Pune, India, Feb. 22, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the Intelligent Transportation System market size to grow from USD 22.91 billion in 2021 to USD 42.80 billion in 2028 at a CAGR of 9.34% by 2021-2028.
Fortune Business Insights™ provides specialized market reports on the automotive and transportation through intensive research on the trends and drivers shaping the industry share, size, growth, and revenue as well as shares future projections of the values of market associated with this industry. The automotive and transportation industry is experiencing a period of sustained growth as a result of rising disposable incomes, especially in the developing countries
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Intelligent Transportation System Market Growth Reasons:
- Increasing Digitization to Set a Positive Trend for Market Growth
- Rising Focus of Governments for Imposition of Strict Regulatory Standards on Automotive Industry to Drive Market Growth
- Increasing Penetration of Internet of Things (IoT)-based Technology to Fuel Market Growth
- Increased Use Of Emerging New Game-Changing Technologies to Set a Positive Trend For Market Growth
Market Report Scope:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 9.34% |
| 2028 Value Projection | USD 42.80 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 21.82 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 150 |
| Segments covered | Type and Region |
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In March 2020, Roads and Transport Authority (RTA) of Dubai declared its fulfillment of a task that predicts occasional traffic of its transportation administrations in marine utilizing enormous information. The undertakings include each data for the oceanic transportation administrations, for example, complete number of travelers, absolute income and inhabitance rates came to, which is expected to help reads up on improvement scope for administrations and notwithstanding this further developing organization proficiency.
As indicated by the Director Mohamed Abu Bakr Al Hashemi, Maritime Transport Department, "Utilizing huge information to mechanize the oceanic vehicle tickets has empowered us to be adaptable in our planning of carrying out the occasional organization drive to control our marine vehicle framework." Increasing reception of innovation, to manage traffic will reinforce the development of the market during the gauge time frame.
Among the regions, the Intelligent Transportation System Market in Asia-Pacific is expected to remain at the forefront during the forecast period. This is attributable to factors such as increasing need for efficient management of the growing traffic in the region.
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Companies operating in the Market are striving hard to gain maximum intelligent transportation system market revenue. They are achieving this by deploying strategies such as product innovation and launch, mergers and acquisitions, and others.
The Report Lists the Key Companies in the Global Market
- Advantech Co., Ltd.
- Bestmile SA
- Clever Devices Ltd.
- Denso Corporation
- EFKON AG
- ETA Transit Systems
- GMV Group
- Hitachi Ltd.
- Kapsch Trafficcom
- Lanner Electronics
- Moxa Inc.
- Nuance Communications
- PTV Group
- Q-Free ASA
- Rhythm Engineering
- Telegroup
- Thales Group
- TomTom N.V.
- Transmax Pty. Ltd.
- Trapeze Group
- WS Atkins PLC
- Xerox Corporation
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Global Intelligent Transportation System Market Segmentation:
By Type:
- Advanced Traffic Management System
- Advanced Traveler Information System
- Advanced Public Transportation System
- Advanced Transportation Pricing System
- Others
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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