Intelligent Transportation System Market to Witness Impressive Growth During 2022-2028

Stratview Research delivers key insights on the Intelligent Transportation System Market. According to Stratview Research, the market is segmented by Mode of Transport (Roadways, Railways, Airways), Application (Traffic Management, Road Safety, and Security, Freight Management, Public Transport, Environment Protection, Automotive Telematics, Parking Management, Road Tolling Systems) and Region (North America, Asia Pacific, Europe & Rest of the World).
Market Insights
The report suggests that the overall Intelligent Transportation System Market was valued to grow from USD 42.4 billion in 2021 to USD 77.74 billion by 2028 at a CAGR of 8.72% during the forecast period.
Market Segments' Analysis
Application Trends
The market has been classified into traffic management, road safety and security, freight management, public transport, environment protection, automotive telematics, parking management, and road tolling systems. Under these, traffic management accounted for a market share of more than 30% in 2021.
Regional Trends
North America held the highest market share of more than 35% in 2021 and is projected to grow at a healthy CAGR in the coming years. North America is a technology hub for the development & implementation of new and advanced technologies, including machine learning, cloud computing, big data, and IoT.
Key Players
The following are some of the key players in the intelligent transportation system market:
• IBM Corporation (US)
• Garmin International Inc. (US)
• Addco LLC (US)
• TomTom NV (Netherlands)
• Cubic Corporation (US)
• FLIR Systems (US)
• Lanner Electronics Inc. (Taiwan)
FREQUENTLY ASKED QUESTIONS
The report answers several questions related to the market. The user can get to know the answers to the following questions…
- What is the global demand for intelligent transportation system market in terms of revenue?
- Which are the prominent players in the market?
- At what CAGR is the market projected to grow within the forecast period?
- What are the driving factors fuelling the growth of the market?
- Which region accounted for the largest share in the market?
- How did the Covid19 impacted the market?
- How long will it take to recover from the Covid impact?
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