Intelligent Transportation Systems Market
Report ID: SQMIG20X2005
Intelligent Transportation Systems Market Size, Share, Growth Analysis, By offering(Hardware, Software, and other), By system(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), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20X2005 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
64
|Figures:
75
Intelligent Transportation Systems Market Insights
Intelligent Transportation Systems Market size was valued at USD 51.19 billion in 2022 and is poised to grow from USD 54.82 billion in 2023 to USD 94.91 billion by 2031, growing at a CAGR of 7.10% during the forecast period (2024-2031).
The intelligent transportation systems Industry market makes use of new information and communication technologies to improve driving. ITS refers to any mode of transportation that makes use of intelligent communication systems. ITS has information on both wireless and wired connections for the Internet of Things. ITS alters the way Traffic Management Centers (TMC) operate and manage road networks by addressing three major transportation issues. There are issues when there is insufficient information, when the information is incorrect, or when there is insufficient coordination. Information technology assists TMCs in making better network decisions by providing them with up-to-date and accurate data.
The market is expected to expand because there is a growing demand for traffic control systems, smart vehicles that are linked to cutting-edge latest telecommunications technology, and modern cameras and licence plate readers that keep an eye on people. The industry is likely to be driven by an increasing number of vehicles, ageing infrastructure, and a lack of traffic data management. Because city streets and highways need to be managed more efficiently, a new traffic management system was developed. To deal with the increasing volume of traffic, the transportation authority intends to employ modern data analytics.
US Intelligent Transportation Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
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Intelligent Transportation Systems Market Segmental Analysis
Intelligent transportation systems Industry is segmented based on the offering, System and region. Based on offering, it is segmented into Hardware, Software and other. Based on the system, 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 Region it is categorized into North America, Europe, Latin America, Asia Pacific, and MEA.
Analysis by Offering
Based on offering, The software segment is expected to grow at the fastest CAGR During the forecast period. Software solutions transmit real-time information about the vehicle's current location, unplanned route changes due to traffic congestion, or an accident to a third-party system via network solutions. As a result, governments around the world are launching a variety of initiatives to encourage advanced software development. The US Department of Transportation (USDOT) and the Open-Source Application Development Portal (OSADP), for example, help to advance research, development, planning, testing, and deployment of connected vehicle and traveler related applications and ITS. As a result, the ITS market's software segment is expected to grow at the fastest CAGR during the forecast period.
Analysis by System
Based on the system, advanced traffic management systems had the largest share of the ITS market. The advanced traffic management system (ATMS) informs drivers about traffic or road conditions in real time. The system continuously monitors expressways and highways and provides valuable feedback and information to the central traffic control room, allowing it to take appropriate traffic-control actions in a timely manner. Furthermore, the system enables private concessionaires, highway operators or government authorities to improve road safety, traffic flow, transportation system efficiency, economic productivity, and mobility. As a result, the ATMS application held the largest share of the ITS market.
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Intelligent Transportation Systems Market Regional Insights
The Asia-Pacific region currently dominates the intelligent transportation systems Industry (ITS) market and is expected to contribute significantly to this market during the forecast period. China is the second largest market in this region, owing to government funding for ITS implementation in the country. South Korea is the region's leading ITS deployment country, with the most substantial funding. Over the forecast period, Europe is expected to show significant market growth. The United Kingdom is a leader in the deployment of ITS for public transportation in the country. Other European countries are also contributing to the growth of this market.
North America is expected to grow steadily in this market over the forecast period, owing to Canada's slower implementation of ITS. Because of its FAST Act, use of advanced technology and rising adoption ratio, and overall government involvement in smart cities projects, the United States leads the region in contributing to regional growth. Latin America is also expected to grow rapidly, as Brazil and Mexico support ITS planning and deployment in their respective countries. The markets in the Middle East and the Rest of the World will expand rapidly. This is due to the early adoption of advanced technologies and government initiatives such as free trade zones in the UAE, which have identified opportunities in the automotive industry.
