The Global Intelligent Transportation System (ITS) Market was worth US$ 45.75 billion in 2022 and is anticipated to reach a valuation of US$ 64.47 billion by 2028 and is predicted to register a CAGR of 7.10% during 2023-2028.

Dedicated Short Range Communication (DSRC), Carrier Access for Land Mobiles (CALM), GPS, and other generally speaking novel technologies are all included in the Intelligent Transportation System (ITS). Street transportation and a functional metro/underground rail infrastructure are also included in the ITS framework. All involved government agencies recognize how important it is to implement an effective ITS framework because it is a key factor in market growth. These departments are establishing specific initiatives and undertaking actions to put the framework into practice in this way.

Due to an increase in the choice of smart transportation frameworks to reduce traffic blockage issues and positive government initiatives that will encourage the improvement of smart transport foundations, the market for intelligent transportation frameworks is predicted to grow more quickly than anticipated. ITS combines many cutting-edge communications and data breakthroughs to create a framework system that aids in traffic management and transforms how individuals, businesses, and governments handle transportation. It is intended to provide advanced forms of support for various modes of transportation and traffic management arrangements, such as smart ticketing arrangements, fleet management, intelligent traffic management, traveler data arrangement, security and surveillance, and mobility services.

Market Drivers and Restraints:

The transformation of conventional urban regions into intelligent urban communities by implementing cutting-edge technology in all relevant prospective sectors, such as industrial, transportation, and healthcare services, is having a significant impact on the worldwide ITS market. Giving powerful, low-effort, and energy-efficient transportation services is a key element that will likely characterize the feasibility of smart urban communities. Hence, the concept of ITSs has been put up and lauded as a novel and promising remedy for the nascent age of transportation systems. Furthermore, because ITS is designed to manage the efficient movement of people, goods, and services throughout the city, its use over a smart city's vehicle foundation is expected to hasten the development and advancement of a location. Through the estimated time frame, ITS-related features such as public transportation management, accessibility of route data, security, and vehicle control, electronic timetable and electronic payment framework, and recognition of single toll card are likely to drive its development and accelerate its adoption.

In any case, the moderate infrastructure development, particularly in developing regions of the world due to the high establishment costs, is a substantial constraint on market expansion. The lack of regulations and minimal interoperability between the various modes of transportation and technological improvements is another significant barrier to the market's expansion.

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The report is segmented as follows:

The Intelligent Transportation System (ITS) Market is segmented by Offering; the Market is segmented by System; the Market is segmented by Application:

By Offering (Hardware, Software, Services)

By System (Advanced Traffic Management System, Advanced Traveller Information System, ITS-Enabled Transportation Pricing System, Advanced Public Transportation System, Commercial Vehicle Operation)

By Application (Fleet Management and Asset Monitoring, Intelligent Traffic Control, Collision Avoidance, Parking Management, Passenger Information Management, Ticketing Management, Emergency Vehicle Notification, Automotive Telematics)

Market Regional Segmentation:

The market for intelligent transportation frameworks is currently dominated by North America. The regional intelligent transportation system market is primarily driven by strong governmental backing, research initiatives, and public-private partnerships aimed at enhancing the transportation network.

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Impact of COVID-19 pandemic on the market:

The COVID-19 pandemic's economic crisis and lockdown have had a significant negative influence on the financial health of numerous transit authorities in 2020. The COVID-19 crisis is causing market uncertainty, supply chain interruption, company decline, and escalating panic across various client sectors.

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