Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Intelligent Transport System Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The intelligent transport system sector is experiencing a significant surge in the global market, with a remarkable CAGR of 12.0% projected from 2023 to 2024. A recent market research publication available for review captures this growth trajectory, highlighting in-depth insights on industry trends and future perspectives.
Recent government initiatives and rising safety concerns have pivoted the intelligent transport system market towards a value of $37.15 billion in 2024. The notable increase in vehicle ownership and urbanization trends are fundamental factors contributing to this expansion.
The intelligent transport system market is forecasted to attain $55.64 billion by 2028, propelled by a compound annual growth rate (CAGR) of 10.6%. The integration of cutting-edge technologies such as the Internet of Things (IoT), autonomous vehicle innovation, and smart city projects underline the predicted growth. Market reports underscore the adoption of artificial intelligence and machine learning, electric vehicle technologies, cybersecurity measures, and data analytics as the nucleus of traffic optimization strategies.
Key Drivers in the ITS Market: Road Safety and Vehicle Volume
With the escalation of road accidents exerting substantial impact on market dynamics, intelligent transport systems are increasingly recognized for their role in enhancing road safety and adherence to regulations. Real-time monitoring and enforcement capabilities through technologies like traffic control systems and speed cameras serve as preventive measures against traffic-related incidents.
Furthermore, the proliferating vehicle population on roads, steered by factors such as demographic growth and economic progression, is inevitably leading to traffic management challenges. Intelligent transport systems stand at the forefront in addressing congestion and boosting traffic efficacy.
Innovation and Strategic Acquisitions by Key Market Players
- The emergence of innovative products such as the Onboard Driver Assistance and Warning System (ODAWS) is reinforcing the market’s foundation in road safety.
- Technological advancements are witnessing a zenith, with companies integrating state-of-the-art transportation solutions to stay ahead in the competitive landscape.
- Acquisitions are also shaping the market, with Verra Mobility's absorption of Redflex Holdings Limited expected to consolidate their product suite and extend their smart transportation service offerings.
The North American region led the intelligent transport system market in 2023, followed by robust markets in Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa. These regions are further explored in the report along with country-specific analysis.
The intelligent transport system market primarily bifurcates into hardware, software, and service components, each playing a pivotal role in various system types deployed across roadways, railways, and airways. This extensive report sheds light on the market influence of intelligent traffic control, collision avoidance systems, and other pivotal applications of intelligent transport systems.
This comprehensive research encapsulates a nuanced examination of the intelligent transport system market, providing an insightful resource for stakeholders eager to comprehend the current state and future evolution of the industry. It details market size, regional shares, competitive landscapes, and the revenue streams pertaining to the market’s multifaceted dimensions.
Insights that Drive the Future of Intelligent Transport Systems
This market study is a pivotal documentation that presents a panoramic view of the intelligent transport system industry, replete with statistical data and market developments crucial for business strategies and policymaking. It charts a visionary course for enterprises and investors keen on navigating the intelligent transport system market landscape.
A selection of companies mentioned in this report includes
- Thales Group
- Siemens AG
- Garmin International Inc.
- Kapsch TrafficCom AG
- TomTom International BV
- Denso Corporation
- Efkon GmbH
- Ricardo plc
- Lanner Inc.
- Q-Free ASA
- TransCore
- Atkins Group
- Iteris Inc.
- Savari Inc.
- Teledyne FLIR LLC
- IBM Corporation
- Addco LLC
- Cubic Corporation
- Alstom SA
- Hitachi Ltd.
- Indra Sistemas S.A.
- Advantech Co. Ltd.
- Nuance Communications Inc.
- Conduent Incorporate
- Cohda Wireless
- Sensys Networks Inc.
- Rapid Flow Technologies Inc.
- Verra Mobility
- Xerox Corporation
- Traffex Technologies Inc.
For more information about this report visit https://www.researchandmarkets.com/r/z88p93
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
