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Intelligent Transportation System Market Global Sales are Expected to Reach US$ 41 billion by 2030
TheIntelligent Transportation SystemMarket – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The Global Intelligent Transportation System Market was valued at US$ 25.3 billion in 2019, the expected CAGR for the duration 2020 to 2030 is 4.5%. With expanded interest being developed of productive vehicle systems and development in discretionary cashflow, the quantity of vehicles on street has expanded altogether during the past decade. The declining costs of traveler vehicles has brought about expanded gridlock across the significant nations globally. This has prompted development of intelligent transportation systems and has sped up the development of market across the globe. An intelligent transportation system attempts information collection, information transmission, and information examination of the side of the road and transport system information to illuminate the travelers with respect to constant traffic conditions. It deals with every one of the parts of public vehicle systems and advises the travelers about planning, seat accessibility, momentum location, next location and assessed time to appearance, in this manner improving the consumer experience. Expanded accentuation by government specialists to empower public vehicle systems is expected to drive the development of the global intelligent transportation system market during the gauge time frame.
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Improved accuracy in monitoring and managing roadside conditions to drive the growth of advanced traffic management system
The global intelligent transportation system market is segmented based on component, type, applications, and geography. Based on type, the global intelligent transportation system market is segmented into cutting edge traffic in the board system, progressed voyager information system, empowered transportation estimating system, progressed public transportation system, business vehicle operation, and others. The high level of traffic in the board system contributed a ruling share to the global intelligent transportation system market in 2019 and is relied upon to observe unmistakable development in coming years. The high level traffic the board systems are utilized along with existing traffic signal systems and help in proficiently monitoring and dealing with the street space by distinguishing mishaps, side of the road risks, and terrible climate conditions. The high level public transportation system is expected to be the quickest developing segment during the conjecture time frame inferable from expanding adoption of overseeing public vehicle systems like trains and transports.
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The traffic management applications to drive the growth of intelligent transportation system market
Based on applications, the global intelligent transportation system market is segmented into traffic management, road safety and security, freight management, public transport, environment protection, automotive telematics, parking management, road tolling systems, and others. The traffic management segment held the largest share of the global intelligent transportation system market in 2019 and is expected to be a dominating application throughout the forecast period. The intelligent transportation system enhances the efficiency of existing traffic management systems by optimizing metering, vehicle detection and traffic monitoring, and thus are extensively used for traffic management. The automotive telematics segment is anticipated to be the fastest growing segment during the forecast period owing to increased investment in enhancing on-road safety and vehicle to vehicle communication.
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Based on geography, the global intelligent transportation system market is segmented into North America, Europe, Asia Pacific, Center East and Africa, and South America. North America dominated the global intelligent transportation system market in 2019 and is required to be a ruling region all through the conjecture period. Expanded adoption of cutting edge communication innovation and rising organization of intelligent transportation system by the US Branch of Transportation (Spot) are the significant powers driving the North America intelligent transportation system market. Rising interest being developed of a high level transportation organization to upgrade the side of the road wellbeing is required to drive the development of the North America intelligent transportation system market in coming years. Asia Pacific is relied upon to offer worthwhile freedoms during the gauge time frame attributable to growing transportation foundation and rising adoption of intelligent transportation system across the arising economic nations.
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Major players active in the global intelligent transportation system market include ADDCO, Agero, Inc., DENSO CORPORATION, EFKON GmbH, Garmin International, Inc., Hitachi, Ltd., Iteris, Inc., Kapsch TrafficCom, Lanner, Nuance Commination, Inc., Q-Free ASA, Ricardo, Sensys Networks, Inc., Siemens AG, Telenav, Inc., Thales Group, TomTom International, TransCore, and Xerox Corporation.
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