“According to the research report published by Polaris Market Research, the Global Intelligent Transport System (Its) Market Is Anticipated To Reach USD 73.9 Billion By 2026, at a CAGR of 12.2% during the forecast period.”
Market Outlook:
The global Intelligent Transport Systems Market showed modest growth in 2015-2020. Intelligent Transport System (ITS) refers to a system that uses visual, analytical, control and communication technologies to effectively manage different modes of road transport. It is not only built into the car’s interior, but also into the infrastructure equipment in order to increase traffic safety and achieve traffic efficiency by reducing traffic problems. It uses various devices such as a ramp meter, electronic toll collector, traffic light camera, traffic signal coordinator, transit signaling system and passenger information system.
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Top Global Market Players:
- Nuance Communications Inc.
- Sensys Networks Inc.
- Garmin International Inc
- EFKON AG
- Agero Inc.
- WS Atkins PLC
COVID-19 Impact:
The COVID-19 pandemic in 2020 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Aquaponics Market also experienced a slowdown.
Report Analysis:
Based on the applications, the intelligent transport system can classify environmental protection, traffic management, public transport, freight management, car mathematics, traffic safety and security, parking management and user billing. Traffic management is expected to be the largest application segment on the market. Environmental protection is expected to witness significant market growth over the forecast period as a result of increased environmental awareness, along with various government initiatives to reduce car pollution emissions.
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Industry Dynamics
The report encloses the drivers, challenges, and restraints affecting the Intelligent Transport Systems Market. Various growth opportunities are also identified. Such a credible market report also measures the existing development trends, demand and supply, sales, export, import, or revenue. Further, the report provides a thorough analysis of some of the significant factors, which include cost, capacity, capacity utilization rate, production, production rate, consumption, gross, share, CAGR, and gross margin.
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FAQs About Intelligent Transport Systems:
- Which is the leading segment in the global intelligent transportation system market?
- What are the three main areas of intelligent transportation systems?
- What are the recent challenges in the intelligent transport system?
- What is the impact of COVID-19 on the global ITS market?
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