The Intelligent Transport System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Intelligent Transport System Global Market Report 2024, 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.
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.
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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
Major companies operating in intelligent transport systems are developing innovative products such as Onboard Driver Assistance and Warning System (ODAWS) to improve highway infrastructure and road safety by providing real-time notifications to the driver. Onboard Driver Assistance and Warning System (ODAWS) is an indigenous system developed as part of the Intelligent Transportation System (ITS) under the InTranSE-II program by the Ministry of Electronics and Information Technology (MeitY) in India. For instance, in April 2022, the Ministry of Electronics and Information Technology (MeitY), an India-based government agency, launched Intelligent Transportation Systems (ITS) solutions for traffic. The project involves the development of various sub-modules, including the navigational unit, driver assistance console, and mmWave radar sensor. An indigenous Onboard Driver Assistance and Warning System (ODAWS), Bus Signal Priority System, and Common SMart IoT Connectiv (CoSMiC) software launched as part of this initiative. The ODAWS aims to boost road safety by providing real-time notifications to the driver. Bus Signal Priority System will modify normal traffic signal operations to better accommodate public transport.
The intelligent transport system market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:
- Thales Group
- Siemens AG
- Garmin International Inc.
- Kapsch TrafficCom AG
- TomTom International BV
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