Intelligent Transportation System Market Research Report - Global Forecast till 2030

Global Intelligent Transportation System Market Research Report: Information by Product (Advanced Transportation Management Systems, Advanced Public Transportation Systems, Advanced Transportation Pricing Systems, Advanced Traveler Information Systems and Cooperative Vehicle Systems) - Forecast till 2030

ID: MRFR/ICT/1544-CR | February 2020 | Region: Global | 75 pages

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Intelligent Transportation System Market Overview:

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 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 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 intelligent transportation system market revenue. 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. 



The worldwide intelligence transportation system market revenue is assumed to register a growth of 9.31% CAGR in the course of the forecast period 2019-2025 and would reach USD 54.59 Billion within 2030.



Intelligent Transportation System 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 of the traffics by utilizing the intelligent transportation system market outlook assists in controlling various traffic signals.  Also, the intelligent transportation system market outlook assists the drivers to identify the traffic-free and shorter routes for the improvement of mobility. 



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 opportunities. 



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 opportunities. 



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 the 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 intelligent transportation system 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 share is 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 share. 



Intelligent Transportation System 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:



  • Thermal Camera 

  • AID camera


Software:



  • Visualization software

  • Transit management software

  • Video detection management 

  • Others


Detection and monitoring system:



  • Automation recognition of number plate

  • Intelligent traffic controller 


Sensor:


  • Pedestrian presence sensor

  • Vehicle detection sensor

  • Speed sensor 


Telecommunication Network:


  • Copper Lines

  • Fiber optics

  • Wireless 


By Application:
Depending on the application, the intelligent transportation system market can be segmented into: 



  • Traffic management

  • Road user charging

  • Traffic signal control

  • Parking management

  • Environment protection

  • Automotive telematics

  • Traffic enforcement camera

  • Collision advance system

  • Road security and safety

  • Commercial freight management

  • Public transport


By Country/Region:
Depending on country/region, the global intelligent transportation system market can be classified into: 



  • Europe

  • Africa and the Middle East 

  • North America

  • South America 

  • Asia Pacific 


By Product:
Based on product, the worldwide intelligent transportation market can be divided into: 



  • APTS or Advanced Public Transportation Systems

  • ATIS or Advanced traveler information Systems

  • ATMS or Advanced Transportation Management Systems 

  • ATPS or Advanced Transportation Pricing Systems 


Intelligent Transportation System Market Regional Analysis:
The geographic segmentation of the global intelligent transportation system market key players has been conducted for Europe, Africa, and the Middle East, North America, South America, and the Asia Pacific region. 



Among all the intelligent transportation system market key players, the North American region is expected to observe the highest growth in intelligent transportation system market trends. 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 market trends.



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 size in various countries like India, Australia, China, Singapore, and Japan. 



Intelligent Transportation System Market Competitive Landscape:
According to the MRFR intelligent transportation system 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.



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 intelligent transportation system 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: 



  • Base year – 2019

  • Forecast period – 2019-2024

  • Historical data – 2019



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 49 Billion
  CAGR   9.31% (2021-2030)
  Base Year   2020
  Forecast Period   2020-2030
  Historical Data   2018
  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.


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Frequently Asked Questions (FAQ) :

The market will be gaining a CAGR of 9.31% during the growth period.

The market will be achieving a valuation of USD 54.59 Billion by 2030.

The growing need for improvements for 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.