Global Intelligent Transportation System Market Research Report: By Application (Traffic Management, Road Safety & Security, Freight Management, Public Transport, Environment Protection, Automotive Telematics, Parking Management, and Road Tolling Systems), By Type (Advanced Traveler Information System, Advanced Traffic Management System, Advanced Transportation Pricing System, Advanced Public Transportation System, and Emergency Medical System), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis, and Forecast 2023-2031.
The Global Intelligent Transportation System Market was valued at USD 29.40 billion in 2022, and is estimated to reach approximately USD 56.84 billion by 2031, at a CAGR of 7.6% from 2023 to 2031. A group of cutting-edge technologies known as an intelligent transportation system (ITS) are used to increase the effectiveness, security, and sustainability of transportation networks. In order to improve overall transportation operations, ITS incorporates a number of components, including sensors, communication networks, data analytics, and control systems. Intelligent infrastructure, including intelligent traffic signals and changeable message signs, as well as vehicle-to-vehicle and vehicle-to-infrastructure communication systems, are important elements of ITS. Real-time data interchange and educated decision-making are made possible by these technologies, which optimize traffic patterns, lessen congestion, and improve road safety. ITS also includes tools like advanced traveler information systems, which provide drivers up-to-the-minute traffic data, and vehicle automation, which makes autonomous driving possible.
INTELLIGENT TRANSPORTATION SYSTEM MARKET: REPORT SCOPE & SEGMENTATION
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Report Attribute |
Details |
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Estimated Market Value (2022) |
29.40 Bn |
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Projected Market Value (2031) |
56.84 Bn |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Type, By Application, & Region |
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Segments Covered |
By Type, By Application, & Region |
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Forecast Units |
Value (USD Billion or Million), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Global Intelligent Transportation System Market Dynamics
A primary driver is the growing demand for effective traffic management and congestion reduction. As cities become more densely populated, the need for smart transport solutions to reduce traffic congestion grows. The increased emphasis on road safety and the desire to reduce accidents drives the deployment of ITS technologies that enable real-time monitoring, automated event detection, and emergency response systems. The increasing emphasis on environmental sustainability and the need to minimize carbon emissions push the incorporation of ITS in promoting environmentally friendly transportation options. Overall, government initiatives and investments in smart city development, infrastructure modernization, and digital connection help to move the ITS industry ahead, offering possibilities for technology suppliers and solution vendors.
Global Intelligent Transportation System Market Drivers
The rapid urbanization in many countries has resulted in the growth of the urban population and increased traffic congestion. Intelligent transportation systems offer solutions to manage traffic flow efficiently, reduce congestion, and improve overall transportation management.
Restraints:
The implementation of intelligent transportation systems involves significant upfront costs, including infrastructure development, installation of sensors and cameras, and integration of various components. These high costs can be a major restraint, especially for developing economies with limited financial resources.
Opportunities:
The growing emphasis on sustainability and environmental concerns offers opportunities for intelligent transportation systems to support eco-friendly transportation solutions. Integration of electric vehicles, optimized routing algorithms, and intelligent energy management can contribute to reducing carbon emissions and promoting sustainable transportation.
Segment Overview
By Application
Based on application, the global intelligent transportation system market is divided into traffic management, road safety & security, freight management, public transport, environment protection, automotive telematics, parking management, and road tolling systems. The traffic management category dominates the market with the largest revenue share of around 30.5% in 2022. The growing demand for effective traffic management solutions to reduce congestion, improve traffic flow, and increase transportation efficiency has spurred demand for sophisticated traffic management systems. These systems include a variety of technologies and solutions, including as traffic monitoring and control, signal synchronization, incident detection, and traffic data analytics. Rapid urbanization, population expansion, and the concomitant increase in car ownership have increased the need to properly manage traffic in metropolitan areas. Furthermore, technological breakthroughs such as artificial intelligence, IoT, and cloud computing have enabled traffic management systems to become more intelligent, adaptable, and efficient, bolstering their market domination. The continued emphasis on smart city efforts and infrastructure development is projected to support traffic management segment growth in the near future.
By Type
Based on the type, the global intelligent transportation system market is divided into advanced traveler information system, advanced traffic management system, advanced transportation pricing system, advanced public transportation system, and emergency medical system. The advanced traffic management system category dominates the market with the largest revenue share of around 29.3% in 2022. The growing demand for effective traffic management solutions to reduce congestion, improve traffic flow, and increase transportation efficiency has spurred demand for sophisticated traffic management systems. These systems include a variety of technologies and solutions, including as traffic monitoring and control, signal synchronization, incident detection, and traffic data analytics. Rapid urbanization, population expansion, and the concomitant increase in car ownership have increased the need to properly manage traffic in metropolitan areas. Furthermore, technological breakthroughs such as artificial intelligence, IoT, and cloud computing have enabled traffic management systems to become more intelligent, adaptable, and efficient, bolstering their market domination. The continued emphasis on smart city efforts and infrastructure development is projected to support traffic management segment growth in the near future.
Global Intelligent Transportation System Market Overview by Region
By Region, the global intelligent transportation system market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America had the greatest share, of around 31.4%, of the global market in 2022. This region has a well-developed transport infrastructure, which serves as a solid platform for implementing modern ITS technology. Furthermore, the existence of significant market participants, technical improvements, and a favorable regulatory environment all contribute to North America's ITS industry supremacy. Continuous innovation and collaboration among industry players are expected to keep this market leadership in place for the foreseeable future.
Global Intelligent Transportation System Market Competitive Landscape
In the global intelligent transportation system market, only few of players dominated the market and have a strong regional presence. They are actively participating in strategic growth initiatives like as product creation, product launches, joint ventures, and partnerships. These organizations intend to pursue these tactics in order to increase their market position and develop their client base in order to acquire a significant portion of the market.
Some of the leading companies in the global intelligent transportation system market include Agero, Inc., Denso Corporation, EFKON GmbH, Garmin Ltd., Thales Group, Xerox Corporation, Hitachi, Ltd., Ricardo, Sensys Networks, Inc., Telenav, Inc., Iteris, Inc., Kapsch TrafficCom, Lanner, Nuance Communications, Inc., Q-Free ASA, TomTom International BV, Siemens AG, and various other key players.
Global Intelligent Transportation System Market Recent Developments
In November 2022, Hitachi Rail Limited has been awarded a Framework Agreement contract by Ferroviaria Italiana (RFI) to design and install the European Rail Transport Management System (ERTMS) digital signaling on a 1,885-kilometer section of the Italian rail network.
Scope of the Global Intelligent Transportation System Market Report
Intelligent Transportation System Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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By Application |
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By Type |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the global intelligent transportation system market segmented by type, by application, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of intelligent transportation system between 2019 and 2031.
To identify and infer the drivers, restraints, opportunities, and challenges for the global intelligent transportation system market
To find out the factors which are affecting the sales of intelligent transportation system among consumers
To identify and understand the various factors involved in the global intelligent transportation system market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
