Intelligent Transportation System Market worth $67.2 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 3, 2023 /PRNewswire/ -- The global intelligent transportation system (ITS) 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 according to a new report by MarketsandMarkets™.
- CHICAGO, Feb. 3, 2023 /PRNewswire/ -- The global intelligent transportation system (ITS) 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 according to a new report by MarketsandMarkets™.
- Favorable government initiatives for effective traffic management and rapid development of smart cities globally are among the key factors driving the growth of the ITS market.
- The rail-running operation & collision avoidance application held the largest size of the ITS market for railways in 2022.
- It allows the passengers to load tickets or credit them before traveling to know the boarding times and reduce waiting time.