Intelligent Transportation Systems Market Outlook 2031
The Global Intelligent Transportation Systems Market Size was valued at USD 28.25 Billion in 2022 and is likely reach to USD 57.90 Billion by 2031, expanding at a CAGR of 8.3% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing concerns toward public safety and increasing traffic congestion problems.
Intelligent transportation systems (ITS) are a collection of information and communication technologies that work together to deliver highly efficient transportation and traffic management services. Furthermore, ITS assists in increasing operating efficiency, improving road safety, ensuring the long-term viability of transportation networks, and decreasing traffic congestion.
Sensors, telematics, communication devices, and other data analysis applications are important components of an ITS. It makes use of parking availability systems, collision avoidance systems, and traffic enforcement cameras, among other things.
Market Trends, Drivers, Restraints, and Opportunities
- Rising government initiatives for effective traffic management is expected to drive the market growth.
- Increasing adoption of ITS in emerging countries is estimated to push the growth of the market.
- Rapidly expanding telematics and vehicle infotainment industry coupled with explosive growth of the commercial connected vehicles are projected to propel the market growth in the coming years.
- Growing demand for solutions to reduce pollution level and number of road accidents is one of the major factors driving the market growth.
- Lack of inter-operability and standardization is projected to hinder the market expansion during the forecast period.
- Increasing technological advancements in the automobile technology and development of smart cities are estimated to create opportunities for the market growth.
Scope of Intelligent Transportation Systems Market Report
The report on the global intelligent transportation systems market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Intelligent Transportation Systems Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Systems (Advanced Traffic Management Systems, Advanced Traveller Information Systems, Advanced Public Transportation Systems, and Commercial Vehicle Operations), Components (Interface Boards, Sensors, Software, Surveillance Cameras, Telecommunication Networks, Monitoring & Detection Systems, and Others), Applications (Fleet Management & Asset Monitoring, Traffic Monitoring Systems, Traffic Signal Control Systems, Parking Convenience Systems, Traffic Enforcement Cameras, and Accident Avoidance Systems)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
DENSO Corporation, TomTom NV, TransCore, Kapsch TrafficCom AG, and Thales SA.
Intelligent Transportation Systems Market Segment Insights
Advanced traffic management systems segment to hold a large market share
Based on systems, the market is divided into advanced traffic management systems, advanced traveller information systems, advanced public transportation systems, and commercial vehicle operations. The segment advanced traffic management systems accounted for around 30% of the market share in 2020.
Growing number of cars on the roads as well as the resulting frequent traffic jams have increasing the requirement of the implementation of modern traffic management technologies. These technologies have the ability to save travel times while also assuring effective traffic management.
Sensors segment to expand at a significant pace
In terms of components, the market is segmented into interface boards, sensors, software, surveillance cameras, telecommunication networks, monitoring & detection systems, and other. The sensors segment is expected to grow at a robust pace in the coming years.
Infrastructure sensors are unbreakable devices that are either manually or automatically operated and are implanted in the road or around the road.
Vehicle-sensing systems may use infrastructure-to-vehicle and vehicle-to-infrastructure electronic intelligent sensors for identification communications, as well as video automatic number plate recognition or vehicle magnetic signature detection technologies at predetermined intervals to increase vehicle monitoring in critical zones.
Traffic monitoring system segment to register at a substantial CAGR
On the basis of applications, the market is segregated into feet management & asset monitoring, traffic monitoring systems, traffic signal control systems, parking convenience systems, traffic enforcement cameras, and accident avoidance systems.
The traffic monitoring systems segment is anticipated to expand at a rapid CAGR during the forecast period owing to reduced air pollution caused by slow-moving traffic that enhances the air quality. Management of traffic speed in environmentally vulnerable places are protected by using traffic monitoring system.
Intelligent Transportation Systems Market Regional Outlook
Asia Pacific to dominate the market
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. ITS helps the consumers significantly in reducing travel time by avoiding overcrowded routes or traffics.
- Advanced Traffic Management Systems
- Advanced Traveller Information Systems
- Advanced Public Transportation Systems
- Commercial Vehicle Operations
- Interface Boards
- Surveillance Cameras
- Telecommunication Networks
- Monitoring and Detection Systems
- Fleet Management & Asset Monitoring
- Traffic Monitoring Systems
- Traffic Signal Control Systems
- Parking Convenience Systems
- Traffic Enforcement Camera
- Accident Avoidance Systems
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the intelligent transportation systems market include DENSO Corporation, TomTom NV, TransCore, Kapsch TrafficCom AG, and Thales SA