As per the recent report by MarkNtel Advisors, The Global Intelligent Transportation System Market is anticipated to expand at a CAGR of around 8.5% during the forecast period, i.e., 2023-28. The analysis has credited this anticipated boost to numerous factors, such as the increasing traffic congestion that has presented the need for advanced Transportation System solutions. The concept of an Intelligent Transportation System emerged after significant concern arose from the inability of old infrastructure and systems to regulate ever-growing traffic congestion.
Through extensive research and data analysis, we assist clients in making predictions that facilitate strategic decisions regarding asset acquisition or disposition. This predictive information is critical for adapting to market fluctuations and ensuring sustainable growth within the Intelligent Transportation System industry.
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Reliable Investment Hubs in the Intelligent Transportation System Market
The Intelligent Transportation System market analysis is segmented into various branches and further sub-segments for a comprehensive analysis, ultimately aiming to provide stakeholders with highly valuable insights. The market is segmented as follows:
· By Component (Hardware, Software, Services)
· By Type (Advanced Public Transportation System [APTS], Advanced Traffic Management System [ATMS], Advanced Traveler Information System [ATIS], Advanced Transport Pricing System [ATPS], Its-Enabled Transportation Pricing System [ITPS}, Others)
· By End User (Traffic Management, Freight Management, Road Tolling System, Road Safety and Security, Public Transport, Environment Protection, Parking Management, Others)
· By Mode of Transport (Roadways, Airways, Railways, Maritime)
· By Deployment (Cloud, On-Premise)
· By Region (North America, South America, Europe, Middle East & Africa, Asia-Pacific)
· By Company (Denso Corporation, Iteris, Lanner Electronics, Agero, EFKON, Cisco, Flir System, Siemens, TransCore, Citilog)
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North America is anticipated to witness the fastest growth in the forecast years, maintaining the historical trend. The rapid adoption of innovative changes and collaborations between public and private sectors in cities like Los Angeles, New York, and Chicago to implement intelligent transportation systems contribute to market growth. The region is a technological hub, utilizing advanced technologies like machine learning and cloud computing, fostering industrial expansion. The proactive approach in deploying short-range communication devices to curb traffic congestion enhances North America’s market value, solidifying its intelligent transportation systems market leadership.
The Traffic Management segment secured a major market share in the forecast period. The success of the segment is attributed to the numerous benefits an intelligent transportation system offers to traffic management, including improved road networks, strengthened reliability, and operational efficiency. Advanced technologies like vehicle detection, bridge traffic management, and ramp metering systems contribute to this maturation. The rising issues of traffic congestion, increased travel time, and a focus on reducing traffic accidents fuel market demand. Moreover, government collaborations with key market players and investments in enhancing national traffic management further propel the industry’s advancement.
Identifying and Evaluating Business Partners in The Intelligent Transportation System Industry
The prominent players profiled in the Global Intelligent Transportation System Market research report are Denso Corporation, Iteris, Lanner Electronics, Agero, EFKON, Cisco, Flir System, Siemens, TransCore, Citilog. Collaboration and partnerships play a significant role in the success of businesses in the Intelligent Transportation System market.
In April 2023, Siemens introduced an advanced digital representation of upcoming FREYR Battery factories, utilizing NVIDIA technology, during the Hannover Messe 2023 trade show. During March 2023, Denso Corporation and Toyota Motor Corporation entered into a partnership with Electron, a wireless charging development company based in Israel. Their collaborative efforts aim to advance the development of a cutting-edge wireless vehicle kit (vehicle receiver) and promote wireless technology.
Clients can make informed decisions regarding partnerships, ensuring they align with entities that share their vision and contribute positively to their business objectives within the Global Intelligent Transportation System market.
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