Press Release
Intelligent Transportation System Market Objectives of the Study Includes Assumptions
A typical ITS attachment is a set of sensors, video surveillance devices, navigation systems, and vehicle probes to collect real-time data, that then it is scanned and communicated to the users via the internet, dynamic signboards and mobile telephony.
ITS can be similarly used for rail, air transport and rail road. Advancement in sensing and telecommunications technologies are particularly expected to encourage the adoption of ITS over the coming years.
On the other hand, the growing preference for an ITS into an action is emerging as one of the key factors prompting the digitization of various attributes of the transportation infrastructure ecosystem.
The deployment of ITS is to reduce road accidents and enhance the road safety. This factor has now become one of the most powerful force to increase the market growth of Intelligent Transportation System.
The demand for Vehicle-to-Infrastructure (V2I) and Vehicle-to-Vehicle (V2V) communication to enhance road safety is expected to see expansion in the next few years. Continued developments in the transportation industry has triggered the need for an efficient transportation system that can potentially improve road networks.
At the same time, advancement in the technology such as blind-spot detection and electronic toll collection, have reconsidered the expectations and anticipation of sustainable transportation and traffic management.
Global Intelligent Transportation Market- Overview
Government organisations from all around the world are adopting ITS to improve road safety and operational performance of the transport system and reduce the impact of transportation on the environment. For the implementation of ITS, substantial funds are required to set up the market
Countries such as the US, Japan and Dubai are heavily investing in different projects of ITS. For instance, in 2020, the UK government invested USD 1.9 Million in three projects to trial innovative technologies and new ways to improve driving conditions, reduce time spent in traffic jams and cut off traffic
The government hopes that the categorization of next-generation AI-powered Intelligent Transport Systems will provide drivers the confidence to plan their trips without the fear of being stuck in traffic.
These systems reduce congestion, delays, and air pollution as well. Innovators in the UK are provided with funds to build a cleaner, greener, and sustainable transport network. For an intelligent transport setup, revolutionary centralized traffic management centre (TMC), which can deal with real-time traffic data and help reduce traffic congestion, is the basic requirement.
This management centre should be co-located with transportation managers, system operators, response agencies, dispatchers, leading to the requirement for huge investments.
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Global Intelligent Transportation System Market- Forecast Period
The Intelligent Transportation Systems Market is expected to grow from USD 42.2 billion in 2021 to USD 67.96 Billion by 2026, at a CAGR of 10.0% reaching 99.9 Million in 2030.
The key factors that drive the growth of the ITS market includes government efforts to ensure road and public safety, increased need to reduce traffic congestion, high adoption of eco-friendly automobile technology, and rapid development of smart cities globally, and others.
The establishment of an ITS infrastructure involves the integration of various heterogeneous devices, which may create compatibility issues often. These heterogeneous devices must be synched according to the standards and specifications.
Market Segmentation for Global Intelligent Transportation Systems Market:
Segmentation based on Offering
- Services
- Hardware
- Software
Segmentation based on System
- ATIS
- CVO
- ATMS
- ITPS
- APTS
Segmentation based on Application (Roadways)
- Intelligent Traffic Control
- Parking Management
- Ticketing Management
- Automotive Telematics
- Fleet Management and Asset Monitoring
- Emergency Vehicle Notification
- Collision Avoidance
Segmentation based on Application (Railways)
- Rail-running Operation and Collision Avoidance
- Smart Ticketing
- Emergency Notification
- Security and Surveillance
- Passenger Information Management
Segmentation based on Maritime
- Real Time Weather Information Tracking
- Flight Arrival and Transit
- Container Movement Scheduling
- Emergency Notification
Segmentation based on Aviation
- Shuttle Bus Tracking
- Traveller Information Management
- Smart Tracking
- Aircraft Management
- Security and Surveillance
Segmentation based on Region
- North America
- APAC
- Europe
Impact of COVID-19 on Global Intelligent Transportation System Market:
The COVID-19 pandemic has taken a severe toll on new intelligent transportation system sales and installations. Many COVID restrictions have made the market growth stagnant and does not let the market move ahead in the other competitors in the economy.
Major Market Players:
- Thales Group
- Kapsch TrafficCom
- Conduent, Inc.
- Cubic Corporation
- Siemen
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