According to Precedence Research, the global intelligent transportation system (ITS) market was estimated at US$ 29.69 billion in 2020 and is projected to reach US$ 47.89 billion by 2030, registering a CAGR of 6.3 % from 2021 to 2030. The report contains 150+ pages with detailed analysis.
The report provides the overall revenue of the global intelligent transportation system (ITS) market from 2017 to 2030, considering 2020 as the base year and 2030 as the forecast year. The study includes drivers and restraints of this global market. It offers a thorough analysis of the market revenue status, growth, future trends, and forecast of the global intelligent transportation system (ITS) market for the period from 2017 to 2030.
An intelligent transportation system is a combination of various advanced information and communication technologies that helps in managing the traffic as well as change the way consumers, government, and businesses deal with transports. It provides various types of services such as fleet management, parking management system, smart ticketing solution, intelligent traffic management, security & surveillance, passenger information solution, and mobility services.
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Scope of the Study
This market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenario and forecast (revenue/volume), and categorizes market by players, product, application, and region. This report also studies global market prominence, competitive landscape, market share, growth rate market dynamics such as drivers, restraints and opportunities, and distributors and sales channel.
This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers competitive scenario which comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.
Numerous government initiatives for the development of smart cities along with increasing adoption of smart transportation modes in order to reduce the traffic congestion are some of the major factors that drive the global intelligent transportation systems market. In respect to speed up the mobility of the traffic and reduce congestion governments of various regions significantly developing or investing heavily to develop the smart transport infrastructure.
Besides this, smart transportation system also helps to reduce the total number of deaths from road accidents by smartly assisting the drivers through GPS system, radio frequency, radars, and other mode of communication systems. As per the report published by NHSTA, there were nearly 52,190 vehicles in the United States that were involved in serious crashes occurred in 2016, among them 40,908 were passenger cars.
Further, rapid adoption of Internet of Things (IoT), Artificial Intelligence (AI), big data, and blockchain along with their significant penetration in automotive sector is another major factor that drives the growth of intelligent transportation system market. These solutions facilitate rapid exchange of information and data between service providers and consumers. In addition, the above mentioned solutions also offer accurate data and real-time visibility over shipment coupled with higher level of customer satisfaction and increased efficiency.
However, the sudden outbreak of corona virus in the early 2020 has disrupted several industries including transportation. New regulations and policies directed by the government in order to control the spread of corona virus have interrupted the supply chain. New laws for maintaining social distance impact badly on the growth of public transportation sector. Although, private mode of transportation such as self-owned vehicles expected to seek consequent growth in pandemic times.
- North America led the global intelligent transportation system market with a revenue share of nearly 41% in the year 2020 due to technological advancement and rapid transformation in the automotive sector
- The Asia Pacific anticipated to flourish at the fastest growth rate in the upcoming years because of fast penetration of advanced technologies in the automotive sector such as big data, IoT, AI, and blockchain
- On the basis of type segment, Advanced Traffic Management System (ATMS) held the major revenue share on the global level accounting for more than 31.8% in 2020
- Public transportation system segment expected to grow at the fastest rate during the forthcoming years owing to increasing number of passengers and investment for real-time information in public transportation
- By application, traffic management segment captured majority of market share in the global intelligent transportation system market in the year 2020
- Automotive telematics segment estimated to witness the highest growth rate of nearly 7.3% during the forecast period due to its positive impact on increasing the safety and security of a vehicle
The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The intelligent transportation system (ITS) report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.
North America dominated the global intelligent transportation system market because of significant penetration of major market participants in the region. In addition, these market players are constantly investing in the research and development of their product offering to increasing their market share and gain higher level of customer satisfaction that again aids to the regional benefit of the market. The U.S. is the front-runner in the North America region.
On the other hand, the Asia Pacific estimated to exhibit the fastest CAGR over the forecast period because of rapid transformation in the automotive and transportation sector. Further, the government in this region is also supporting magnificently for the smart transportation infrastructure.
Key Players & Strategies
Significant revenue share in the global intelligent transportation system market is occupied by some major players in the market. These players are primarily focused on the technological advancement and expanding their customer base across the region. Major players invest heavily in the research and development for maintaining their competitive edge on the global level. Additionally, several market participants are focused on securing their intelligent transportation system contracts with governments and private agencies for offering solutions that include smart parking systems, smart tolling systems, and others.
Rapid urbanization is significantly transforming the transportation sector. This has influenced several intelligent transportation systems market players to enter into a strategic partnership with the communication devices manufacturers for automobile and automotive giants.
Some of the prominent players in the Intelligent Transportation System Market include:
- Lanner Electronics
- Hitachi Ltd.
- Kapsch TrafficCom
- Denso Corporation
- TomTom International BV
- Siemens AG
- Garmin International
- Clever Devices Ltd.
- Nuance Communications
- Lanner Electronics
- Thales Group
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Precedence Research has segmented the global Intelligent Transportation System Market report on the basis of type, application, and region:
- Type Outlook
- Application Outlook
- Road Safety & Security
- Traffic Management
- Public Transport
- Freight Management
- Environment Protection
- Parking Management
- Automotive Telematics
- Road Tolling Systems
- Regional Outlook
- North America
- Asia Pacific
- South Korea
- Rest of the World
- North America
Why should you invest in this report?
If you are aiming to enter the global intelligent transportation system (ITS) market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for intelligent transportation system (ITS) are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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