Global Intelligent Transport System Market Insights Forecasts to 2030
- The Global Intelligent Transport System Market Size was valued at USD 24.75 billion in 2021.
- The market is growing at a CAGR of 9.7% from 2022 to 2030.
- The global Intelligent Transport System Market size is expected to reach USD 56.95 billion by 2030.
- Asia Pacific is expected to grow the fastest during the forecast period.
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The Global Intelligent Transport System Market Size is expected to reach USD 56.95 billion by 2030, at a CAGR of 9.7% during the forecast period 2022 to 2030. Implementing an intelligent transportation system leads to ultimate benefits such as powerful and wide-ranging mobility, safety, and the environment.
Intelligent Transport System develops both road transport and an efficient metro/underground rail system. ITS includes the renovate overall technological aspects such as GPS, Carrier Access for Land Mobiles (CALM), and Dedicated Short Range Communication (DSRC). In the interest of implementing the system, the departments are formulating specific programs and taking initiatives. For instance, the U.S. Department of Transport (DOT) is starting to focus on intelligent infrastructure, intelligent vehicles, and a combination of these two factors. The DOT has started a Federal ITS program that would make research initiatives, and investigative studies and support the deployment of the system through systematic investment. Nowadays, road traffic congestion is a major problem that is causing a tremendous loss of economic productivity due to a lack of infrastructure growth compared to the growing number of vehicles on roads because of cost and space limitations. In the intelligent transport system, several nations are executing a strategic plan to reduce road traffic blocking and accidents through advanced safety systems by wireless communications.
This research report categorizes the global intelligent transport system market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the intelligent transport system market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the intelligent transport system market. Technological innovation and advancement will further optimize the performance of the product, enabling it to acquire a wider range of applications in the downstream market.
Global Intelligent Transport System Market Report Coverage
|Market Size in 2021:||USD 24.75 Billion|
|Forecast Period:||2021 - 2030|
|Forecast Period 2021 - 2030 CAGR:||9.7%|
|2030 Value Projection:||USD 56.95 Billion|
|Historical Data for:||2017 - 2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||122|
|Segments covered:||By Type, By Application, By Region|
|Companies Covered:||Agero, Inc., DENSO CORPORATION, EFKON GmbH, Hitachi, Ltd., Garmin Ltd., Thales Group, Xerox Corporation, Ricardo, Sensys Networks, Inc., Telenav, Inc., Iteris, Inc., Kapsch TrafficCom, Lanner, Nuance Communications, Inc., Q-Free ASA, Siemens AG, TomTom International BV, TransCore|
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The major driving factors involves in the intelligent transport system to drive the market growth over the forecast period are Government regulations & initiatives, the increasing need for cutting-edge traffic congestion solutions, and also the development of the intelligent transportation system market. Moreover, with the growing road safety concerns, increasing vehicle theft, and governments across the world, especially in the United States, Europe, China, and Brazil among others are approving the installation of factory-fitted telematics and safety devices in vehicles, is driving the growth of the market over the forecast period. The importance of intelligent transport systems (ITS) is growing in response to rising urbanization and rising travel time. Furthermore, the increase in single occupancy cars commuting, particularly in an outlying part of the city and major cities, also drives the sales of intelligent transport systems. The improvement in the existing performance of transportation networks is expected to drive the market growth of the global intelligent transportation systems (ITS) during the forecast period.
The effectiveness of intelligent transportation systems may be impeded by agencies due to a lack of cooperation, which may limit market expansion. In addition, to ensure the smooth functioning of deployed ITS in the airlines continually, airport authorities must identify funding agencies for the day-to-day operation and maintenance of the system. Increasing funding is also diverted for many other infrastructure projects in the airline and making it exceedingly difficult to raise money for the implementation and maintenance across the airline sector. Furthermore, agencies struggle to attract and retain staff with the skills necessary to manage and maintain the ITS system. However, there is slow growth of infrastructure, especially in the developing regions of the world due to the high cost of installation.
