SELBYVILLE, Del., July 28, 2021 (Newswire.com) - The intelligent transportation systems market revenue is anticipated to record a valuation of USD 70 billion by 2027, according to the most recent study by Global Market Insights Inc. Rapidly growing urbanization and a significant rise in the number of road accidents globally has produced a pivotal demand for an intelligent transportation system that aligns with the cutting-edge technology and caters to the current era of digitization. Considering an example for the same, smart ticketing helps to accelerate the process of payment at transit terminals with the help of smart cards for access control.
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 describes some of the crucial trends that are estimated to re-shape the outlook of the 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 ITS business 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 that is scheduled to reach conclusion by 2030.
Apparently, this infrastructure development would potentially fuel the demand for information display systems, tracking and monitoring systems, self-service baggage systems, and more. In fact, various companies have come up to offer innovative solutions in the space to cater to the evolving requirement of modern airports.
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 industry, 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 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 ITS 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.
Most importantly, the U.S government is also supporting connected vehicle research, testing, deployment, and designing. The USDOT is apparently collaborating with public and private partners like state and local governments and vehicle and device producers to boost connected vehicle development and implementation.
In a nutshell, it would be quite overt to state that increasing infrastructure renovation projects, expanding urbanization, and smart mobility, are some of the key trends and factors that are touted to have an impeccable impact on the overall growth of the intelligent transportation system market over the projected timeline.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Global Market Insights Inc.