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Intelligent Transportation System Market Size To Increase Valuation With Surging Investments by 2024

January 22, 2020 by Market-NewsFlash  

Intelligent Transportation System Market Size

Rapid technological advancement is resulting in continuous upgrading of airport equipment to facilitate safety and efficiency of the airways. The intelligent airways transportation system uses information technology in order to manage airway services. Market Research Future (MRFR) has published a report asserting that the global intelligent airways transportation system market is marked to expand remarkably at a CAGR of 11.5% during the forecast period of 2016–2022 and reach the valuation of USD 21.5 Bn by the end of 2022 from USD 11.18 Bn in 2016.

Market Drivers and Restraints:

Increasing adoption of advanced technology and rapid development in artificial intelligence technology are majorly aiding in air traffic organization by maintaining the critical elements of airways transportation systems. Growing trend of internet of things and the benefits of intelligent airways transportation system for enhancing security and service quality are contributing to the significant growth of the global intelligent airways transportation system market. Increasing aircraft fleets and air traffic are inducing high demand for advanced management solutions that provide real-time data, which in turn is propelling the growth of the global intelligent airways transportation system market.

Implementation of intelligent airways transportation system to enhance customer experience and security by making the travel more personalized and for timely managing of services are propelling the growth of the global intelligent airways transportation system market. The features of intelligent airways transportation system that aid in simplifying the complexities regarding the working of airports and airways are inducing demand for advanced solutions, resulting in the expansion of the global intelligent airways transportation system market. However, high cost of upgrades and lack of resources are some of the primary factors that are likely to restrain the growth of the global intelligent airways transportation system market during the forecast period.

Access Report @ https://www.marketresearchfuture.com/reports/intelligent-airways-transportation-system-market-2158

Market Segmentation:

The global intelligent airways transportation system market has been segmented on the basis of component, deployment and technology. Based on component, the intelligent airways transportation system market has been segmented into hardware and software. The hardware segment has been sub-segmented into sensor, display units, closed circuit cameras, networking devices and others. The software segment has been sub-segmented into backend integration various device. Based on deployment, the intelligent airways transportation system market has been segmented into on-cloud and on-premises.

Regional Analysis:

Geographically, the global intelligent airways transportation system market has been segmented into four major regions such as North America, Asia Pacific, Europe and the rest of the world. The North America region is forecasted to expand at a noteworthy growth rate owing to the increasing adoption of artificial intelligence technology and easy adoption of advanced solutions for airport management. 

Key players:

The prominent players profiled by MRFR that are operating in the global intelligent airways transportation system market are Amadeus IT Holding S.A. (Spain), Cisco Systems Inc. (the U.S.), Indra Sistemas S.A. (Spain), International Business Machines Corporation (IBM) (U.S.), NEC Corporation (Japan), Rockwell Collins Inc. (the U.S.), Siemens AG (Germany), SITA (Switzerland), Unisys Corporation (the U.S.), Honeywell Corporation Inc. (the U.S.) and others.

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