Global Intelligent Transportation Systems (ITS) Market Report 2022-2026 - Developing Markets to Turbo Charge Future Growth in the ITS Market
DUBLIN, Aug. 23, 2022 /PRNewswire/ -- The "Intelligent Transportation Systems (ITS) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Intelligent Transportation Systems (ITS) Market to Reach $39.5 Billion by 2026
Global Intelligent Transportation Systems market is projected to register healthy growth over the near-to-long term. The market, estimated at US$27 Billion in 2022 is projected to reach US$49.5 Billion by 2026, registering a compounded annual growth rate (CAGR) of 8.8% over the analysis period.
With the help of advanced traffic monitoring systems, data is transmitted to the appropriate authorities for readying rescue teams on time and the motoring public to keep track of possible delays or dangers on the road via VMS (variable message signs), HAR (highway advisory radio) or broadcast radio traffic reports.
The technology comprises of traffic signal controls, electronic fare payment and constantly updated traveler data in conjunction with multimodal scheduling data. Superior navigation, communications, operations monitoring and data-collecting technologies are applied to improve the mobility, security and efficiency of transportation.
Traveler management systems help in easing congestion on roads and in significantly reducing the response times in case of emergencies. ITS for public transportation services aid in streamlining transit, enable transit firms in identifying the precise location of vehicles and ensuring safety of commuters.
The United States represents the largest regional market for Intelligent Transportation Systems, accounting for an estimated 39.1% share of the global total. The market, estimated at US$10.5 Billion in 2022 is projected to reach US$15.9 Billion by the close of the analysis period.
China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 14.2% over the analysis period. The market is expected to progress steadily to evolve as a major regional market for Intelligent Transportation Systems, supported by various factors conducive to healthy growth.
Key Topics Covered:
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/s2v9ig
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