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The ITS market is determined by a number of varying market factors, varying as a rule. These would illustrate either the growth or the trajectory of the given market. The fact that urbanization is increasing throughout the world at a rapid pace is one of the most important factors to discuss on this topic. As the urban areas grow and numbers of residents rise, there is the pressing need for these areas to first come up with effective mobility alternatives. ITS, equipping itself with intelligence technologies, becomes an effective solution that resolves the traffic jams, improves the road safety as well as manages the transport system in general. As the growing urban populations bring about intense traffic, governments and private businesses start to fund the development of smart transport solutions, which ultimately gives a favorable market environment to this particular field.
Governments put great effort and focus into setting the direction for the Intelligent Transport System market. Countless national governments crosswise the world are turning their attention to the advantages that harnessing the technology of smart transport gives in the realisation of the sustainable development goals. Hence, they are channeling quite of a fund to design and put n place intelligent transport system. Regulations aiming to incorporate smart transportation technologies that deploy management systems for traffic, electronic tolling, and real time information systems support furthering the growth of the ITS market. The public and private sectors engage in co-operation which is a big step towards the subsequent progress of the intelligent transportation objectives.
Technological development and innovations go to other as much relevant market factor. The fact that the technologies like artificial intelligence, Internet of Things (IoT), data anlaysis are all about respective developments adds up to making intelligent transport systems extremely sophisticated. These achievements provide with the abilities of smart road systems, by which they handle complex issues in road transport. The integration of the sensors, communication network and smart algorithms will raise the effectiveness of traffic management because, they are able to give real-time feedback and decision-making.
The growing consciousness of environment and the desire of individuals to minimize carbon emission boosts the adoption of ecological means of transport thus causing a raise in demand for ITS. Intelligent Transportation Systems promote green ecology with its functions of smoothing traffic flow, consumption of fuel and discharge of greenhouse gases. Because ecological issues are mostly appearing as a target for endeavors and establishments to put ITS for the green and sustainable transportation structures.
The increasing number of smart cities is creating the main force of the disruptive growth of the ITS market. Traffic jams and air pollution are some inner city difficulties smart cities help reduce through the use of modern technology to make residents’ lives better. ITS has an important role in smart city arena via devices or software that facilitate intelligent transportation. The service demand for smart city infrastructure creates a situation where ITS components become widely accepted. Example of such components are smart traffic lights, parking management systems and connected vehicles which are very useful in the extension of the market.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Component, Application, Product, and Region |
Intelligent Transportation System Market Highlights:
Intelligent Transportation System Market Overview
Intelligent Transportation System Market Size was estimated at USD 23.9 Billion in 2022. The Intelligent Transportation System market industry is projected to grow from USD 26.12 Billion in 2023 to USD 53.25 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.31% during the forecast period (2023 - 2032). The increased desire for effectively connected vehicle adoption and wireless Technology are the key market drivers contributing to market growth and expansion.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Intelligent Transportation System Market Trends
The growing desire for effectively connected vehicle adoption is driving the market growth.
Market CAGR for intelligent transportation systems is being driven by the rising desire for effectively connected vehicle adoption. Implementing the intelligent transport system (ITS), market forecast aids in providing real-time traffic statistics, which aids in resolving the growing worries about traffic congestion. The data collected from multiple sensors are generally processed using sophisticated algorithms, and the sensors relay this data out to the different controllers. They use the ITS market forecast to collect actual time statistical data on traffic aids in operating various traffic lights. ITS market forecast helps drivers locate traffic-free and quicker routes for improved mobility.
The developing Cooperative, Connective, and Automated Mobility programs are also transforming the ITS market potential. It would allow traffic management and users to coordinate and share traffic-related data effortlessly. The overall execution of the CCAM program is anticipated to increase traffic efficiency, comfort while driving, and road safety by supporting the driver in making the proper decision and adapting to any traffic circumstance. This program will also facilitate the growth of the ITS industry.
The shutdown and economic crisis caused by the COVID-19 epidemic significantly damaged the financials of numerous transportation administrations in 2020. The relevance of ITS is expanding in response to rising urbanization and, as a result, rising commute time. It offers a seamless electronic system for traffic control while also reducing the requirement for a person to run it manually. The growing need for integrated, biometric, and the introduction of mobile payment and ticketing systems throughout public transport, will favorably influence the market forecast following Covid-19.
For instance, the worldwide public transport industry is estimated to have reached USD 309.1 billion by 2028. It is predicted to grow at a 5.9% CAGR by 2028. Thus, it is anticipated that demand for Intelligent Transportation Systems will increase throughout the projection period due to the rising desire for effectively connected vehicle adoption. Thus, driving the Intelligent Transportation System market revenue.
Intelligent Transportation System Market Segment Insights
Intelligent Transportation System Component Insights
The Intelligent Transportation System market segmentation, based on Components, includes Surveillance Cameras, Software, Detection & monitoring systems, Sensor, and Telecommunication Networks. The software category dominated the market, accounting for 46% of market revenue (USD 10.99 Billion) in 2022. The growing demand for data processing, fast technological innovation, and increased use of visualization software, video detecting management software, and various other ITS software vendors are driving market expansion.
Intelligent Transportation System Application Insights
The Intelligent Transportation System market segmentation, based on Application, includes Traffic management, Road user charging, Traffic signal control, Parking management, and Environment protection. The traffic management category generated the highest market revenue of about 38% (USD 9.1 billion) in 2022. Traffic management dealing with current traffic data and reducing traffic congestion is required. It needs to be able to work alongside network operators, emergency agencies, transport managers, and dispatchers.