In 2021, the advanced traffic management segment is dominating the market with the largest market share over the forecast period.
Based on system type, the global intelligent transport system market is segmented as Advanced Traveller Information System (ATIS), Advanced Traffic Management System (ATMS), and Advanced Public Transportation System (APTS). Among these, advanced traffic management is dominating the market due to the development in data analytics, including artificial intelligence and machine learning are the key factors to play an important role in the development of advanced traffic management. Furthermore, the easy accessibility of vehicles and automobile manufacturer’s discounts on vehicles are accelerating vehicle sales will adopt intelligent transport system at a higher rate, which will further boost the market growth during the forecast period.
The advanced public transportation system (APTS) segment is also estimated to show good growth in the ITA market over the forecast period attributed to the rising development of bus route planning and structure in some countries. The increasing development of e-toll collection centres in many countries is driving the growth of this segment in this market.
In 2021, the Roadways segment is dominating the market over the forecast period.
Based on the application, the global intelligent transport system market is bifurcated into roadways, railways, aviation, and marine. Among these, the roadways segment is dominating the market over the forecast period owing to the increasing number of commercial trains all over the world due to increasing e-commerce activities and manufacturing activities is encouraging many coordination players to situate proper asset monitoring and management system.
Regional Segment Analysis of the Intelligent Transport System Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America is dominating the market with the largest market share of 32.5% during the forecast period
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The North America Market is considered the dominating market with the largest market share due to the presence of several global market key players and equipped with the development and implementation of the latest different technologies, which include such as machine learning, big data, and cloud computing, which used for the management of increasing traffic and public transportation system. Also, North America is witnessing the exponential growth of commercial drones sales, along with several countries like the United States imposing laws on drones and registrations. Thus, it is anticipated to create more demand for intelligent transport system in airways sector during the forecast period.
Asia Pacific is also expected to register the highest markets for intelligent transportation systems during the forecast period owing to the continuous development in the communication sector and rapid expansion in the transportation sector expected to flourish the market growth for intelligent transportation systems in the Asia Pacific over the forecast period.
The report offers the appropriate analysis of the key organizations/companies involved within the intelligent transport system market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Agero, Inc.
- DENSO CORPORATION
- EFKON GmbH
- Hitachi, Ltd.
- Garmin Ltd.
- Thales Group
- Xerox Corporation
- Sensys Networks, Inc.
- Telenav, Inc.
- Iteris, Inc.
- Kapsch TrafficCom
- Nuance Communications, Inc.
- Q-Free ASA
- Siemens AG
- TomTom International BV
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In July 2022, Indra, a leading global technology engineering company catering to the aerospace defense, and mobility sectors, has been awarded a contract with Trans Urban in the U.S. to execute its pioneering solution for the automatic scanning and detection of high occupancy vehicles (HOV) in the I-95, I-495, and I-395 express lanes in northern Virginia.
- In September 2021, Siemens, an industrial equipment manufacturing company signed an agreement with the National Authority for Tunnels (NAT) for the delivery of a comprehensive rail system that includes first-ever high-speed of Egypt, electrified main and freight rail line.
- In April 2021, a subsidiary of Siemens AG, Siemens Mobility integrated HERE Technologies’ corridor travel time Application Program Interface (API) to provide a time-as-a-service (JTaaS) solution to assist the British public authorities to reduce traffic congestion. The combination would allow Siemens Mobility to offer the public and traffic authorities in the U.K to monitor journey times beyond the need for additional hardware option are Wi-Fi sensors and ANPR cameras with Bluetooth.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the Global Intelligent Transport System based on the below-mentioned segments:
Global Intelligent Transport System Market, By Type
- Advanced Traveller Information System (ATIS)
- Advanced Traffic Management System (ATMS)
- Advanced Public Transportation System (APTS)
Global Intelligent Transport System Market, By Application
Global Intelligent Transport System Market, By Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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