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Intelligent Transport System (ITS) Market to grow at a CAGR of 8.49% from 2022 to 2027, Driven by the growing traffic congestion and road accidents – Technavio
Intelligent Transport System (ITS) Market to grow at a CAGR of 8.49% from 2022 to 2027, Driven by the growing traffic congestion and road accidents – Technavio
PR Newswire
NEW YORK, March 2, 2023
NEW YORK, March 2, 2023 /PRNewswire/ — According to…
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Intelligent Transport System (ITS) Market to grow at a CAGR of 8.49% from 2022 to 2027, Driven by the growing traffic congestion and road accidents - Technavio
PR Newswire
NEW YORK, March 2, 2023
NEW YORK, March 2, 2023 /PRNewswire/ -- According to Technavio, the global intelligent management system (ITS) market size is estimated to grow by USD 33.39 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 8.49% during the forecast period. The increasing traffic congestion and road accidents are driving the demand for the global market. Growing urbanization and increasing disposable income among the middle-class population are leading to the rapid adoption of automobile usage across developing countries. This is a major driver for the demand for the ITS market. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) Request a sample report
What`s New for 2023?
- Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial
Leading trends influencing the market
- There is a growing number of smart cities across many countries in the world. Smart cities with interconnected technologies are a leading trend in the market during the forecast period.
- Some of the digital technologies in smart cities include ITS solutions such as traffic control and safe and intelligent transportation.
- Cutting-edge technologies like cell phones, GPS satellites, big data, 3D printers, and AI enable ITS solutions to optimize operations like advanced freight and route networks.
- Trends like these are expected to drive growth for the global market.
Major challenges hindering market growth
- The ITS solutions face an issue with system integration and interoperability, which can impede the growth of the market.
- The current operational technology systems lack integrational capability. Thus, it works in isolation but there is a huge need for a fully functional digital workflow. This requires effective data sharing between machines and end-user ITS systems.
- For ITS to be truly effective and widely accepted across industries, seamless connectivity, and interoperability between products and applications need to be established. Interoperability, thus, hampers the adoption of ITS solutions.
Know more about market dynamics, historic (2017 to 2021) and forecast market size (2023 to 2027) find some insights from a sample report!
Intelligent Transport System (ITS) Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on application (traffic management, toll management, automotive and infotainment telematics, public transport, and others), type (advanced traffic management system, advanced public transportation system, advanced transportation pricing system, advanced traveler information system, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The traffic management segment is expected to be significant for the growth of the market during the forecast period. It is the largest contributing segment in the global market.
- ITS solutions like advanced traffic management systems (ATMS) are majorly used by government departments such as municipalities, government agencies, state, and regional governments.
- Innovative solutions developed under intelligent transport systems (ITS) projects in developing countries like China and India help authorities easily and efficiently manage traffic congestion.
Geography Overview
By geography, the global intelligent transport system (ITS) market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global intelligent transport system (ITS) market.
- APAC is projected to contribute to 33% of the market growth during the forecast period. Developing countries like China, India, and South Korea are the major contributors to the growth in the region.
- The increased government initiatives and the expansion of highways and expressways in many countries make APAC the most prominent market for vendors.
- Growth in automobile sales is a major factor driving the demand for the intelligent transport system market in the APAC region.
- The ITS market in North America and Europe is projected to have steady growth.
