Implementing the latest information technology in the railway transport system is advancing the transport. The technological advancements are effectively managing the railway industry and its operational services. This integration drives the Intelligent Transportation System Market Size at the global level.
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The market has been experiencing robust growth in the past years due to its emerging popularity and growing trends in recent years. The effective solutions offered by the system are helping the market to enhance. The usage of these systems has brought many changes; it improved the security systems and protected the passengers. The customers are experiencing better services from the railway due to this implementation.
The rise in popularity and the association of the Internet of Things is boosting the Intelligent Transportation System Market Size. The railways are offering customers free Internet- services such as free WIFI and motivating them to travel through trains rather than other means of transportation. Other transporters such as the bus and aviation systems also utilize intelligent railway transport systems. It has been used as a means of transportation. The railway industry is responding better by managing railway systems and services. These factors are bringing up huge opportunities for the Intelligent Transportation System Market Size.
During the COVID-19, the market noticed a negative impact when the demand reduced and the growth rate diminished. But the market managed to recover from the loss. The post-pandemic period will drive the market's demand.
The Intelligent Transportation System Market Size will reach a CAGR of 26.6 % by the 2022 end and a valuation of USD 90 billion by 2027 during the forecast period.
The Intelligent Transportation System Market Size is segmented into technology, service and solutions.
The market's technology segment comprises rail sensors, video surveillance cameras, smart cards, etc.
The service segment includes cloud services, professional services, and integration services. These services are processing the system more efficiently.
The solutions of the market involve passenger information systems (PIS), advanced security management systems, railway traffic management systems (RTMS), etc. These are making the railway industry works reliable and quick.
The regional covered report shows that the Intelligent Transportation System Market Size covers major regions worldwide. The top continents are Europe, Asia Pacific, North America and the rest of the world.
The European region is capturing the highest share due to the technological advancements in the intelligent transport system. The higher investment in research and development activities is driving the regional market.
The North American market will obtain the largest revenue at the year-end. The main reasons the region is emerging are the government initiatives and the rise in population demand for security systems. The implementation of newer technologies will drive the regional market.
The Asia-Pacific region is showing an emerging growth rate. The developing regions such as China, Sub-continent- India and Japan are heavily investing in research and development. This will lead to technological infrastructure development in the future years.
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The Thales Group has announced the TransVerse Digital Service Platform. It will put customers by making train services much more visible, and it will allow the customers to access and use the Internet of Things much faster and more conveniently.
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