Description
Intelligent transportation system Market
Global Intelligent transportation system market to surpass USD 51.2 billion by 2030 from USD 15.9 billion in 2020 at a CAGR of 14.9% in the coming years, i.e., 2021-30.
Product Overview
The intelligent transportation system is a form of ground transportation application that uses communication, analysis, sensing, and control technologies to improve efficiency, mobility, and safety. Intelligent transportation systems are advanced technologies that are being applied to cars, infrastructure, and operating systems to make them smart. The need for ITS systems is steadily expanding as these technologies are applied in areas other than transportation and logistics.
Market Highlights
Global Intelligent transportation system Market is expected to project a notable CAGR of 14.9 % in 2030.
The market’s expansion can be attributed to a number of factors, including rising public safety concerns, increasing traffic congestion problems, rising favorable government initiatives for intelligent traffic management, high adoption of environmentally friendly automobile technologies, and the global development of smart cities.
Global Intelligent transportation system market: Segments
Advanced traffic management system to grow with the highest CAGR during 2020-30
Global Intelligent transportation system Market is bifurcated by system into advanced traffic management system, advanced traveler information system, its-enabled transportation pricing system, advanced public transportation system, commercial vehicle operation. The increasing traffic congestion on roadways throughout the globe is credited with the highest market size for advanced traffic management systems. Moreover, traffic congestion is being produced by the increased cost of vehicles as a result of good offers made by automobile manufacturers and changing lifestyles. To overcome this issue, the advanced traffic management system is projected to be widely applied around the world.
Automotive telematics segment to grow with the highest CAGR during 2020-30
Global Intelligent transportation system market is bifurcated by application into fleet management and asset monitoring, intelligent traffic control, collision avoidance, parking management, passenger information management, ticketing management, emergency vehicle notification, and automotive telematics. The market is growing owing to rising demand for driver assistance systems and automatic driving systems. Components such as the desire to alleviate traffic congestion and increased financing by several governments for the installation of ITS in automotive telematics systems are also contributing to the market’s rapid expansion.
Market Dynamics
Drivers
Congestion in cities
The use of ITS aids in the provision of real-time traffic statistics that can aid in the resolving the increased traffic congestion issues. Sensors that measure vehicle speed, traffic signals, pre-emption alarms, and other traffic-related data are sent into intelligent signal controls. Data from numerous sensors is processed by sophisticated algorithms before being sent back to the controllers. Collecting real-time traffic statistics aids in traffic signal control. To increase mobility, ITS assists drivers in identifying quicker and traffic-free routes.
Smart vehicles with ITS
CCAM (cooperative, connected, and automated mobility) programs are expected to revolutionize the mobility business globally. It will enable road users and traffic administrators to better communicate and coordinate traffic-related information. This cooperative element will also aid in the establishment of vehicle-to-vehicle (V2V) connections, as well as between cars and transportation infrastructure (V2I).
Restraint
High investment
Transportation managers, system operators, dispatchers, and response agencies will all need to be co-located in a sophisticated centralized traffic management center (TMC) that can deal with real-time traffic data and help minimize traffic congestion. CCTV cameras, microwave detectors, dynamic message signs (DMS), advanced traveler information systems (ATISs), and highway advisory radio (HAR) are all part of the ITS deployment; other aspects like mobile data terminals (MDTs) are also an important part of the transit fleet management systems. All of this necessitates large investments.
Global Intelligent transportation system market: Key Players
Thales Group (France)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Siemens (Germany)
Kapsch TrafficCom (Austria)
Garmin (US)
TomTom International BV (Netherlands)
Cubic Corporation (US)
Q-Free ASA (Norway)
EFKON GmbH (Austria)
FLIR Systems, Inc. (US)
Indra Sistemas (Spain)
Other Prominent Players
Global Intelligent transportation system market: Regions
Global Intelligent transportation system Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Intelligent transportation system market in North America held the largest market share of XX% in the year 2020. With a market share of almost XX% in 2020, North America dominated the global market. The region is known as a technology hotspot for the development and aggressive application of cutting-edge technologies including machine learning, big data, cloud computing, and the Internet of Things (IoT). Major global market players also call the region home. The development of intelligent transportation systems is being driven by the great emphasis that various governments in the region are placing on enhancing transportation infrastructure.
Global Intelligent transportation system market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Intelligent transportation system market report also contains analysis on:
Intelligent transportation system market Segments
By system type
advanced traffic management system
advanced traveler information system
its-enabled transportation pricing system
advanced public transportation system
commercial vehicle operation
By Application
fleet management and asset monitoring
intelligent traffic control
collision avoidance
parking management
passenger information management
ticketing management
emergency vehicle notification
automotive telematics
Intelligent transportation system Market Dynamics
Intelligent transportation system market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Intelligent transportation system Market
Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 15.9 billion
Revenue forecast in 2030 USD 51.2 billion
Growth Rate CAGR of 14.9 % from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered type, phase, and Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Thales Group (France), Siemens (Germany), Kapsch TrafficCom (Austria), Garmin (US), TomTom International BV (Netherlands), Cubic Corporation (US), Q-Free ASA (Norway), EFKON GmbH (Austria), FLIR Systems, Inc. (US), Indra Sistemas (Spain)), Other Prominent Players.
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