Get a glance of the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report
What are the key data covered in this Intelligent Transport System (ITS) Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Intelligent Transport System (ITS) Market between 2023 and 2027
- Precise estimation of the size of the Intelligent Transport System (ITS) Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Intelligent Transport System (ITS) Market industry across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Intelligent Transport System (ITS) Market vendors
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Intelligent Transport System (ITS) Market Scope | |
Report Coverage | Details |
Base year | 2022 |
Historic period | 2017-2021 |
Forecast period | 2023-2027 |
Growth momentum & CAGR | Accelerate at a CAGR of 8.49% |
Market growth 2023-2027 | USD 33.39 billion |
Market structure | Fragmented |
YoY growth 2022-2023 (%) | 6.89 |
Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution | APAC at 33% |
Key countries | US, Japan, China, UK, Germany, Canada, Mexico, Italy,Spain, Australia, and South Korea |
Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled | 3M Co., Advantech Co. Ltd., AECOM, Atlantia SPA, Axiomtek Co. Ltd., Cubic Corp., Dornier Group GmbH, EFKON GmbH, GMV Innovating Solutions SL, Hitachi Ltd., HNTB Co., HR Green Inc., Indra Sistemas SA, Kapsch TrafficCom AG, Serco Group Plc, SICE TyS, Siemens AG, Stantec Inc., Sumitomo Electric Industries Ltd., Teledyne FLIR LLC, Thales, and Trapeze Software ULC |
Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Table of Contents
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2021
- Market outlook: Forecast for 2021 - 2026
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Type
- Market segments
- Comparison by Type
- Active packaging - Market size and forecast 2021-2026
- Intelligent packaging - Market size and forecast 2021-2026
- Market opportunity by Type
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2021-2026
- Europe - Market size and forecast 2021-2026
- APAC - Market size and forecast 2021-2026
- South America - Market size and forecast 2021-2026
- MEA - Market size and forecast 2021-2026
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Amcor Plc
- Authena AG
- Avery Dennison Corp.
- DFP Holding BV
- DuPont de Nemours Inc.
- Korber Medipak Systems GmbH
- LOG Pharma Packaging
- Origin Pharma Packaging
- ProAmpac Intermediate Inc.
- West Pharmaceutical Services Inc.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
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US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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One city held a mass passport-getting event
A New Orleans congressman organized a way for people to apply for their passports en masse.
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While the number of Americans who do not have a passport has dropped steadily from more than 80% in 1990 to just over 50% now, a lack of knowledge around passport requirements still keeps a significant portion of the population away from international travel.
Over the four years that passed since the start of covid-19, passport offices have also been dealing with significant backlog due to the high numbers of people who were looking to get a passport post-pandemic.
Related: Here is why it is (still) taking forever to get a passport
To deal with these concurrent issues, the U.S. State Department recently held a mass passport-getting event in the city of New Orleans. Called the "Passport Acceptance Event," the gathering was held at a local auditorium and invited residents of Louisiana’s 2nd Congressional District to complete a passport application on-site with the help of staff and government workers.
'Come apply for your passport, no appointment is required'
"Hey #LA02," Rep. Troy A. Carter Sr. (D-LA), whose office co-hosted the event alongside the city of New Orleans, wrote to his followers on Instagram (META) . "My office is providing passport services at our #PassportAcceptance event. Come apply for your passport, no appointment is required."
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The event was held on March 14 from 10 a.m. to 1 p.m. While it was designed for those who are already eligible for U.S. citizenship rather than as a way to help non-citizens with immigration questions, it helped those completing the application for the first time fill out forms and make sure they have the photographs and identity documents they need. The passport offices in New Orleans where one would normally have to bring already-completed forms have also been dealing with lines and would require one to book spots weeks in advance.
These are the countries with the highest-ranking passports in 2024
According to Carter Sr.'s communications team, those who submitted their passport application at the event also received expedited processing of two to three weeks (according to the State Department's website, times for regular processing are currently six to eight weeks).
While Carter Sr.'s office has not released the numbers of people who applied for a passport on March 14, photos from the event show that many took advantage of the opportunity to apply for a passport in a group setting and get expedited processing.
Every couple of months, a new ranking agency puts together a list of the most and least powerful passports in the world based on factors such as visa-free travel and opportunities for cross-border business.
In January, global citizenship and financial advisory firm Arton Capital identified United Arab Emirates as having the most powerful passport in 2024. While the United States topped the list of one such ranking in 2014, worsening relations with a number of countries as well as stricter immigration rules even as other countries have taken strides to create opportunities for investors and digital nomads caused the American passport to slip in recent years.
A UAE passport grants holders visa-free or visa-on-arrival access to 180 of the world’s 198 countries (this calculation includes disputed territories such as Kosovo and Western Sahara) while Americans currently have the same access to 151 countries.
stocks pandemic covid-19 grantsUncategorized
Fast-food chain closes restaurants after Chapter 11 bankruptcy
Several major fast-food chains recently have struggled to keep restaurants open.
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Competition in the fast-food space has been brutal as operators deal with inflation, consumers who are worried about the economy and their jobs and, in recent months, the falling cost of eating at home.
