Intelligent transportation system market is likely to exceed $70 billion by 2027

Intelligent transportation system market is slated to surpass an overall valuation of $70 billion by 2027. Rapidly growing urbanization and a significant rise in the number of road accidents globally, has produced a pivotal demand for an intelligent transportation system which aligns with the cutting-edge technology and caters to the current era of digitization.

Essentially, the stringent support of government organizations for the development of new transportation infrastructures would also propel the demand for intelligent transportation systems over the foreseeable time frame.

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Having said that, below described are some of the crucial trends that are estimated to re-shape the outlook of intelligent transportation system market through 2027:

Government initiatives to refurbish and renovate airway infrastructure

Considering the fact that the travel and tourism sector, worldwide, contributed nearly 10.4% to the global GDP as of 2019, it is essential to know that the ever-growing sector and subsequently rising air passenger traffic would add to the growth spectrum of overall Intelligent transportation system market space. This upsurge has encouraged various government authorities to upgrade and refurbish their current infrastructure and construct new terminals. For instance, the Rosario International airport is currently undergoing expansion to accommodate the elevating passenger traffic, a project with is scheduled to reach conclusion by 2030.

Ongoing developments by industry behemoths

Given that various companies are taking up significant measures to enhance the growth prospects of ITS market while simultaneously gaining a competitive edge in the Intelligent transportation system market, below presented is a brief snapshot of the developments put forth by some of the prominent industry mammoths-

  • Transport Hi-Tech Consultants’ 2020 partnership with TomTom International B.V.

In July 2020, Transport Hi-Tech Consultants (THTC), announced partnering with TomTom International B.V. to offer a precise and accurate digital representation of several locations in the Middle East economies. This move was aimed at providing a wider understanding of traffic movement in the region and allowing smart mobility.

  • TomTom International’s alliance with Sumitomo Electric Industries

In October 2019, TomTom declared entering into a partnership agreement with Sumitomo Electric Industries to combine the latter’s skill in intelligent transport systems with TomTom’s HD maps and precise real-time traffic data. Moreover, through this partnership, both the firms have been seeking to develop mobility solutions to augment road safety and traffic congestion.

The United States’ billion-dollar transportation infrastructure projects

Reports suggest that the developed transportation infrastructure in North America would offer robust growth opportunities to the Intelligent transportation system market through 2027. This can be supported by an instance. In June 2021, the U.S Department of Transportation announced that under the Infrastructure for Rebuilding America (INFRA) grant program, the federal government intends to reward $905.25 million to some 24 projects in 18 states. Meanwhile, the government also plans to rebuild the nation’s infrastructure by funding railway and highway projects to ensure economic development.

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Partial Chapter of the Table of Content

Chapter 4   Competitive Landscape,

4.1    Introduction

4.2    Competitive analysis of major players

4.2.1    Cisco Systems Inc.

4.2.2    Garmin Ltd.

4.2.3    Indra Sistemas, S.A.

4.2.4    Kapsch Group

4.2.5    Raytheon Technologies

4.2.6    Siemens AG

4.2.7    Thales Group

4.3    Competitive analysis of other prominent players

4.3.1    Alstom SA

4.3.2    Nisshinbo holdings Inc.

4.3.3    Northrop Grumman Corporation

4.3.4    Teledyne FLIR LLC

4.3.5    Xerox Corporation

4.4    Vendor adoption matrix

Chapter 5   Intelligent Transportation System Market, By Mode of Transport

5.1    ITS market share, by mode of transport, 2020 & 2027

5.2    Roadways

5.2.1    Market estimates and forecast, 2017 - 2027

5.3    Railways

5.3.1    Market estimates and forecast, 2017 - 2027

5.4    Airways

5.4.1    Market estimates and forecast, 2017 - 2027

5.5    Maritime

5.5.1    Market estimates and forecast, 2017 – 2027

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