PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299749
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299749
Intelligent transportation systems market size was valued at USD 46,504.7 Million in 2022, expanding at a CAGR of 6.3% from 2023 to 2030.
The intelligent transportation system (ITS) is defined as an advanced technology that aims to provide innovative services. In addition, such services are related to various modes of traffic and transport management and enable consumers to be properly informed to make safer, smarter, and more coordinated utilization of transport networks. Moreover, it uses electronics, sensors, and computers to improve the efficiency and safety of the transport system. Furthermore, it facilitates gathering information in real-time and actively manages the traffic in the private and public transportation sectors.
The rising demand of vehicles on the road, lack of traffic data management, aging infrastructure, the improved safety and surveillance offered by modern cameras are such factors attributed to propel the market demand of ITS market. In addition, it resulting in the increasing requirement of managing the traffic flow across city corridors and highways has increased the need of advanced traffic management technology. This in turn expected to drive the market revenue of the market. However, for implementing intelligent transportation system solutions the rising preference for digitization of various attributes will likely hamper the market growth.
Moreover, smart technologies implementation and various efforts have been taken by both private and public organization by varying measures and demonstrating the role of technology in shaping the future of the ITS industry. Thereby, offering great opportunities for the market. The COVID-19 outbreak has significantly impacted the ITS industry as automobile production rate has been slow down. Additionally, public transportation sector have suffered a lot due to preventive measures adopted by the government of many nations for controlling the spread of the virus globally.
The global intelligent transportation systems market is segmented on the basis of product type, offering, application, and region.
The market is divided into three categories based on product type: hardware, software, and services. The service sector is likely to maintain its dominance over the forecast period. The requirement is to increase surface transportation network connectivity and efficiency, which needs the proper maintenance of intelligent transpiration system equipment.
The market is divided into five categories based on offering: advanced traveler information system (ATIS), advanced traffic management system (ATMS), advanced transportation pricing system (ATPS), advanced public transportation system (APTS), and emergency medical system (EMS). The advanced traffic management system (ATMS) sector is likely to possess the market. The solution provided by market players can combine sensing and telecommunications technologies with data processing technology to ensure real-time management of transportation networks and share the information processed & gathered with travelers & drivers.
The market is divided into eight categories based on application: traffic management, road safety & security, freight management, public transport, environment protection, automotive telematics, parking management, and road tolling systems. The automotive telematics sector is expected to hold the largest market share. The growth of the segment is attributed to the initiatives being taken by government bodies for the security and safety of the rods. Additionally, navigation systems and dynamic displays can assist to reduce travel time and operate road networks flexibly.
Key players are investing aggressively in the improving internal processes, development & research activities, improving their existing products, and actively engaging in new product development, as part of the efforts to increase their market shares. Additionally, they are also focusing on strategic mergers & acquisitions, and partnerships to develop technologically advanced products and gain a competitive edge in the market. For instance, in March 2021, Telenav, Inc. partnered with SAIC and the automotive group. To make available location and navigation-based services for SIAC's battery-powered electric (BEV) and internal combustion engine (ICE). Additionally, the solution offers ICE and BEV requirements in markets with both right and left-hand driving.
This proposed research study on intelligent transportation systems market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for intelligent transportation systems market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the intelligent transportation systems market.
Impact of COVID-19 on intelligent transportation systems market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on intelligent transportation systems market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the intelligent transportation systems market, we have also included competitive landscape and key innovator analysis for the intelligent transportation systems market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants who will help users to understand their financial information and strategic initiatives of players operating in the intelligent transportation systems market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global intelligent transportation systems market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
The scope of this report covers the market by its major segments, which include as follows: