Global Intelligent Transportation System Market
Global Intelligent Transportation System Market Size Set to Cross USD 57.6 Billion by 2029
Published | 05 May 2023
Global intelligent transportation system market is flourishing because of increasing investments in transportation infrastructure and the implementations by governments, rapid urbanization, and the exploding population in urban areas.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global intelligent transportation system market size at USD 35.25 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global intelligent transportation system market size to grow at a significant CAGR of 7.52% reaching a value of USD 57.61 billion by 2029. Major growth factors of the global intelligent transportation system market include an increasing demand for efficient and sustainable transportation systems. It has led to a growing need for advanced technologies, such as traffic control systems, modern cameras, license plate readers, and smart vehicles connected to the latest telecommunications technology. It aims to enhance safety and surveillance. Another key factor expected to propel market growth is the rising number of vehicles, coupled with outdated infrastructure and inadequate traffic data management. To address these issues, a new traffic management system has been developed, and transportation authorities are leveraging modern data analytics to manage the growing volume of traffic. These initiatives are expected to fuel the expansion of the global intelligent transportation system market during the period under analysis.
Global Intelligent Transportation System Market – Overview
Global intelligent transportation system (ITS) market refers to the use of advanced technologies, communication devices, and management strategies to improve the efficiency, safety, and sustainability of transportation systems. These systems typically integrate data from various sources, such as vehicles, infrastructure, and passengers, to provide real-time information and support decision-making for transportation operators and travelers. The ITS market includes various applications, such as advanced traffic management systems, electronic toll collection systems, intelligent parking systems, and smart public transportation systems, among others. The market is driven by factors such as increasing urbanization, rising demand for efficient transportation systems, and government initiatives to reduce traffic congestion and promote sustainable transportation.
Impact of COVID -19 on Global Intelligent Transportation System Market
COVID-19 had a detrimental impact on the global intelligent transportation system (ITS) market. The pandemic led to a significant reduction in travel demand as countries imposed lockdowns and restrictions on movement to curb the spread of the virus. As a result, the demand for ITS applications such as traffic management systems, electronic toll collection, and smart public transportation systems decreased significantly. Moreover, the disruption of global supply chains caused by the pandemic led to delays in the delivery of ITS components and equipment, affecting the implementation of ITS projects. Additionally, the economic downturn caused by the pandemic resulted in budget cuts for ITS projects in many regions, further hampering market growth. The COVID-19 pandemic, on the other hand, also accelerated the adoption of digital technologies, including ITS applications, as governments and transportation operators sought to promote contactless transactions and minimize physical interactions. It led to the development of new ITS solutions, such as mobile payment systems and digital ticketing for public transportation.
Global Intelligent Transportation System Market – By Application
Based on application, the global intelligent transportation system market is divided into Traffic Management, Road Safety and Security, Freight Management, and Public Transport Management segments. The traffic management segment held the highest market share in 2022. The segment includes systems that improve the reliability and operational efficiency of road networks, such as vehicle detection systems, bridge traffic management systems, and ramp metering systems. Traffic congestion is a recurring issue worldwide, resulting in significant monetary losses due to increased travel time and fuel consumption, as well as a decreased quality of life. Thus, it is crucial for governments worldwide to introduce new technologies and implement intelligent transportation systems to reduce the financial burden and drive market demand.
Major players operating in the global intelligent transportation system market include Thales Group, Kapsch TrafficCom AG, Siemens AG, TomTom International BV, Q-Free ASA, Hitachi Ltd., Garmin Ltd., Cubic Corporation, Denso Corporation, Iteris Inc., TransCore LP, WS Atkins PLC, Lanner Electronics Inc., EFKON AG, and Xerox Corporation. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Intelligent Transportation System Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Intelligent Transportation System Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Intelligent Transportation System Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Component (Hardware, Software, Services); By Solution (Advanced Transportation Management Systems (ATMS), Advanced Traveler Information Systems (ATIS), Advanced Vehicle Control Systems (AVCS), Advanced Public Transportation Systems (APTS), Cooperative Vehicle Systems (CVS)); By Application (Traffic Management, Road Safety & Security, Freight Management, Public Transport Management); By Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa)
Publish Date: May 2023
Rapid urbanization and the growing population in urban areas and increasing government investments in transportation infrastructure and the implementation are projected to propel the expansion of global intelligent transportation system market during the forecast period between 2023 and 2029.
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