Intelligent Transportation System Market

Market Synopsis:

The Global Intelligent Transportation System Market is valued at USD 42.70 Billion in the year 2022 and is projected to reach a value of USD 88.26 Billion by the year 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 9.50% over the forecast period.

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.

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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: