New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Intelligent Transport System Global Market Report 2023" - https://www.reportlinker.com/p06466703/?utm_source=GNW
, Savari Inc., and Teledyne FLIR LLC.
The global intelligent transport system market is expected to grow from $29.58 billion in 2022 to $33.18 billion in 2023 at a compound annual growth rate (CAGR) of 12.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The intelligent transport system market is expected to reach $50.23 billion in 2027 at a CAGR of 10.9%.
The intelligent transport system market consists of revenues earned by entities by providing fleet management, public transport management, emergency management and intelligent traffic management.The market value includes the value of related goods sold by the service provider or included within the service offering.
The intelligent transport system market also includes sales of automatic vehicle identifiers, GPS based automatic vehicle locators, sensors, and cameras which are used in providing intelligent transport system services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Intelligent Transport System (ITS) is a combination of advanced technologies and communication systems to improve the efficiency, safety, and sustainability of transportation systems. It seeks to increase traffic efficiency and reducing traffic issues by allowing customers access to historical data on traffic, nearby conveniences, real-time running information, seat availability.
North America was the largest region in the intelligent transport system market in 2022. The regions covered in intelligent transport system report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main intelligent transport system components are hardware, software, and services.Hardware describes the actual parts of a computer or other electronic equipment.
The various system types are advanced traffic management systems (atms), advanced traveler information systems (atis), advanced transportation pricing systems (atps), advanced public transportation systems (apts), and emergency medical systems (ems) used in roadways, railways, and airways. The various applications are intelligent traffic control, collision avoidance, parking management, ticketing management, automotive telematics, fleet management and asset monitoring, and others.
The growing number of vehicles on the road is expected to propel the growth of the intelligent transport systems market going forward.Due to population growth, urbanization, economic development, and increased access to personal transportation the numbers of vehicles in roads are increasing which may results in traffic problems.
The application of intelligent transportation systems will help to increase traffic efficiency and reducing traffic issues by reducing traffic congestion.Hence, the growing number of vehicles on road will create the demand for intelligent transport systems market.
For instance, in March 2023, according to an article published by Hedges & Company, a US-based automotive digital marketing company, the registered cars in the US increased by 0.9% from 286.9 million cars in 2020 to 289.5 million cars in 2021 . Therefore, the growing number of vehicles on the road is driving the growth of the intelligent transport systems market.
Technological advancements are a key trend gaining popularity in the intelligent transport systems market.Companies operating in the intelligent transport systems market are adopting new technologies to sustain their position in the market.
For instance, in November 2021, The City of Vienna government and Kapsch TrafficCom, an Austria-based provider of transportation solutions for sustainable mobility, launched Traffic Management 2.0. for smart transportation management and traffic management. Traffic Management 2.0 solution helps to improve the traffic conditions and thus the CO2 balance saving up to 15% of emissions thereby improving air quality.
In June 2021, Verra Mobility, a US-based smart mobility technology company acquired Redflex Holdings Limited for an undisclosed amount.This acquisition is expected to strengthen and expand Verra Mobility’s portfolio of smart transportation solutions and opens new opportunities to make mobility safer.
Redflex Holdings Limited, is an Australia-based intelligent transport solutions company.
The countries covered in the intelligent transport system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The intelligent transport system market research report is one of a series of new reports that provides intelligent transport system market statistics, including intelligent transport system industry global market size, regional shares, competitors with a intelligent transport system market share, detailed intelligent transport system market segments, market trends and opportunities, and any further data you may need to thrive in the intelligent transport system industry. This intelligent transport system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466703/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
