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(IT-NEWSWIRE.COM, February 07, 2023 ) The global intelligent transportation system market is projected to reach USD 67.2 billion by 2028 from an estimated USD 47.8 billion in 2023, at a CAGR of 7.1% from 2023 to 2028. Increasing demand for security and surveillance in railways and improving maritime logistics infrastructure are among the key factors driving the market growth.
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The software segment is expected to grow at the highest CAGR during the forecast period. The growth can be attributed to the deployment of various advanced software solutions and complex algorithms to strengthen the performance of overall information and communication systems. In addition, the US Department of Transportation (USDOT), along with the Open-Source Application Development Portal (OSADP), facilitates the advancement of research, development, planning, testing, and deployment of connected vehicle and traveler-related applications and ITS. Such government initiatives are likely to generate demand for improved software solutions, justifying the high growth rate of the software market throughout the forecast period.
The commercial vehicle operations (CVO) system segment is expected to grow at the highest CAGR during the forecast period. The growth can be attributed to its wide range of applications in private buses, taxis, and trucks. In addition, these systems are also used while providing support and repair services to vehicles. CVO systems are equipped with monitoring and information systems that help drivers find safe routes and calculate the total traveling time. In addition, using these systems, vehicle owners can track their vehicles.
The smart ticketing segment is projected to record the highest CAGR in the ITS market for the railways application during the forecast period. The growth can be attributed to the introduction of various advanced ticketing solutions, such as open payment systems, near-field communication (NFC) solutions, and smart cards, by the railway industry, which has helped commuters avoid long queues at stations and save time. The rising use of smart card technology in railways and metros to purchase tickets is projected to facilitate the growth of the railway industry. Next-generation ticketing systems are expected to help establish a high-performing rail network that can constantly support the movement of commuters at a reasonable cost.
The installation of ITS in various applications, such as toll collection and vehicle navigation, has increased in countries of Asia Pacific, such as Japan, China, and Australia, which is attributed to the high economic growth, rise in population, and rapid urbanization. Owing to this, the region is expected to grow at the highest CAGR during the forecast period.
News Also Covered: https://www.prnewswire.com/news-releases/intelligent-transportation-system-market-worth-67-2-billion-by-2028---exclusive-report-by-marketsandmarkets-301738183.html
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Smart Ticketing Market by Component (Hardware, Software, and Services), Application (Parking and Transportation (Roadways, Railways, and Airways), and Sports and Entertainment), Organization Size, and Region - Global Forecast to 2026
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