Add in that many fast-food chains took on more debt during the covid pandemic and that labor costs are rising, and you have a perfect storm of problems.
It's a situation where Restaurant Brands International (QSR) has suffered as much as any company.
Related: Wendy's menu drops a fan favorite item, adds something new
Three major Burger King franchise operators filed for bankruptcy in 2023, and the chain saw hundreds of stores close. It also saw multiple Popeyes franchisees move into bankruptcy, with dozens of locations closing.
RBI also stepped in and purchased one of its key franchisees.
"Carrols is the largest Burger King franchisee in the United States today, operating 1,022 Burger King restaurants in 23 states that generated approximately $1.8 billion of system sales during the 12 months ended Sept. 30, 2023," RBI said in a news release. Carrols also owns and operates 60 Popeyes restaurants in six states."
The multichain company made the move after two of its large franchisees, Premier Kings and Meridian, saw multiple locations not purchased when they reached auction after Chapter 11 bankruptcy filings. In that case, RBI bought select locations but allowed others to close.
Image source: Chen Jianli/Xinhua via Getty
Another fast-food chain faces bankruptcy problems
Bojangles may not be as big a name as Burger King or Popeye's, but it's a popular chain with more than 800 restaurants in eight states.
"Bojangles is a Carolina-born restaurant chain specializing in craveable Southern chicken, biscuits and tea made fresh daily from real recipes, and with a friendly smile," the chain says on its website. "Founded in 1977 as a single location in Charlotte, our beloved brand continues to grow nationwide."
Like RBI, Bojangles uses a franchise model, which makes it dependent on the financial health of its operators. The company ultimately saw all its Maryland locations close due to the financial situation of one of its franchisees.
Unlike. RBI, Bojangles is not public — it was taken private by Durational Capital Management LP and Jordan Co. in 2018 — which means the company does not disclose its financial information to the public.
That makes it hard to know whether overall softness for the brand contributed to the chain seeing its five Maryland locations after a Chapter 11 bankruptcy filing.
Bojangles has a messy bankruptcy situation
Even though the locations still appear on the Bojangles website, they have been shuttered since late 2023. The locations were operated by Salim Kakakhail and Yavir Akbar Durranni. The partners operated under a variety of LLCs, including ABS Network, according to local news channel WUSA9.
The station reported that the owners face a state investigation over complaints of wage theft and fraudulent W2s. In November Durranni and ABS Network filed for bankruptcy in New Jersey, WUSA9 reported.
"Not only do former employees say these men owe them money, WUSA9 learned the former owners owe the state, too, and have over $69,000 in back property taxes."
Former employees also say that the restaurant would regularly purchase fried chicken from Popeyes and Safeway when it ran out in their stores, the station reported.
Bojangles sent the station a comment on the situation.
"The franchisee is no longer in the Bojangles system," the company said. "However, it is important to note in your coverage that franchisees are independent business owners who are licensed to operate a brand but have autonomy over many aspects of their business, including hiring employees and payroll responsibilities."
Kakakhail and Durranni did not respond to multiple requests for comment from WUSA9.
bankruptcy pandemicUncategorized
Industrial Production Increased 0.1% in February
From the Fed: Industrial Production and Capacity Utilization
Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 p…
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Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 percent. Both gains partly reflected recoveries from weather-related declines in January. The index for utilities fell 7.5 percent in February because of warmer-than-typical temperatures. At 102.3 percent of its 2017 average, total industrial production in February was 0.2 percent below its year-earlier level. Capacity utilization for the industrial sector remained at 78.3 percent in February, a rate that is 1.3 percentage points below its long-run (1972–2023) average.Click on graph for larger image.
emphasis added
This graph shows Capacity Utilization. This series is up from the record low set in April 2020, and above the level in February 2020 (pre-pandemic).
Capacity utilization at 78.3% is 1.3% below the average from 1972 to 2022. This was below consensus expectations.
Note: y-axis doesn't start at zero to better show the change.
The second graph shows industrial production since 1967.Industrial production increased to 102.3. This is above the pre-pandemic level.
Industrial production was above consensus expectations.
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Industrial Production Increased 0.1% in February
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