Global Intelligent Transportation Systems market trends 2024, Forecast To 2033
4 Mar, 2024
The intelligent transportation systems market has shown strong growth, increasing from$32.33 billion in 2023 to$35.52 billion in 2024, with a compound annual growth rate (CAGR) of 9.9%. This growth is attributed to initiatives aimed at mitigating traffic congestion, improving safety measures, achieving environmental sustainability, and enhancing emergency response capabilities. Forecasts suggest rapid growth, with the market expected to reach$52.23 billion by 2028, boasting a compound annual growth rate (CAGR) of 10.1%. Factors driving this growth include the proliferation of connected vehicles, investments in smart infrastructure, data analytics for traffic prediction, dynamic road pricing systems, and the emphasis on last-mile connectivity. Major trends in the forecast period encompass IoT integration, advanced driver assistance systems, smart parking solutions, cybersecurity measures, and the integration of augmented reality in navigation.
Global Intelligent Transportation Systems Market Key Driver
The growing adoption of energy management is set to drive the expansion of the internet of things (IoT) in the energy market. Energy management involves proactive and systematic coordination of energy acquisition, transformation, distribution, and usage to meet requirements while considering environmental and economic goals. Real-time power consumption data in the energy industry is leveraged by IoT-based energy management systems to optimize electricity use, transitioning dynamically to more resource-efficient regimes. According to the Federal Statistical Office of Germany's report at the beginning of 2022, 10% of German households employed smart energy management systems, such as intelligent thermostats and lighting, to enhance energy efficiency. Consequently, the surge in energy management adoption fuels the demand for IoT solutions in the energy sector, with projected values of $X in 2023, and anticipated growth in 2024 and 2028.
Get A Free Sample Of The Global Intelligent Transportation Systems Market ReportGlobal Intelligent Transportation Systems Market Segments
The global internet of things (iot) in energy market covered in this report is segmented –
1) By Component: Solution, Platforms, Services
2) By Technology: Cellular Network, Satellite Network, Radio Network, Other Technologies
3) By Application: Energy Generation, Energy Consumption, Network Security, Email Security, Database And Cloud Security, Other Applications
By Geography: The regions covered in the intelligent transportation systems market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the k market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global internet of things (IoT) in energy market during the forecast period. The regions covered in the internet of things (iot) in energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Intelligent Transportation Systems Industry Players
Cisco Systems Inc., International Business Machines Corporation, Intel Corporation, SAP SE, AGT International, Davra Networks, HCL Technologies Limited, Accenture PLC, Google LLC, Hewlett-Packard Company, Altair Engineering Inc., Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Asea Brown Boveri Ltd., Aclara Technologies LLC, C3.ai Inc., Honeywell International Inc., Vodafone Group PLC, Duke Energy Corporation, Energie Ohne Namen, Enel S.p.A., Électricité de France, Pacific Gas and Electric Company, National Grid PLC, Southern Company, Carriots SL, Flutura Business Solutions LLC, Maven Systems Private Limited, Wind River Systems Inc.
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Intelligent Transportation Systems Market Overview
IoT refers to a community of bodily devices and items connected to the network over a wireless platform. IoT uses communication and sensing technologies to collect and send real-time data, allowing for quick computations and the best possible decision-making in the energy industry. The energy sector can benefit from IoT by moving from a centralized to a distributed, intelligent, and integrated energy system.
Intelligent Transportation Systems Global Market Report 2023 provides data on the global intelligent transportation systems market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The intelligent transportation systems market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.