Global Intelligent Transportation System Market size expected to reach USD 68.41 billion with CAGR 11.3% by 2030

Global Intelligent Transportation System Market Size Was Valued at USD 29.05 Billion In 2022 And Is Projected to Reach USD 68.41 Billion By 2030, Growing at A CAGR of 11.3% From 2023 To 2030.

Market Overview:

The intelligent transportation system aims to achieve traffic efficiency by minimizing traffic problems. It enriches users with traffic information in advance, real-time operational information for local convenience, and seat availability, shortens travel time for travelers, and improves their safety and comfort.

The increasing demand for sensitive vehicles with integrated state-of-the-art telecommunication technology as well as the improved security and police investigation through modern cameras and license plate recognition of vehicles on the streets, aging infrastructure, and the threatened lack of traffic information management are some of the opposing factors which should contribute to market expansion. Corridors and highways have created the need for other traffic management technology.

Top Key Players in the Intelligent Transportation System Market:

Thales Group, Conduent Inc, Cubic Corporation, Addco, Agero Inc, Denso Corporation, EFKON GmbH, Hitachi Ltd, Garmin Ltd, Thales Group, Xerox Corporation, Recardo, Sensys Networks Inc, Telenav Inc, Iteris Inc, Kapsch TrafficCom, Lanner, and Other Major Players.

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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels.

For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.

Market Dynamics and Factors for the Intelligent Transportation System Market:

Drivers:

Increasing Traffic Problem In Metro Cities

Traffic congestion is a major problem in large cities with high-density populations. Although rules and regulations are in place to manage a large moving population, a certain system is required to streamline the process.

Governments across the globe are adopting it to boost road safety and the operational performance of the transport system and cut back the impact of transportation on the environment. To implement ITS, substantial funds are required.

Countries like the US, Dubai, and Japan are heavily financed in numerous comes of ITS. In 2020, the United Kingdom government endowed USD 1.9 million in 3 projects to trial innovative technologies and new ways in which to improve driving conditions, cut traffic congestion, and reduce time spent in traffic jams.

Opportunities:

Partnership Of Government Entities To Deploy The Intelligent Transportation System

Intelligent Transportation System Market provides a potential opportunity for the private player with the partnership of government entities to deploy the intelligent transportation system. ITS cannot be implemented by a single stakeholder as It requires collaboration between multiple domains like Telecommunications operators, infrastructure providers, manufacturers, service providers, public sector companies, and user groups.

Therefore, public-private partnerships (PPPs) would be key to ITS success. Many non-profit organizations such as ITS Canada, ITS America, ITS Thailand, ITS India, and ITS Germany sign strategic partnership agreements with various associations working on road and transport projects.

In June 2020, Cubic Transportation Systems, a transport company division of Cubic Corporation, was selected by the government of the state of Yucatan to install advanced traffic management technologies in the city of Mérida, Mexico

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Segmentation Analysis of the Intelligent Transportation System Market:

By Type, Hardware is the dominating segment in the Intelligent Transportation System Market. In ITS, there is a high investment in the hardware devices, cameras, sensors, traffic management units, and system boxes for each place making it a very dependable factor when considering the Intelligent transportation software deployment.

By Application, Roadway is the dominating segment in the Intelligent Transportation System Market. Roadways are the most needed sector to be regulated and need an intelligent system to navigate the traffic and smart response time to avoid congestion and road accidents due to human errors and poor road infrastructure.

By Type         

• Hardware
• Software
• Services

By System     

• ATMS
• ATIS
• ITPS
• Others

By Application          

• Roadway
• Railway
• Aviation
• Maritime

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Regional Analysis of the Intelligent Transportation System Market:

North America dominated the Intelligent Transportation System Market in 2020 with a market share of over 40%. The region is considered a technology hub for aggressive development and deployment of the latest advanced technologies such as machine learning, big data, computing in the cloud, and IoT.

The region is also home to the most important players in the world market. The strong emphasis that various governments in the region have placed on improving transport infrastructure is driving the adoption of intelligent transportation systems.

North America as a result of increased traffic and the resulting traffic congestion.

By Region      

• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

Key Industry Development:

In June 2021, Siemens signed a contract with the National Authority for Tunnels (NAT) to deliver a comprehensive rail system that may feature the first-ever high-speed, electrified main, and freight line remodeling Egypt’s transportation. Siemens Quality will offer its comprehensive integrated services to design, install, commission, and maintain the systems for fifteen years.

In May 2021, Omaha Underground Transit awarded Cubic Transportation Systems a multi-year contract to deliver its Umo Pass solution. No Pass can empower Omaha underground Transit riders to seamlessly position and get transit journeys through one fare payment system.

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