Global Intelligent Transport System Market Status, Trends and COVID-19 Impact Report 2021, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Intelligent Transport System market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Digital Evidence Management market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region.
The intelligent transport system (ITS) market is anticipated to reach USD 73.9 billion by 2027. Owing to the growing concerns regarding the inclusion of safety measures and reducing the street mishaps, the intelligent transport system market is projected to gain traction over the forecast period.
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The implementation of intelligent transport systems to reduce the road accidents and street mishaps is one of the major driver for this market. The adoption for vehicle to vehicle and vehicle to infrastructure communication for helping in improvement of street security is presumed to gain pace throughout the forecast years. One of the restrictions to the market are the interoperability issues between the vehicle and the control units, however successful communication can be accomplished just by developing an up embedded technology that gives real time notifications.
The ITS frameworks also help to reduce carbon dioxide density in the air and greenhouse fumes in densely populated territories through traffic administration and therefore helps in lowering exhaust gases. Continuous fuel utilization is reduced by means of ITS as it helps in avoiding traffic blockage due to the real-time updates the driver receives.
COVID-19 Impact
The COVID-19 pandemic in 2019 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 Intelligent Transport System Market also experienced a slowdown. Statista estimates that the Intelligent Transport System Market total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the Intelligent Transport System Market generated revenues of US$ 5.4 trillion at a record high.
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The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the Intelligent Transport System Market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.
The consistent development and improvement in the transportation system have turned into an essential need for advancement of street networking in the transportation frameworks. Advancements in vehicle transport technology, for example, blind spot location and electronic toll gathering has kept up the advancements of present and future prospects of practical traffic and transport administration.
Key Findings from the study suggest the market for ITS in North America is expected to be the highest during the forecast period. ITS is also anticipated to be implemented in many developing countries of Asia Pacific which is helping the market to grow in this region. Asia Pacific is presumed to be the fastest developing region, growing at the highest CAGR during the forecast period.
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The application for ITS in Traffic management segment is projected to have a highest market share owing to the demand for limiting the traffic congestion and reducing the pollution levels. The growing incorporation of the ITS frameworks has reduced transport-related issues in emerging economies such as India and China. The Advanced Traffic Management System (ATMS) segment is estimated to remain the biggest segment attributable to the rising need to get to real time data caught by cameras and sensors. This framework permits transport organizations to empower safety by recognizing and reacting quickly to the crises in real-time. Growing government concentration on passenger wellbeing and adoption by traffic administration for tasks and activities are driving the interest for intelligent transportation system.
What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
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