WILMINGTON, NEW CASTLE, DE, UNITED STATES, September 25, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Intelligent Transportation System (ITS) Market," The intelligent transportation system industry size was valued at $48.36 billion in 2022, and is estimated to garner $98.02 billion by 2032, growing at a CAGR of 7.5% from 2023 to 2032.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/209

The intelligent transportation system market is estimated to continue to grow at a moderate growth rate due to the expansion of global trade, infrastructure projects, and the need for efficient transportation solutions. Advancements in technology, growth of connected and autonomous driving car, and improvement of high-speed internet and communications technologies offers significant opportunities. However, it also faces challenges, including regulatory compliance, safety concerns, and volatile raw material prices. The market's growth prospects are closely tied to industry-specific demands, economic stability, and technological advancements.

𝙇𝙚𝙖𝙙𝙞𝙣𝙜 𝙈𝙖𝙧𝙠𝙚𝙩 𝙋𝙡𝙖𝙮𝙚𝙧𝙨: -

Siemens AG
Garmin Ltd
Denso Corporation
Thales Group
Cubic Transportation Systems, Inc.
Kapsch TrafficCom AG
Teledyne FLIR LLC
NEC Corporation
Navico Group
Alstom SA
The report provides a detailed analysis of the key players in the global intelligent transportation system (ITS) market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

𝑻𝒉𝒆 𝒉𝒂𝒓𝒅𝒘𝒂𝒓𝒆 𝒔𝒆𝒈𝒎𝒆𝒏𝒕 𝒕𝒐 𝒎𝒂𝒊𝒏𝒕𝒂𝒊𝒏 𝒊𝒕𝒔 𝒍𝒆𝒂𝒅𝒆𝒓𝒔𝒉𝒊𝒑 𝒔𝒕𝒂𝒕𝒖𝒔 𝒕𝒉𝒓𝒐𝒖𝒈𝒉𝒐𝒖𝒕 𝒕𝒉𝒆 𝒇𝒐𝒓𝒆𝒄𝒂𝒔𝒕 𝒑𝒆𝒓𝒊𝒐𝒅

Based on component, the hardware segment held the highest market share in 2022, accounting for half of the global intelligent transportation system (ITS) market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 7.8% from 2023 to 2032, owing to growth in investment in CCTV and other communication equipment for security and surveillance around the globe.

𝑻𝒉𝒆 𝒐𝒕𝒉𝒆𝒓 𝒔𝒆𝒈𝒎𝒆𝒏𝒕 𝒊𝒔 𝒆𝒙𝒑𝒆𝒄𝒕𝒆𝒅 𝒕𝒐 𝒎𝒂𝒊𝒏𝒕𝒂𝒊𝒏 𝒊𝒕𝒔 𝒍𝒆𝒂𝒅𝒆𝒓𝒔𝒉𝒊𝒑 𝒕𝒉𝒓𝒐𝒖𝒈𝒉𝒐𝒖𝒕 𝒕𝒉𝒆 𝒇𝒐𝒓𝒆𝒄𝒂𝒔𝒕 𝒑𝒆𝒓𝒊𝒐𝒅.

Based on application, the other segment held the highest market share in 2022, accounting for one-fourth of the global intelligent transportation system (ITS) market and is projected to manifest the highest CAGR of 9.1% from 2023 to 2032 owing to the need for customized solutions for efficient, intelligent transportation systems.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/209

𝑻𝒉𝒆 𝒓𝒐𝒂𝒅𝒘𝒂𝒚𝒔 𝒔𝒆𝒈𝒎𝒆𝒏𝒕 𝒕𝒐 𝒎𝒂𝒊𝒏𝒕𝒂𝒊𝒏 𝒊𝒕𝒔 𝒍𝒆𝒂𝒅𝒆𝒓𝒔𝒉𝒊𝒑 𝒅𝒖𝒓𝒊𝒏𝒈 𝒕𝒉𝒆 𝒇𝒐𝒓𝒆𝒄𝒂𝒔𝒕 𝒑𝒆𝒓𝒊𝒐𝒅

Based on end-user, the roadways segment accounted for the largest share in 2022, contributing to nearly one-third of the global intelligent transportation system (ITS) market revenue and is projected to portray a CAGR of 8.3% from 2023 to 2032. The increase in government investment in the development of road networks across the globe is expected to foster market growth.

𝘼𝙨𝙞𝙖-𝙋𝙖𝙘𝙞𝙛𝙞𝙘 𝙩𝙤 𝙢𝙖𝙞𝙣𝙩𝙖𝙞𝙣 𝙞𝙩𝙨 𝙙𝙤𝙢𝙞𝙣𝙖𝙣𝙘𝙚 𝙗𝙮 2031

By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for one-third of the global intelligent transportation system (ITS) market revenue and is expected to witness the fastest CAGR of 8.5% from 2023 to 2032. The strong economic growth in the region resulted in increased demand for Intelligent Transportation Systems (ITS) to effectively manage the growing transportation sector.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

By component, the hardware segment is anticipated to exhibit significant growth in the intelligent transportation system market in the near future.
By application, the others segment is anticipated to exhibit significant growth in the market in the near future.
By end use, the roadway segment is anticipated to exhibit significant growth in the market in the near future.
By Region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/intelligent-transportation-system-market/purchase-options

𝙎𝙞𝙢𝙞𝙡𝙖𝙧 𝙍𝙚𝙥𝙤𝙧𝙩𝙨 𝙒𝙚 𝙃𝙖𝙫𝙚 𝙤𝙣 𝙏𝙧𝙖𝙣𝙨𝙥𝙤𝙧𝙩𝙖𝙩𝙞𝙤𝙣 𝙄𝙣𝙙𝙪𝙨𝙩𝙧𝙮:

https://www.alliedmarketresearch.com/smart-transportation-market - Global Opportunity Analysis and Industry Forecast, 2020-2030

https://www.alliedmarketresearch.com/artificial-intelligence-transportation-market-A11355 - Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/transportation-security-technology-market - Global Opportunity Analysis and Industry Forecast, 2023-2032

David Correa
Allied Market Research
+1 800-792-5285
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