The report “Intelligent Transportation System Market with COVID-19 Impact Analysis, by Offering, System (Advanced Traffic Management Systems, ITS-enabled Transportation Pricing Systems, and Others), Application, and Geography – Global Forecast to 2026″, is expected to grow from USD 42.2 billion in 2021 to USD 68.0 billion by 2026, at a CAGR of 10.0% from 2021 to 2026. The key factors driving the growth of the ITS market include government efforts to ensure road and public safety, increased need to reduce traffic congestion, favorable government initiatives for effective traffic management, high adoption of ecofriendly automobile technology, and rapid development of smart cities globally, and others.
• Informational PDF Brochure :-https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=764
Browse 239 market data Tables and 75 Figures spread through 295 Pages and in-depth TOC on “Intelligent Transportation System Market with COVID-19 Impact Analysis and Geography – Global Forecast to 2026″View detailed Table of Content here – https://www.marketsandmarkets.com/Market-Reports/intelligent-t ransport-systems-its-market-764.html
Hardware segment to account for the largest size of ITS market during the forecast period
On the basis of offering, the ITS market has been segmented into hardware, software, and services. The hardware segment of the ITS market is projected to account for the largest size owing to the implementation of numerous heterogeneous devices, including cameras, sensors, intelligent traffic management systems, and advanced traveler information systems, across the global ITS infrastructure.
Advanced traffic management systems application to account for the largest size of ITS market during the forecast period
On the basis of system, the ITS market is categorized into five different systems—Advanced Traffic Management Systems (ATMS), Advanced Traveler Information Systems (ATIS), ITS-enabled Transportation Pricing Systems, Advanced Public Transportation Systems (APTS), and Commercial Vehicle Operations (CVO) Systems. The advanced traffic management systems segment is projected to account for the largest size of the ITS market from 2021 to 2026. The largest market size of advanced traffic management systems is attributed to the increasing traffic congestion on roads across the world. In addition, the easy affordability of vehicles, due to favorable schemes and discounts offered by automobile manufacturers, is also resulting in traffic congestion. To address this concern, advanced traffic management systems will be adopted at a higher rate across the world.
APAC to account for the highest growth of ITS market during the forecast period
Among all regions, APAC is expected to register the highest growth in the ITS market during the forecast period. The increasing number of megacities and growing population in developing countries have increased the deployment of ITS in countries such as China, Japan, Australia, and Rest of APAC. These countries are considering ITS as an ideal solution to tackle issues such as traffic congestion, air pollution, and greenhouse gas emissions. The region is expected to exhibit high growth potential for the ITS market during the forecast period attributed to strong economic growth, rise in population, and rapid urbanization.
Major players operating in the ITS market are Thales Group, Siemens, Kapsch TrafficCom, Conduent, Inc., Cubic Corporation, Garmin Ltd., TomTom International BV, Teledyne Flir Llc, Indra Sistemas, S.A., Denso Corporation, Q-Free ASA, Iteris, Inc., Daktronics, Sensys Gatso Group AB, Ricardo, Redflex Holdings, and so on.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: Marketsandmarkets pvt ltd
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/aircraft-propeller-system-market-242092633.html