Intelligent Transportation System Product Insights
The Intelligent Transportation System market segmentation, based on Product, includes Advanced Public Transportation Systems, Advanced traveler information Systems, Advanced Transportation Management Systems, and Advanced Transportation Pricing Systems. The advanced transportation management systems segment dominated the market, accounting for 43% of market revenue (USD 10.3 Billion) in 2022. It is owing to increased traffic congestion on roadways worldwide. Furthermore, the easy availability of automobiles due to beneficial programs and discounts given by automotive manufacturers is causing traffic congestion, and ATMs are being used to alleviate this concern. Advanced Public Transportation Systems is expected to grow and expand significantly during the projected timeframe, boosting the overall market growth.
Figure 1: Intelligent Transportation System Market, by Product, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Intelligent Transportation System Regional Insights
By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Intelligent Transportation System market area will dominate this market during the projected timeframe, owing to a high level of deployment of intelligent transport systems facilities which will boost the market growth in the North American region.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Intelligent Transportation System Market Share by Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe region’s Intelligent Transportation System market accounts for the second-highest market revenue due to the increasing emphasis on transportation infrastructure improvement by various governments is pushing the development of intelligent transportation systems. Further, the German Intelligent Transportation System market holds the largest market share, and the UK Intelligent Transportation System market is expected to grow and expand significantly in the European region during the projected timeframe.
The Asia-Pacific Intelligent Transportation System Market is expected to grow quickly during the projected timeframe. There are increasing issues over numerous traffic jams, and the need to decrease injuries and facilities drives the intelligent transportation system industry. Moreover, China’s Intelligent Transportation System market dominates the market share, and the Indian Intelligent Transportation System market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.
Intelligent Transportation System Key Market Players & Competitive Insights
Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Intelligent Transportation System market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their footprint, with significant market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Intelligent Transportation System industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.
Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the Intelligent Transportation System industry to benefit customers and capture untapped market share and revenue. The Intelligent Transportation System industry has recently offered significant advantages to the traffic management industry. Moreover, more industry participants are utilizing and adopting cutting-edge Technology has grown substantially. Major participants in the Intelligent Transportation System market, including 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), are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.
QUALCOMM, Inc. is a company that develops, designs and sells digital telecommunications devices and services. It was established in July 1985 and has its headquarters in San Diego, CA. It is a firm made up of inventors with varied talents and experiences who are passionate about improving communication worldwide. Denso and Qualcomm are working to build a next-generation cockpit technology by January 2020. This strategy is anticipated to increase the usability of in-vehicle infotainment devices.
Siemens is a worldwide powerhouse focused on electricity production & distribution and smart technologies for building. It distributed power systems, and manufacturing & industrial automation and modernization. It was founded in 1966 and is headquartered in Munich. Siemens AG opened a new ITS digital lab in Austin, Texas, in March 2019. This laboratory will gather, track, and analyze data. This information will also emphasize self-driving cars, multimodal transport, EV bike-sharing, and enhanced traffic control systems.
Key Companies in the Intelligent Transportation System market include
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Roper Technologies Inc. (US)
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Hitachi Ltd (Japan)
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Siemens AG (Germany)
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Thales Group (France)
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Xerox Corporation (US)
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BRISA (Portugal)
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Kapsch Trafficcom (Austria)
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Q Free (Norway)
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Efkon AG (Austria)
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Lanner Electronics Inc. (Taiwan)
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Denso Corporation (Japan)
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TomTom International BV (Netherlands)
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Savari Inc. (US)
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Nuance Communication Inc. (US)
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Garmin Ltd (US)
Intelligent Transportation System Industry Developments
Feb 2024:
Alstom selects Cubris' GreenSpeed™ driver advisory system for Transport for London's Elizabeth line, aiming to provide real-time speed advice to drivers, enhancing energy efficiency, and reducing wear on trains. The system will be implemented in collaboration with TfL and MTR Elizabeth line, contributing to sustainability efforts and optimizing the overall customer experience. Cubris, acquired by Thales Group, underscores its commitment to the green agenda, emphasizing energy-efficient driving advice and its significance in the UK market.
October 2023:
KOITO MANUFACTURING CO., LTD. and DENSO CORPORATION have initiated a collaboration to enhance the object recognition rate of vehicle image sensors, aiming to improve driving safety at night. Leveraging KOITO's expertise in driving-beam photometry control technology and DENSO's proficiency in object recognition technology from image sensors, the collaboration seeks to develop a system to enhance vehicle safety in low-light conditions. The joint effort targets reducing nighttime pedestrian fatalities by exploring lighting solutions that enable image sensors to detect pedestrians more effectively.
September 2023:
Kapsch TrafficCom collaborates with Brobizz, a Danish EETS toll service provider, to deliver advanced GNSS-based tolling technology for heavy goods vehicles.Intelligent transportation systems, such as GNSS-based tolling solutions, play a significant role in optimizing traffic flow, enhancing road safety, and promoting sustainable mobility.
Intelligent Transportation System Market Segmentation
Intelligent Transportation System Component Outlook
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Surveillance Camera
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Software
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Detection & monitoring system
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Sensor
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Telecommunication Network
Intelligent Transportation System Application Outlook
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Traffic management
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Road user charging
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Traffic signal control
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Parking management
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Environment protection
Intelligent Transportation System Product Outlook
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Advanced Public Transportation Systems
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Advanced traveler information Systems
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Advanced Transportation Management Systems
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Advanced Transportation Pricing Systems
Intelligent Transportation System Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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