Pune, India, Feb. 23, 2021 (GLOBE NEWSWIRE) — According to the report, Intelligent Transportation Systems market size is projected to reach USD 8474.2 million by 2027. Intelligent Transportation Systems Market was worth USD 1643.8 million in 2018 and will exhibit a CAGR of 22.3% during the forecast period.
The origin of intelligent transportation system dates back to the 1960s, when the U.S. developed its Electronic Road Guidance System, to regulate the flow of the traffic. In 1994, the World Congress, Paris sped up the development and application of the intelligent transportation system to expedite the use of traffic control systems around the world. ITS is a useful tool to control the traffic by efficiently communicating, sensing, controlling, and analyzing the vehicles to enhance mobility and safety. With increasing sales of vehicles globally, congestion on the roads is often a regular sight. Various governments are taking initiatives to reduce the congestion and regulate traffic. This is expected to drive the growth of the market in the forthcoming years.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/intelligent-transportation-system-market-102065
Technological Advancement to Boost Growth Prospects
In March 2020, Roads and Transport Authority (RTA) of Dubai announced its completion of a project that predicts seasonal traffic of its transportation services in marine using big data. The projects involve every information for the maritime transportation services such as total number of passengers, total revenue and occupancy rates reached, which is anticipated to help studies on development scope for services and in addition to this improving network efficiency.
According to the Director Mohamed Abu Bakr Al Hashemi, Maritime Transport Department, “Using big data to automate the maritime transport tickets has enabled us to be flexible in our preparation of implementing the seasonal network initiative to regulate our marine transport system.” Increasing adoption of technology, to regulate traffic will strengthen the growth of the market during the forecast period.
On the contrary, high cost of the deployment of services may hinder the growth of the market to some extent during the projected horizon.
Click here to get the short-term and long-term impacts of COVID-19 on this Market.
Please visit: https://www.fortunebusinessinsights.com/intelligent-transportation-system-market-102065
Increasing Need for Traffic Management Will Favor Growth in Asia-Pacific
Among the regions, the 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. On the other hand, Europe will witness substantial growth and is expected to be the second-most leading region in the forthcoming years. Increasing demand for efficient emergency services will bode well for the growth of the market between 2019 and 2026.
Modernization of Transport Services by Mauritius to Surge Demand
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. For instance, in March 2020, the government of Mauritius announced its launch of new Passenger Information Service (PIS).
Quick Buy – Intelligent Transportation Systems Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/102065
This is a part of its initiative under National Land Transport Authority (NLTA), which is poised to modernize the transportation services across the nation. The service will offer efficient integration of passenger information and transit management, to enable the passenger to have access to information about their travel journey, when and where the transport will arrive, and further it provides quick link to public transport transfers.
- 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
- Thales Group
- TomTom N.V.
- Transmax Pty. Ltd.
- Trapeze Group
- WS Atkins PLC
- Xerox Corporation
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/intelligent-transportation-system-market-102065
Global Intelligent Transportation Systems Market Segmentation:
- Advanced Traffic Management System
- Advanced Traveler Information System
- Advanced Public Transportation System
- Advanced Transportation Pricing System
- 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)
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/intelligent-transportation-system-market-102065
Have a Look at Related Reports:
Automotive Camera Market Size , Share & COVID-19 Impact Analysis, By Application Type (Park Assist System, Lane Departure Warning System, Lane Keep Assist, Adaptive Cruise Control, Road Sign Assistance, Blind Spot Detection, Intelligent Headlight Control and Others), By Technology Type (Stereo and Monocular), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecasts, 2020-2027
Automotive Radar Market Size , Share & COVID-19 Impact Analysis, By Range (Short-Range, Medium-Range, Long-Range), By Application (Adaptive Cruise Control, Autonomous Emergency Braking, Forward Collision Warning System, Blind Spot Detection, Intelligent Parking Assistance), and Regional Forecast, 2020-2027
Vehicle Telematics Market Size , Share & COVID-19 Impact Analysis, By Technology Type (Embedded, Tethered, and Integrated), By Sales Type (OEM and Aftermarket), By Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Forecasts, 2020-2027
Drive by Wire Market Size , Share & COVID-19 Impact Analysis, By Application Type (Throttle by Wire, Steer by Wire, Shift by Wire, Brake by Wire and Park by Wire), By Component Type (Electronic Control Unit, Actuator, Electronic Throttle Control Module, Electronic Transmission Control Unit), By Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Forecasts, 2020-2027
Electric Vehicle (EV) Charging Cables Market Size , Share & COVID-19 Impact Analysis, By Application (Public Charging, Private Charging), By Length (Below 5 meters, 6 meters to 10 meters and Above 10 meters), By Charging Level (Level 1, Level 2 and Level 3), By Power Supply (Alternative Charging (AC) and Direct Charging (DC)), By Shape (Straight Cable and Coiled Cable) and Regional Forecasts, 2020-2027
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.