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Intelligent Transportation System Market worth $67.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

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MarketsandMarkets

03 Feb, 2023, 14:00 GMT

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CHICAGO, Feb. 3, 2023 /PRNewswire/ -- The global intelligent transportation system (ITS) market is projected to reach USD 67.2 billion by 2028 from an estimated USD 47.8 billion in 2023, at a CAGR of 7.1% from 2023 to 2028 according to a new report by MarketsandMarkets™. Favorable government initiatives for effective traffic management and rapid development of smart cities globally are among the key factors driving the growth of the ITS market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=764

Browse in-depth TOC on "Intelligent Transportation System Market" 
249 – Tables
84 – Figures
321 – Pages

Rail-running operation & collision avoidance application held the largest size of the ITS market for railways in 2022

The rail-running operation & collision avoidance application held the largest size of the ITS market for railways in 2022. In this application, intelligent transportation systems are used to carry out various operations, such as train movement management, collision avoidance, maintenance work, and displaying real-time information; hence, this application accounts for a substantial market size at present, and a similar trend is likely to be observed in the coming years.

Smart ticketing segment of aviation application to register highest CAGR during the forecast period

Smart ticketing helps passengers to move smoothly and flawlessly. Also, they can travel through different modes with only a single card. It allows the passengers to load tickets or credit them before traveling to know the boarding times and reduce waiting time. Moreover, it offers greater convenience to transport operators as they can run their loyalty schemes and offer tickets to suit individual customers' needs, thereby attracting more customers. This help to increases the number of commuters across the world. Thus, the smart ticketing segment of aviation application to register highest CAGR during the forecast period.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=764

North America accounted the largest share of the ITS market in 2022

In 2022, North America held the major share of the ITS market for roadways. The growth can be attributed to the growing adoption of ITS to counter traffic congestion and increase safety on roads and government-led funding and support for the implementation of ITS in the region. In addition, the focus of governments in this region is shifting from infrastructure development to the best use of existing infrastructure, wherein ITS will play a vital role. Furthermore, the US Department of Transportation Research and Innovative Technology Administration (RITA) and ITS America are major organizations focusing on R&D related to ITS.

Siemens AG (Germany); Hitachi, Ltd. (Japan); Cubic Corporation (US); Conduent Incorporate (US); Kapsch TrafficCom AG (Austria); Teledyne Technologies Incorporated (US); Denso Corporation (Japan); Indra Sistemas, S.A. (Spain); Garmin Ltd. (US); and TomTom International BV (Netherlands); are some of the key players in the ITS market.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=764 

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

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About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra

MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/intelligent-transport-systems-its-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/intelligent-transport-systems-its.asp

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