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Intelligent Transportation Systems Market Dynamics
Drivers
Government Initiatives to Bolster Market Growth
- Government initiatives for effective traffic management are driving the market. Governments around the world are implementing intelligent transportation systems Industry (ITS) to improve road safety and operational performance of the transportation system, as well as to reduce the environmental impact of transportation. Significant funds are required to implement ITS. Countries such as the United States, Dubai, and Japan are heavily investing in various ITS projects. The UK government, for example, invested USD 1.9 million in three projects to test innovative technologies and new ways to improve driving conditions, reduce traffic congestion, and reduce time spent stuck in traffic. Furthermore, the government hopes that the deployment of next-generation AI-powered intelligent transportation systems will give drivers the confidence to plan their trips without being concerned about getting stuck in traffic. These systems also reduce traffic congestion, delays, and air pollution. Innovators in the United Kingdom are being supported in their efforts to create a cleaner, greener, and more sustainable transportation network.
Restraints
High Cost to Hinder Market Growth
- The intelligent transportation systems Industry (ITC) can be affected by the high cost of installation. The basic requirement for an intelligent transportation setup is a sophisticated centralised traffic management centre (TMC) that can deal with real-time traffic data and help reduce traffic congestion. This management centre should be co-located with transportation managers, system operators, dispatchers, and emergency response agencies, necessitating significant investment. CCTV cameras, microwave detectors, dynamic message sign boards, advanced traveller information systems, highway advisory radios, mobile data terminals, fleet management systems, and a variety of other systems and components are also included in the ITS implementation. Mobile data terminals are onboard multifunctional devices that allow two-way communication between a vehicle and a control centre. According to the US Department of Transportation, Mobile data terminal capital costs typically range from USD 1,000 to USD 4,000 per unit. And additional installation costs from USD 500 to USD 1,000.
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Intelligent Transportation Systems Market Competitive Landscape
The intelligent transportation systems Industry is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Top Player's Company Profiles
- Thales Group
- Siemens AG
- Garmin Ltd.
- TomTom NV
- Cubic Corporation
- Kapsch TrafficCom AG
- Q-Free ASA
- TransCore LP
- Savari Inc.
- Iteris Inc.
- Denso Corporation
- Hitachi Ltd.
- Ricardo plc
- Atkins Global
- Swarco AG
- Indra Sistemas SA
- Lanner Electronics Inc.
- EFKON AG
- Xerox Corporation
- Addco LLC
Recent Developments
In January 2020, Denso Corporation and Qualcomm Technologies are collaborating to develop the next generation cockpit system. This system is used to improve user-friendliness in the use of in-vehicle infotainment products.
In February 2020, Lanner Electronics, Inc. established a partnership with Creanord, a service assurance expert. This partnership will help to assist the service and carriers' providers with a wide range of segmented, advanced, and distributed solutions in Metro and access networks for performance assurance. This seamless integration of the hardware platform will offer a complete solution for the service providers to manage and diagnose SLAS performance issues with ease by delivering network service visibility 24X7.
Intelligent Transportation Systems Key Market Trends
- Advancement in AI and VR can bring revolutionary change in intelligent transportation systems Industry.Artificial intelligence and virtual reality advancements show promise in improving global transportation networks. These technologies include vehicle head-up displays and visualisation creation. They assist drivers and other users of the transportation system. Al has the ability to change the system's modelling. Providers of traffic management solutions are embracing Al. In March 2020, Lilin, a Taiwanese manufacturer of IP video-based systems, unveiled the Aida ALPR series, an Al-based traffic management system, as well as a variety of surveillance cameras and other innovative city equipment. This comprehensive system detects objects accurately for plate recognition, vehicle speed detection, parking spot detection, truck, motorcycle, and pedestrian violations, among other things.
Intelligent Transportation Systems Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 51.19 billion |
| Market size value in 2031 | USD 94.91 billion |
| Growth Rate | 7.10% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Intelligent Transportation Systems Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Intelligent Transportation Systems Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Intelligent Transportation Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Intelligent Transportation Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Intelligent Transportation Systems Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Intelligent Transportation Systems Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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