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Traffic Congestion Issues to Offer Intelligent Transport Systems US$ 53.06 Bn Market Opportunity by 2032
NEW YORK , July 5, 2022 /PRNewswire/ -- The global intelligent transport system market is expected to register a CAGR of 7.2% between 2022 and 2032 and reach US$ 53.06 Bn by the end of 2032. Urgent need to minimize road fatalities and increase passenger safety is projected to boost the global intelligent transport system market in the upcoming decade.
Deployment of an advanced traffic management system to reduce travel time is another vital factor that is expected to bode well for the global market. As per Fact.MR, sales of intelligent transport systems are estimated to be valued at US$ 26.47 Bn in 2022.
Lack of infrastructure development and increasing number of vehicles on the road are causing traffic congestion. These factors are further leading to huge losses in terms of economic productivity and efficiency.
On account of this, several countries are planning to implement wireless advanced safety systems to reduce road traffic and accidents. According to Bosch's study, the total socio-economic costs of road traffic accidents in India range between US$ 15.71 to 38.81 Bn, which is estimated to be about 0.55% to 1.35% of the country's GDP.
An intelligent transport system is applicable to wide-ranging management systems such as traffic control systems, car navigation, automated electronic toll collection, and pedestrian safety. Launch of state-of-the-art systems by key players with the surging demand for cost-effective solutions is set to aid growth.
Minimizing traffic congestion through an intelligent transportation system will also help in reducing fuel consumption and emissions of greenhouse gases. Due to the above-mentioned benefits, governments of various countries are focusing on the adoption of new transportation management systems.
Key players in the global intelligent transport system market are engaging in partnerships with government agencies to remain at the forefront in the industry. Meanwhile, a few other key players are focusing on mergers and acquisitions, as well as new product launches to gain a competitive edge in the market.
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In the latest report, Fact.MR offers a detailed study on global intelligent transport system market for the forecast period of 2022 to 2032. The study also highlights key drivers promoting the sales of intelligent transport systems through detailed segmentation as follows:
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: According to Fact.MR, a market research and competitive intelligence provider, the intelligent transport system market is expected to surge at a CAGR of 7.2% between 2022 and 2032.
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