|Hitachi Ltd (Japan)|
|Siemens AG (Germany)|
|Thales Group (France)|
|Xerox Corporation (US)|
|Kapsch Trafficcom (Austria)|
|Q Free (Norway)|
|Efkon AG (Austria)|
|Lanner Electronics Inc. (Taiwan)|
|Denso Corporation (Japan)|
|TomTom International BV (Netherlands)|
|Savari Inc. (US)|
|Nuance Communication Inc. (US) and Garmin Ltd (US)|
|Market Driving Forces|
|The growing demand for successful implementation of connected cars technology opening doors for the intelligent transportation system.|
Intelligent Transportation System Market Overview:The Global Information Transport Systems market revenue is projected to grow at a CAGR of 9.31% during the forecast period 2022-2030 and reach USD 49 billion by 2030.The intelligent transportation system is a type of application of communication, analysis, sensing, and control technologies to ground transportation due to improvement of efficiency, mobility, and safety. The rising requirements for the improvements of road security, government initiatives, and the growing concern for various traffic congestions, encourage the growth of the intelligent transportation system market. Also, the shift of the freight industry from the unorganized sector to the organized sector is another reason that boosts the growth of the intelligent transportation system (ITS) market.
However, the scarcity of appropriate infrastructure for the implementation of the intelligent transportation system market in various underdeveloped and developing countries and huge expenses for the safety of the intelligent transportation system (ITS) market revenue are the factors that affect the growth of this market in the course of the forecast period i.e. 2019-2024. Also, the rising demand for successful implementation of connected opening doors technology in cars is driving the rise of the ITS market. Also, the rising demand for intelligent transportation systems is assumed to show huge growth in various wireless applications and devices and would offer a great opportunity to the worldwide intelligence transportation system market key players.
Partnering with 18 states and Washington, DC, the Eastern Transportation Coalition is focused on connecting public agencies across modes of travel to increase safety and efficiency. Geotab ITS would provide origin-destination and freight data, utilizing the Geotab ITS Altitude platform.
Covid-19 Impact on the Market
On Dec. 15, 2020, Tata Consultancy Services Ltd. (TCS), a leading global provider of IT & consulting services and business solutions, announced its novel transportation systems and mobility as a service (MaaS) is gaining increasing traction, as the COVID-19 pandemic promoted the need for contactless travel and minimized human transactions. TCS also confirmed that it is developing solutions to respond to changing business dynamics and customer expectations.
The company invested in developing systems to enhance passenger experience and ensure profitability for railway operators worldwide. TCS was sure that its efforts to transform the passenger railway industry, where delivering real-time information about the journey is important to enable personalized mobility, would pay off immensely. The company also confirmed that its IoT-based data sources would see greater uptake for planning and optimization of transport networks & services.
Market Dynamics:Drivers :The deployment of the intelligent transportation system market outlook assists in offering statistics of real-time traffic that would help in resolving the rising concerns of traffic congestion. Moreover, the intelligent signals control the gathering of information from various sensors that quantify the pre-emption alarms, vehicle speed, traffic-related data, traffic signals, etc.
The information received from several sensors usually runs following the refined algorithms and the sensors send these data back to the various controllers. Therefore the collection of real-time statistical information on the traffics by utilizing the intelligent transportation system market outlook assists in controlling various traffic signals. Also, the intelligent transportation system (ITS) market outlook assists the drivers to identify the traffic-free and shorter routes for the improvement of mobility.
CTS’s Intelligent Transport Systems (ITS) comprises web-based information systems and databases and support ICT systems & IP communication computer systems. The ITS enables the collection and distribution of real-time traffic information on the Scottish Trunk Road and Motorway networks.
Opportunities:The emerging programs of CCAM or Cooperative, Connective, and Automated Mobility are resulting in the transformation of worldwide intelligence transportation system market opportunities. It would permit the traffic managers and the users to coordinate seamlessly and to share traffic-related data. Moreover, the cooperative element would assist in building a connection between and among the vehicles i.e. V2V, and also the connection between transport infrastructure and the vehicle i.e. V2I and would result in enhanced intelligence transportation market . The entire implementation of the Cooperative, Connective, and Automated Mobility program is likely to undergo the improvement of traffic efficiency, comfort of driving, and road safety by assisting the driver to make the correct decision and easily adapt to any traffic situation. This program would also result in the facilitation of increasing intelligence transportation system market.
Restraints:The major restraint of the intelligent transportation system market growth is the requirement of a hefty amount of money for the installation of an intelligent transportation system. A centralized sophisticated TMC or Traffic Management Center is needed that can deal with the real-time traffic information and also can help to decrease traffic congestion. This TMC must be able to be co-located with the system operators, response agencies, transportation managers, and dispatchers.
Also, another factor that can be a restraint of the ITS market growth is that the proper implementation of intelligent transportation systems requires microwave detectors, ATISs or Advanced Traveler Information Systems, CCTV cameras, HAR, or Highway Advisory Radio, DMS or Dynamic Message Signs, etc. Also, for the systems of transit fleet management, MDTs or mobile data terminals are required. The utilization of all these components asks for a hefty amount of investments and thus can be a huge restraint of the intelligent transportation system market growth.
