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Global Intelligent Transport System Market Is Growing At A CAGR Of 7.2% From 2022 To 2032: Fact.MR
Global Intelligent Transport System Market OutlookThe global intelligent transport system market is estimated at USD 26.4 Billion in 2022 and is forecast to surpass USD 53.2 Billion by 2032, growing at a CAGR of 7.2% from 2022 to 2032.
Key Companies Profiled
Lanner Electronics Inc.
Thales Group
Transcore
Siemens AG
Savari Inc.
Garmin Ltd.
Efkon AG
Kapsch Trafficcom
Ricardo Plc
Tomtom International BV
Iteris Inc.
Q-Free ASA
Atkins Group
Denso Corporation
Other Market Players
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Market Snapshot: Intelligent Transport System Market
The global intelligent transport system market is envisaged to see its expansion rising on the back of the need to reduce road fatalities. Sophisticated security and safety solutions offered through intelligent transport system could prove to be extremely critical for the adoption rate in emerging as well as developed economies.
Such solutions are used to improve road infrastructure and network. Intelligent transport system helps to improve the competence of the overall transport process and also passenger safety as it combines communication and IT with transportation infrastructure. Availability of competent transportation system helps to reduce travel time beside road accidents.
Factors Restraining Market Growth
There are various other systems developed for managing the traffic congestions and giving the alternate routes and other such systems. These other systems cut down the market for the intelligent transport systems and hence acts as a restraint for the market. These substitutes are being used on a significant sale. Moreover, changing existing systems and setting up of new one would incur more charges.
Lack of standardization can affect the growth of the intelligent transport systems in the region. Proper standard would escalate the growth path for the market as it would restrict the unorganized propagation of other systems in the market.
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Global Intelligent Transport System Market by Category
By Product Offering, Global Intelligent Transport System Market is segmented as:
Hardware
Software
Services
By System, Global Intelligent Transport System Market is segmented as:
Advanced Traffic Management System (ATMS)
Advanced Traveler Information System (ATIS)
Advanced Transportation Pricing System (ATPS)
Advanced Public Transportation System (APTS)
Emergency Medical System (EMS)
By Application, Global Intelligent Transport System Market is segmented as:
Intelligent Traffic Control
Collision Avoidance
Parking Management
Ticketing Management
Automotive Telematics
Fleet Management and Asset Monitoring
Others
By Region, Global Intelligent Transport System Market is segmented as:
North America
Latin America
Europe
East Asia
South Asia & Oceania
MEA
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