Intelligent Transportation System Market Worth $52.24 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Jan. 30, 2023 /PRNewswire/ -- The global intelligent transportation system market size is expected to reach USD 52.24 billion by 2030 and is expected to expand at a CAGR of 8.3% from 2023 to 2030, according to a new Grand View Research, Inc. The continuous advancements in technologies of transportation networks have accelerated the demand for highly efficient transportation systems.
Key Industry Insights & Findings from the report:
Read 160-page market research report, "Intelligent Transportation System Market Size, Share & Trends Analysis Report By Type, By Application (Traffic Management, Road Safety & Security), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Intelligent Transportation System Market Growth & Trends
The latest technologies, such as electronic toll collection and blind-spot detection have led to continuously redefining the prospects and expectations for sustainable management of traffic and transportation networks. The growing need to present real-time traffic information, equipped with artificial intelligence and virtual reality, to enhance the safety of drivers and passengers is boosting the growth of the intelligent transportation system (ITS) industry.
The evolution of IT systems and growing telecommunications technologies adoption is anticipated to assist in reducing air pollution, traffic congestion, and delays. Furthermore, the implementation of modern traffic management systems that focus on utilizing real-time data and simultaneously address the impact criteria is creating a positive market outlook.
The integration of energy distribution & charging systems such as smart grids in ITS helps distribution agencies in real-time data utilizations to plan and implement capacity expansion strategies for the future. This is expected to support the market growth during the forecast period. According to the reports drafted by the Department of Transport of the Republic of Korea on the ITS evelopment strategy, ITS can help in reducing traffic congestion, fuel consumption, greenhouse emissions, and prevent automobile idling.
The growing data volumes involved in ITS are creating the need for driving demand for advanced data processing solutions across the globe. The market players are developing their ITS solutions integrated with Artificial Intelligence (AI) and its applications to attract potential business clients. For instance, in December 2020, Lanner unveiled its Edge AI computing and connectivity services for multiple mobile applications.
The deployment of the Edge AI computing and connectivity services on ferries, fleets, subways, and trucks enabled fleet managers to digitalize their tasks and monitor distributed vehicles remotely with a consolidated management solution has accelerated the ITS industry growth.
Intelligent Transportation System Market Segmentation
Grand View Research has segmented the global intelligent transportation system market based on type, application, and region
Intelligent Transportation System (ITS) Market - Type Outlook (Revenue, USD Million, 2018 - 2030)
Intelligent Transportation System (ITS) Market - Application Outlook (Revenue, USD Million, 2018 - 2030)
Intelligent Transportation System (ITS) Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
List of Key Players in the Intelligent Transportation System Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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