optimize transportation infrastructure and mobility. Key components include Traffic Signal Synchronization, Variable Speed Limits, Dynamic Route Guidance, Incident Management, Road Weather Information, and Traffic Simulation. Other features include Traffic Modeling, Monitoring (Traffic, Enforcement Cameras, Bridge, Tunnel), Fleet Optimization, Driver Behavior Analysis, Remote Vehicle Diagnostics, and Traffic Incident Detection. Emergency Response Systems, Smart Street Lighting, Smart Intersections, Connected Infrastructure, Data Visualization, Real-Time Analytics, Predictive Analytics, Edge Computing, Blockchain Technology, Autonomous Shuttle Systems, Shared Mobility (Bike Sharing, Scooter Sharing), Multimodal Transportation, Sustainable Urban Mobility, Carbon Footprint Reduction, Transportation Equity, Smart Mobility Platforms, and Digital Twin Technology are also integral parts of the ITS market.

Market Research Overview

The Intelligent Transport System (ITS) market, a significant segment of the global communications equipment market, encompasses solutions for Traffic Management Systems, Advanced Traffic Management, Traffic Signal Control, Traffic Flow Optimization, Real-Time Traffic Data, Traffic Congestion Mitigation, and Autonomous Vehicles. Technavio, a leading technology research firm, calculates the market size based on the revenue generated from sales of ITS equipment and investments in communication infrastructure. This market falls under the broader global communications equipment sector, which includes manufacturers of enterprise networking products, communications infrastructure, and telecom equipment. Notably, the market size excludes revenue from cellular phone manufacturers, classified under the Technology Hardware, Storage and peripherals sub-industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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