The global intelligent transportation system market is witnessing growth and is projected to reach USD 102,617.3 million by 2030, advancing at a CAGR of 10.2% during the projection period. This growth of the market can be credited to the increasing requirement to enhance transportation security and traffic flow, the rising usage of improved communication techs, and the growing population throughout the world, which is propelling the sale of land vehicles.
A smart transport system is capable of reducing the ecological effect of land, air, and marine vehicles on human well-being, through an enhancement in air quality. Vehicle releases can be decreased to a great extent by advancing traffic flow with the use of advanced network management methods.
During the projection period, the advanced public transportation system is projected to witness the fastest development, with a CAGR of 9%. The growing expenditure in real-time information collecting and analysis for roadways, the growing count of public–private partnerships, and require to enhance the public transit network’s operational effectiveness and passenger services are accountable for the rising demand for APTS.
The growing congestion on the roads worldwide has led to more problems for people, such as wasted time and delays in reaching their destination. Improving road infrastructure is not a permanent solution to the problem of traffic congestion, especially in urban areas.
A series of popular solutions to address this problem, such as the building of overhead and underground passes, an increase in lane county or widening roads have been implemented. However, as a consequence of the costs involved, these solutions do not work. Furthermore,
these developments take time and result in longer jams during the process.
APAC is projected to witness the fastest development, with a CAGR of approximately 8%, during the projection period. This high-paced development can be credited to the fast urbanization, emerging transportation infrastructure, increasing per-capita income linked with the advancing standard of living, rising automobile sector, and quickly developing road infrastructure in developing economies, like China and India.