Intelligent Transportation System Market Size, Share & COVID-19 Impact Analysis, By Component and Region Forecast, 2022-2028

Intelligent Transportation System Market Size, Share & COVID-19 Impact Analysis, By Component and Region Forecast, 2022-2028

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Intelligent Transportation Systems (ITS) Market was estimated at USD 26.1 billion in 2021, and is projected to reach USD 55.22 billion by 2028, growing at a CAGR of 11.3%.

The Intelligent Transportation System constitutes both, road transport and an efficient metro/underground rail system. ITS involves the revamp of overall technological aspects such as GPS, Carrier Access for Land Mobiles (CALM), Dedicated Short Range Communication (DSRC) etc. Globally, the concerned government departments understand the importance of implementing an efficient ITS system, which is an important driving factor for the market growth.

However, the major restraint for the market growth is the slow growth of infrastructure, especially in the developing regions of the world due to the high cost of installation. Another key restraint for the growth of the market is the lack of standards and negligible interoperability between the various modes of transport and technologies. To address these challenges, various government sectors and key players in the market are forming strategic private-public partnerships.

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Leading Key Players Covered in Intelligent Transportation System market:

·         Thales Group

·         Conduent Inc

·         Cubic Corporation

·         Addco

·         Agero Inc

·         Denso Corporation

·         EFKON GmbH

·         Hitachi Ltd

·         Garmin Ltd

·         Thales Group

·         Xerox Corporation

·         Recardo

·         Sensys Networks Inc

·         Telenav Inc

·         Iteris Inc

·         Kapsch TrafficCom

·         Lanner

·         Nuance Communications Inc

·         Q-Free ASA

 These companies are devising key strategies such as acquisitions, merges, collaborations, partnerships, new product launches, regional expansions, and targeting untapped markets to gain competitive advantage over other players working in the market.

Introspective Market Research offers a comprehensive overview of the market through the analysis of key parameters such as revenue, price, competition, and promotions, as well as the study, synthesis, and summarization of data from different sources. It analyzes the leading industry drivers and shows numerous market components. The information offered is thorough, dependable, and the result of a comprehensive primary and secondary study. Introspective Market Research reports offer a comprehensive global market as well as an in-depth strategic sourcing methodology and analysis based on qualitative and quantitative research to anticipate market growth.

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Segmentation of Intelligent Transportation System market:

By Type:

Software
Hardware
Services
 By Application:

·         Roadway

·         Railway

·         Aviation

·         Maritime

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Geographic Segment Covered in the Report

·         North America (U.S., Canada, Mexico)

·         Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)

·         Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)

·         Middle East & Africa (GCC Countries, South Africa, Rest of MEA)

·         South America (Brazil, Argentina, Rest of South America)

Key benefits of the report

This study presents the analytical depiction of the global Intelligent Transportation System industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Intelligent Transportation System market share.
The current market is quantitatively analyzed from 2022 to 2028 to highlight the Intelligent Transportation System market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
The report provides a detailed Intelligent Transportation System market analysis based on the present and future competitive intensity of the market.
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