The global Intelligent Transportation System Market size is expected to reach USD 42,936.1 million by 2028, registering a CAGR of 7.0% from 2021 to 2028, according to a new study by Grand View Research, Inc. Continued advances in the development of transportation networks have triggered the need for an efficient transportation system. At the same time, advances in the latest technologies, such as blind-spot detection and electronic toll collection, are continuously redefining the expectations and prospects for sustainable management of transportation networks and traffic. At this juncture, the growing need to present real-time traffic information to drivers and passengers is emerging as one of the key factors driving the demand for intelligent transportation system (ITS).
Advances in telecommunications technologies and the
evolution of IT systems are expected to help in reducing traffic congestions.
Given that modern traffic control strategies focus more on utilizing real-time
data while simultaneously addressing impact criteria, such as emission control;
the integration of ITS with smart grid and other energy distribution and
charging systems can potentially help distribution agencies in utilizing the
real-time data to draft capacity expansion strategies for the future. According
to the ITS Development Strategy drafted by the Department of Transport of the
Republic of Korea, intelligent transportation systems can help significantly in
reducing traffic congestion, preventing automobile idling, and subsequently in
reducing fuel consumption and hence greenhouse gas emissions.
The growing volumes of data involved in transportation
management are driving the need for more sophisticated data processing
solutions. As such, intelligent transportation systems are leveraging AI to
track data in real-time and optimize efficiency. International Business
Machine’s Watson is an example of the implementation of artificial
intelligence (AI) in transportation management to identify damages to
logistics assets leveraging cognitive visual recognition capabilities and to
manage the network and optimize routes leveraging predictive analysis.
Related Press
Release@ Intelligent
Transportation System Market Report
Intelligent Transportation System Market Report Highlights
- The
Advanced Traveler Information System (ATMS) segment is anticipated to
register considerable growth over the forecast period. ATMS provides
traffic management solutions that can potentially improve road safety
while enhancing traffic flows and mobility. Traffic management solutions
offer real-time data that can help in analyzing and responding to
emergencies immediately
- The
traffic management segment accounted for the largest market share of over
30% in 2020 and is expected to continue dominating the market over the
forecast period. The increase in travel time and hence the fuel
consumption and the subsequent monetary losses stemming from traffic
congestions are driving the necessity for implementing efficient traffic
management systems. Traffic management systems also help in enhancing the
operational performance and reliability of road networks
- The
North America regional market is anticipated to reach USD 16.13 billion by
2028. The regional market is expected to continue dominating the global market
over the forecast period leveraging the advances in telecommunications
technology and the aggressive investments in research and development,
deployment, and adoption of intelligent transportation systems across the
U.S.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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