Intelligent Transportation System (ITS) Market: Trends, Drivers, Opportunities, and Forecasts to 2029

Intelligent Transportation System market

Market Overview

The renowned market expert and business consultant firm Maximise Market Research recently published a report on Intelligent Transportation System market which provides the analysis of the Intelligent Transportation System market and evaluates the Intelligent Transportation System market growth by the forecasted period. It provides the major key drivers and restraints of the Intelligent Transportation System market. Restraints help in identifying characteristics that are restraining the market and help you identify them and decrease or improve them before they become an issue.

The survey states that during the previous few years, there have been more fatal accidents involving vehicles. The ITS market is primarily driven by the use of ITS to decrease traffic accidents and to improve safety. The need for communication between vehicles and infrastructure (V2I) to improve road safety is anticipated to grow in the coming years. Also, the need of implementing an intelligent transportation system has grown due to the rise in megacities and population expansion in developed and developing nations (ITS). Both the metro or subterranean rail system and the road transport are established by the ITS system. GPS, Carrier Access for Land Mobiles (CALM), Dedicated Short Range Communication (DSRC), and other general technology components are updated as part of ITS.

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Market Scope

The reports on the Intelligent Transportation System market is developing on a constant rate. Due to the extra efforts done by the technology in the industry the Intelligent Transportation System market is expected to grow significantly during forecast period.

The report provides in depth market insights for manufacturers, suppliers, distributors and investors in the global Intelligent Transportation System market. This report would provide information to the students, stakeholders, consulting firms, research institutes, industry professionals, journalists and business researchers across the global market. The report focuses on the key drivers and competitive benchmarking of the industry for using the strengths for discovering new strategies for upcoming opportunities. SWOT and PESTLE analysis were used for the research that combines quantitative and qualitative research methods.

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Segmentation

The key market-driver is the realisation by the various government agencies of the significance of putting in place an effective ITS system. In order to deploy the system, various departments are creating specific programmes and taking action. For instance, the U.S. Department of Transportation (DOT) is emphasising intelligent cars, intelligent infrastructure, and the integration of these three elements. The DOT has created a Federal ITS programme that will conduct research projects, investigative studies, and assist the system's adoption through methodical investment. Also, an effective transportation system would aid in minimising traffic jams and pollution, which would improve environmental benefits and serve as additional important market drivers.

The delayed development of infrastructure, particularly in developing nations due to the high cost of installation, is a major hindrance to the market's expansion. Lack of standards and minimal interoperability across the various technologies and modes of transportation is another major factor limiting market expansion. Strategic private-public partnerships are being created by significant market players and representatives from various government sectors to address these issues. Also, the creation of smart automobiles that would function on intelligently managed roadways by utilising cutting-edge infrastructure and most recent technologies represents the market's biggest opportunity.

In 2029, it is anticipated that the hardware intelligent transportation system market would account for the largest market share. The major components of the hardware part include numerous detectors, sensors, cameras, and telecom networks to collect data about the vehicle and its surroundings. IoT sensors and cutting-edge connectivity technology enable real-time data collecting and analysis to help traffic authorities make wise traffic management decisions. It is projected that the use of these devices to support the smart transportation infrastructure will increase demand for hardware parts.

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Key Players

• Affiliated Computer Services, Inc.
• Denso Corporation
• Agero, Inc.
• Addco Llc
• Lanner Electronics, Inc.
• Nuance Communications, Inc.
• Ricardo Plc
• Sensys Networks, Inc.
• Telenav, Inc.
• Efkon AG
• Thales Group.
• Advantech Co., Ltd.
• Bestmile SA
• Clever Devices Ltd.
• ETA Transit Systems
• GMV Group
• Hitachi, Ltd.
• Kapsch Trafficcom

Regional Analysis

Regional analysis can analyse the market in different segments of the market. The MMR’s report on the Intelligent Transportation System market can give a significant description of the market which includes geographic condition of the market and revenue as well as in-depth research into the business network structure, opportunities, and news updates. The reports covers deep investigation of the regional Intelligent Transportation System market gives the current trends, restrictions and development opportunities for key players as well as new entrants of the market.

key Questions answered in the Intelligent Transportation System Market Report are:

• What is Intelligent Transportation System Market?
• What is the forecast period of the Intelligent Transportation System Market?
• What is the competitive scenario of the Intelligent Transportation System market?
• Which region held the largest market share in the Intelligent Transportation System Market?
• What are the opportunities for the Intelligent Transportation System Market?
• What factors are affecting the Intelligent Transportation System market growth?
• Who are the key players of the Intelligent Transportation System market?
• Which company held the largest share in the Intelligent Transportation System market?
• What will be the CAGR of the Intelligent Transportation System market during the forecast period?
• What key trends are likely to emerge in the Intelligent Transportation System market in the coming years?

Key offerings:

• Market Share, Size, and Forecast by Revenue|2022-2029
• Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
• Market Segmentation: A detailed analysis by Intelligent Transportation System
• Landscape- Leading key players and other prominent key players.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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