Overview and Scope
Intelligent Transport System (ITS) is a combination of advanced technologies and communication systems to improve the efficiency, safety, and sustainability of transportation systems. It seeks to increase traffic efficiency and reducing traffic issues by allowing customers access to historical data on traffic, nearby conveniences, real-time running information, seat availability.
Sizing and Forecast
The intelligent transport system market size has grown rapidly in recent years. It will grow from $33.18 billion in 2023 to $37.15 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to government initiatives, increaseed safety concerns, environmental sustainability, rising vehicle ownership, urbanization trends.
The intelligent transport system market size is expected to see rapid growth in the next few years. It will grow to $55.64 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to emergence of autonomous vehicles, iot integration, smart city initiatives, environmental regulations, public-private partnerships. Major trends in the forecast period include integration of ai and machine learning, connected vehicle technologies, electrification and sustainable mobility, cybersecurity in transportation, data analytics for traffic optimization.
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Segmentation & Regional Insights
The intelligent transport system market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By System: Advanced Traffic Management Systems (ATMS), Advanced Traveler Information Systems (ATIS), Advanced Transportation Pricing Systems (ATPS), Advanced Public Transportation Systems (APTS), Emergency Medical Systems (EMS)
3) By Mode of Transport: Roadways, Railways, Airways
4) By Application: Intelligent Traffic Control, Collision Avoidance, Parking Management, Ticketing Management, Automotive Telematics, Fleet Management And Asset Monitoring, Other Applications
North America was the largest region in the intelligent transport system market in 2023. The regions covered in the intelligent transport system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing number of road accidents is expected to propel the growth of the intelligent transport system market going forward. An accident refers to a collision involving at least one vehicle on a public road that results in at least one person being hurt or killed. ITS applications, such as traffic signal control systems, speed cameras, and road safety cameras, help monitor and enforce traffic rules, ensuring that drivers follow road safety regulations. For instance, in September 2022, according to the National Highway Traffic Safety Administration, an agency of the U.S. federal government, part of the Department of Transportation, an estimated 20,175 persons lost their lives in on-road car accidents in the first half of 2022 in the US, a 0.5% increase from 2021. Therefore, the increasing number of road accidents is driving the intelligent transport system market.
Key Industry Players
Major companies operating in the intelligent transport system market report are Thales Group, Siemens AG, Garmin International Inc., Kapsch TrafficCom AG, TomTom International BV, Denso Corporation, Efkon GmbH, Ricardo plc, Lanner Inc., Q-Free ASA, TransCore, Atkins Group, Iteris Inc., Savari Inc., Teledyne FLIR LLC, IBM Corporation, Addco LLC, Cubic Corporation, Alstom SA, Hitachi Ltd., Indra Sistemas S.A., Advantech Co. Ltd., Nuance Communications Inc., Conduent Incorporate, Cohda Wireless, Sensys Networks Inc., Rapid Flow Technologies Inc., Verra Mobility, Xerox Corporation, Traffex Technologies Inc.
The intelligent transport system market report table of contents includes:
1. Executive Summary
2. Intelligent Transport System Market Characteristics
3. Intelligent Transport System Market Trends And Strategies
4. Intelligent Transport System Market – Macro Economic Scenario
5. Global Intelligent Transport System Market Size and Growth
….
31. Global Intelligent Transport System Market Competitive Benchmarking
32. Global Intelligent Transport System Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Intelligent Transport System Market
34. Intelligent Transport System Market Future Outlook and Potential Analysis
35. Appendix
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