PUBLISHER: Allied Market Research | PRODUCT CODE: 1414698
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414698
According to a new report published by Allied Market Research, titled, "Intelligent Transportation System (ITS) Market," The intelligent transportation system (ITS) market was valued at $48.4 billion in 2022, and is estimated to reach $98 billion by 2032, growing at a CAGR of 7.5% from 2023 to 2032.
As economies expand and urbanization continues, there is a greater need for the efficient movement of people and goods. For instance, on August 2023 NEC Corporation received a contract from India's Uttar Pradesh State Road Transport Corporation (UPSRTC) for the Vehicle Location Tracking-Passenger Information System (VLT-PSIS) project under the Nirbhaya fund of the Government of India. By implementing state-of-the-art technologies and providing live bus tracking via an Integrated Command Control Centre, this project seeks to address critical safety concerns in buses while improving passengers' overall travel experiences.
Similarly, on November 2023, Alstom SA won a 300 million contract from France, the contract is for 2 RER lines in the Ile-de-France region with the latest NExTEO signaling technology, This contract will be applicable for new train automation, control and supervision system. The NExTEO signaling technology will help to ensure a high level of performance in the densely populated central Paris area, while also making it possible to adapt to and manage the less densely populated areas on the suburban branches of the RER B and RER D lines, in the Ile-de-France region.
The intelligent transportation systems (ITS) market is driven by rise in traffic jams globally, increased investment in railways and increased inclination of governments towards CO2 emission reduction from the transportation industry. However, factors such as
1) high cost of technology restrain the market growth. On the contrary, growth of connected and autonomous driving car and the improvement of high-speed internet and communications technologies are expected to provide lucrative growth opportunities for the market growth.
The global intelligent transportation system (ITS) market is segmented on the basis of component, application, and end-use. Based on components, the market is bifurcated into hardware, software, and services. Depending on applications, the market has been segregated into traffic management, freight management, advanced traveler information systems, advanced public transportation systems, security and surveillance, ticketing and tolling systems, and others. Based on end use it is fragmented into roadways, railways, waterways and airways. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players covered in the report include Siemens AG, Garmin Ltd, Denso Corporation, Thales Group, Cubic Transportation Systems, Inc., Kapsch TrafficCom AG, Teledyne FLIR LLC, NEC Corporation, Navico Group and Alstom SA
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