Intelligent Transportation System Market
Intelligent Transportation System Market Size, Share & Trends Analysis Report by Offering (Hardware, Software, Services), by System (Advanced Traffic Management Systems (ATMS), Advanced Traveler Information Systems (ATIS), ITS-Enabled Transportation Pricing Systems (ITPS), Advanced Public Transportation Systems (APTS)), by Application (Intelligent Traffic Control, Collision Avoidance, Parking Management, Passenger Information Management), by Application (Rail-Running Operation & Collision Avoidance, Passenger Information Management, Smart Ticketing, Security & Surveillance), by Aviation Application (Security & Surveillance, Shuttle Bus Tracking, Traveler Information Management, Smart Ticketing), by Maritime Application (Freight Arrival & Transit, Real-time Weather Information Tracking, Container Movement Scheduling, Emergency Notification), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
Market Snapshot
Forecast Years for Intelligent Transportation System Market: | 2022 - 2028 |
Historical Years for Intelligent Transportation System Market: | 2016 - 2021 |
Revenue 2021 for Intelligent Transportation System Market: | USD 39.5 Billion |
Revenue 2028 for Intelligent Transportation System: | USD 68.8 Billion |
Revenue CAGR (2022 - 2028) for Intelligent Transportation System Market : | 9.7% |
Fastest Growing Region (2022 - 2028) for Intelligent Transportation System Market: | Asia Pacific |
Largest Region (2021) for Intelligent Transportation System Market: | Asia Pacific |
Market Synopsis:
The rising number of super urban communities and the populace development in created and agricultural nations has expanded the significance of conveying an Intelligent Transportation System (ITS). ITS framework comprises street transport and a practical metro/underground rail framework. In addition, Intelligent Transportation System includes the redo of general mechanical perspectives, for example, GPS, Carrier Access for Land Mobiles (CALM), and Dedicated Short Range Communication (DSRC), to name a few. Worldwide, the concerned government divisions comprehend the significance of carrying out a proficient ITS framework, which is a significant driving element for market development.
Furthermore, a productive transportation framework would help with controlling gridlocks and increment natural advantages by lessening contamination, and these elements go about as other significant drivers for the market. In any case, many restrictions for the market growth are sluggish development of the framework, particularly in the creating locales, because of the significant expense of the establishment. One more key limitation for the market development is the absence of guidelines and insignificant interoperability between the different methods of transport and innovations. Various government initiatives and market participation are shaping key private-public organizations to address these difficulties. Besides, the significant chance for the market lies in the improvement of brilliant vehicles that would work on intelligently controlled streets by conveying conditions of craftsmanship framework and most recent advancements.
Market Segmentation:
The Intelligent Transportation System Market is segmented based on Offering, System, Roadways Application, Railways Application, Aviation Application, Maritime Application, and Region. Based on Offering, the market is sub-segmented as Hardware, Software, and Services. Based on the segment System, the market is further sub-segmented as Advanced Traffic Management Systems (ATMS), Advanced Traveler Information Systems (ATIS), ITS-Enabled Transportation Pricing Systems (ITPS), Advanced Public Transportation Systems (APTS), and Commercial Vehicle Operation (CVO) Systems. Based on Roadways Application, the market is sub-categorized as Intelligent Traffic Control, Collision Avoidance, Parking Management, Passenger Information Management, Ticketing Management, Emergency Vehicle Notification, Automotive Telematics, and Fleet Management & Asset Monitoring. Based on Railways Application, the market is further segregated into Rail-Running Operation & Collision Avoidance, Passenger Information Management, Smart Ticketing, Security & Surveillance, Emergency Notification, and Other Railways Applications. On the other hand, based on Aviation Applications, the market is sub-segmented as Security & Surveillance, Shuttle Bus Tracking, Traveler Information Management, Smart Ticketing, Aircraft Management, Emergency Notification, and Other Aviation Applications. Finally, based on the Maritime Application category, the market is sub-categorized as Freight Arrival & Transit, Real-time Weather Information Tracking, Container Movement Scheduling, Emergency Notification, and Other Maritime Applications.
Based on System:
Based on the System, the market is sub-categorized as Advanced Traffic Management Systems (ATMS), Advanced Traveler Information Systems (ATIS), ITS-enabled Transportation Pricing Systems (ITPS), Advanced Public Transportation Systems (APTS), and Commercial Vehicle Operation (CVO) Systems. The Advanced Traveler Information System (ATMS) sub-segment is expected to develop extensively over the projection period. ATMS gives traffic the board arrangements that might further develop street security while improving traffic streams and versatility. In addition, traffic the board arrangements offer continuous information that can help examine and answer crises immediately.
Asia Pacific is Projected to Grow at the Highest CAGR During the Forecast Period
Asia Pacific is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. Significant advances in innovation and the rapid development of transportation networks are supposed to drive the development of the ITS market in the Asia Pacific. The financial advantages originating from the organization are especially striking in nations like China, India, and Japan. Canny transportation frameworks not only assist in keeping away from clogged courses and, in this way, diminish travel time but also offer money-related advantages to vehicle proprietors by lessening the general fuel utilization. Consequently, automobile manufacturers in both creating and creating economies are forcefully coordinating these frameworks in their forthcoming models.
Competitive Landscape:
The key players in the Intelligent Transportation System Market include- Siemens (Germany), Thales Group (France), Kapsch TrafficCom (Austria), Cubic Corporation (US), Conduent Inc. (US), Garmin Ltd. (US), TomTom International BV (Netherlands), Teledyne FLIR Systems Inc. (US), Indra Sistemas (Spain), Denso Corporation (Japan).
Segmentation of Intelligent Transportation System Market:
Parameter
Details
Segments Covered
Regions & Countries Covered
Companies Covered
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
impact analysis
Frequently Asked Questions
-
What is
the global demand for Intelligent Transportation System
in terms of revenue?
The global Intelligent Transportation System valued at USD 39.5 Billion in 2020 and is expected to reach USD 68.8 Billion in 2028 growing at a CAGR of 9.7%
-
Which
are the prominent players
in the market?
The prominent players in the market are Siemens (Germany), Thales Group (France), Kapsch TrafficCom (Austria), Cubic Corporation (US), Conduent Inc. (US), Garmin Ltd. (US), TomTom International BV (Netherlands), Teledyne FLIR Systems Inc. (US), Indra Sistemas (Spain), Denso Corporation (Japan).
-
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 9.7% between 2021 and 2028.
-
What are
the driving factors
fueling the growth of the market.
The driving factors of the Intelligent Transportation System include
- Government efforts to ensure road and public safety
-
Which
region accounted for the
largest share in the market?
Asia Pacific was the leading regional segment of the Intelligent Transportation System in 2020.