Challenges:The major challenges of the intelligent transportation system market share are achieving standard and interoperable global intelligent transportation system architecture. The proper establishment of an ITS infrastructure incorporates the integration of several heterogeneous devices that may often create some major compatibility issues. Therefore, for the proper synchronization of these heterogeneous devices, standardization during the implementation of several ITS systems is required.
However, the main issue that affects the intelligent transportation system market shareis the scarcity of standard infrastructure of ITS. The significant utilization and implementation of information technology are the procedures of several interrelated steps. If any kind of error is present in any stages in the course of implementation, then it would result in the reduction of efficiency and also a reduction in the intelligent transportation system market.
Market Segment Overview:The worldwide intelligence transportation system can be classified based on component, application, region/country, and product.
By Component:On the basis of components, the worldwide intelligence transport system has been classified into:Surveillance Camera:
Detection and monitoring system:
By Application:Depending on the application, the intelligent transportation system market can be segmented into:
By Country/Region:Depending on country/region, the global intelligent transportation system market can be classified into:
By Product:Based on product, the worldwide intelligent transportation market can be divided into:
On Oct. 10, 2022, Transdev United States, a leading private sector operator for multiple modes of transit in North America, announced a new partnership with Grand Rapids’ Interurban Transit (The Rapid) for the operation and maintenance of its paratransit fleet. Rapid’s paratransit services have started operating across the region. As part of the contract, Transdev will help Rapid to provide essential transportation services in Grand Rapids, supporting over 200,000 paratransit trips per year.
Intelligent Transportation System Market Regional Analysis:The geographic segmentation of the global intelligent transportation system market key players has been conducted for Europe, Africa, the Middle East, North America, South America, and the Asia Pacific region.
Among all the market key players, the North American region is expected to observe the highest growth in intelligent transportation system (ITS) market. The reason for such growth of the ITS in this region is the high extent of deployment of the intelligent transportation system market trends. Since the US is the most technologically advanced country, it leads the North American ITS market. Also, Europe is another country that is experiencing the second-highest growth in intelligent transportation system industry.Also, according to the forecast, the Asia Pacific region is expected to be another market for the fast-growing intelligent transportation system market size because of the rising concern about various traffic congestions. Adding to this, the requirements to reduce injuries and facilities is a factor that’s boosting the intelligent transportation system market in various countries like India, Australia, China, Singapore, and Japan.
The joint initiative by the Centre for Development of Advanced Computing (CDAC) and Indian Institute of Technology Madras (IIT-M) developed an indigenous onboard driver assistance and warning system (ODAWS), bus signal priority system, and common SMart iot connectiv (CoSMiC) software. Mahindra and Mahindra was the industrial collaborator for the project.Intelligent Transportation System Market Competitive Landscape:According to the MRFR intelligent transportation system (ITS) market forecast, the key players are identified on the basis of recent key developments, the country of origin, industry expertise, product diversification, and presence across various regions. The major strategies that have been adopted to expand the intelligent transportation system market size by the major worldwide ITS players are agreements, collaborations, and partnerships. market key players are Roper Technologies, Inc. (US), Hitachi Ltd (Japan), Siemens AG (Germany), Thales Group (France), Xerox Corporation (US), BRISA (Portugal), Kapsch Trafficcom (Austria), Q Free (Norway), Efkon AG (Austria), Lanner Electronics Inc. (Taiwan), Denso Corporation (Japan), TomTom International BV (Netherlands), Savari Inc. (US), Nuance Communication Inc. (US) and Garmin Ltd (US).Report Overview:Depending on the worldwide intelligent transportation system market forecast, the market is expected to observe a growth of at least 49 Billion USD by 2024. Therefore, there would be at least an 11.6% rise in the CAGR or compound annual growth rate during the ITS market forecast period, i.e. 2019-2024. One of the most significant players based on ITS applications of the region is the North American region because of its vast industrial and manufacturing sector.
Scope of report and segmentation table:
|Market Size||USD 49 Billion BY 2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Product|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Roper Technologies, Inc. (US), Hitachi Ltd (Japan), Siemens AG (Germany), Thales Group (France), Xerox Corporation (US), BRISA (Portugal), Kapsch Trafficcom (Austria), Q Free (Norway), Efkon AG (Austria), Lanner Electronics Inc. (Taiwan), Denso Corporation (Japan), TomTom International BV (Netherlands), Savari Inc. (US), Nuance Communication Inc. (US) and Garmin Ltd (US).|
|Key Market Opportunities||Increasing demand for ITS is expected to show the significant growth in the wireless application (that includes device and application) offers a lucrative opportunity to the key players in the global market.|
|Key Market Drivers||The growing demand for successful implementation of connected cars technology opening doors for the intelligent transportation system.|
The market will be gaining a CAGR of 9.31% during the growth period.
The market will be achieving a valuation of USD 49 Billion by 2030.
The growing need for improvements in road safety and government initiatives are encouraging the market for intelligent transportation systems.
product, application, component is the segments included in the global intelligent transportation system market’s study.
North America is going to account for the highest market share of the intelligent transportation system market.
Roper Technologies, Inc. (US), Hitachi Ltd (Japan), Siemens AG (Germany), Thales Group (France), Xerox Corporation (US), BRISA (Portugal), Kapsch Trafficcom (Austria), Lanner Electronics Inc. (Taiwan) and Denso Corporation (Japan) are some well-established players that are likely to gain high traction for the global cloud computing market.