Smart Cities Reap the Benefits of Intelligent Transportation Management System Market, says Market.us
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The ability of intelligent transportation system to increase mobility, decrease traffic congestion, and improve road safety is helping them gain traction in the transportation industry.
These systems use cutting-edge technologies, such as artificial intelligence and machine learning, to gather and analyze real-time data from numerous sources, like traffic sensors and GPS, and then present that data to drivers and transportation authorities as it happens.
According to a report by Market.us, “The market for intelligent transportation systems was valued at USD 27.95 billion in 2022, and from 2023 to 2032, it is anticipated to increase at a CAGR of 8.4%. It is expected to reach USD 62.6 billion in the forecast period.”
One of the main factors propelling the ITMS market is the rising need for smart transportation solutions.
Cities are under more pressure to ease traffic congestion and boost road safety as urbanization continues to advance.
In order to help drivers make educated decisions and lower the risk of traffic accidents, ITMS offers real-time traffic information, route counseling, and traffic forecast. As a result, it is an efficient solution to these problems.
The market for ITMS has been significantly impacted by the development of the Internet of Things (IoT) and connected automobiles.
An accurate and thorough picture of traffic conditions is provided by IoT-based ITMS, which enables real-time data gathering and analysis from a variety of sources, including traffic sensors, cameras, and GPS.
Anurag Sharma, a senior research analyst at Market.us, said, “The transportation sector is being completely transformed by the incorporation of cutting-edge technology like machine learning, artificial intelligence, and big data analytics. These cutting-edge technologies are being used by ITMS to give drivers and transportation authorities more precise and thorough traffic information.”
The intelligent transportation system market is expanding as a result of the incorporation of cutting-edge technologies like machine learning, artificial intelligence, and big data analytics. These technologies give transportation authorities access to more thorough, accurate, and actionable information about traffic conditions, allowing them to make wise decisions and take proactive actions to increase road safety and lessen traffic congestion.
With the use of these technologies, ITMS is able to offer more precise traffic predictions, route suggestions, and real-time traffic data, enhancing road safety and easing traffic congestion.
ITMS is becoming a key instrument for minimizing the environmental impact of transportation as interest in sustainable mobility grows.
By providing real-time traffic information and route direction, ITMS can help to cut fuel consumption and emissions by obviating the need for pointless stops and roundabouts.
The market is expanding as a result of the spread of ITMS in rural areas. ITMS use in rural areas is on the rise as a way to promote the growth of smart cities while also enhancing traffic flow and road safety.
The high cost of ITMS solutions is one of the main factors limiting the growth of the ITMS industry.
It is expensive to build and operate ITMS systems, especially in smaller cities and rural areas.
Component, application, and geographic regions can all be used to segment the ITMS market. The intelligent transportation system market can be divided into hardware, software, and services depending on the component. The market can be divided into road safety, traffic management, and mobility management based on application.
IBM Corporation, Siemens AG, Wartsila Corporation, Huawei Technologies Co., Ltd., and Kapsch TrafficCom AG are a few of the leading companies in the ITMS market.
- Siemens AG announced the release of its most recent ITMS solution in December 2022. This solution uses cutting-edge technologies like artificial intelligence and machine learning to offer real-time traffic information and route recommendations.
- In order to roll out its ITMS solution in numerous cities throughout the world, Huawei Technologies Co., Ltd. established a cooperation with a top transportation business in January 2023.
The Asia-Pacific region currently dominates the global market and is anticipated to have a large impact during the forecasting period.
Due to funds provided by the Chinese government to implement the ITS in the nation, China is currently the second-largest market in this region.
The dominant nation in this region with the most significant funding for ITS deployment is South Korea.
Over the course of the projection period, Europe is anticipated to experience significant market expansion. Due to a significant ITS deployment in the country for public transportation, the U.K. is regarded as a leader.
Additionally, other European nations also contribute to the growth of this market.
Since Canada is implementing ITS more slowly than other countries, North America is expected to experience consistent growth in this market throughout the course of the projection period.
Due to the FAST Act, increased usage of advanced technology and rising adoption rates, and overall government commitment to the smart cities project, the U.S. is leading the region in terms of its contribution to regional growth.
Due to Brazil and Mexico’s support for ITS planning and implementation in the region’s nations, Latin America is likewise anticipated to have strong market growth.
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