Market Research Report
Intelligent Transportation System Market with COVID-19 Impact Analysis, by Offering, System (Advanced Traffic Management Systems, ITS-enabled Transportation Pricing Systems, and Others), Application, and Geography - Global Forecast to 2026
|Intelligent Transportation System Market with COVID-19 Impact Analysis, by Offering, System (Advanced Traffic Management Systems, ITS-enabled Transportation Pricing Systems, and Others), Application, and Geography - Global Forecast to 2026|
Published: November 2, 2021
Content info: 285 Pages
Delivery time: 1-2 business days
The global ITS market is expected to grow from USD 42.2 billion in 2021 to USD 68.0 billion by 2026, at a CAGR of 10.0% from 2021 to 2026. The key factors driving the growth of the ITS market include government efforts to ensure road and public safety, increased need to reduce traffic congestion, favorable government initiatives for effective traffic management, high adoption of ecofriendly automobile technology, and rapid development of smart cities globally, and others.
The recent COVID-19 pandemic is expected to impact the global ITS market. Due to COVID-19, the travel behavior of people have changed and shared mobility is not attractive anymore without a proper system to ensure hygiene and reliability. This is where ITS can play a key role, to ensure reliability of public transport and hygiene. The ongoing implementation projects of major players are highly hampered due to worldwide lockdown and limited availability of labor and raw material. A number of scheduled product launches and related developments have been postponed due to the pandemic. However, the impact of COVID-19 is expected to reduce during the forecast period.
Hardware segment to account for the largest size of ITS market during the forecast period
On the basis of offering, the ITS market has been segmented into hardware, software, and services. The hardware segment of the ITS market is projected to account for the largest size owing to the implementation of numerous heterogeneous devices, including cameras, sensors, intelligent traffic management systems, and advanced traveler information systems, across the global ITS infrastructure.
Advanced traffic management systems application to account for the largest size of ITS market during the forecast period
On the basis of system, the ITS market is categorized into five different systems-Advanced Traffic Management Systems (ATMS), Advanced Traveler Information Systems (ATIS), ITS-enabled Transportation Pricing Systems, Advanced Public Transportation Systems (APTS), and Commercial Vehicle Operations (CVO) Systems. The advanced traffic management systems segment is projected to account for the largest size of the ITS market from 2021 to 2026. The largest market size of advanced traffic management systems is attributed to the increasing traffic congestion on roads across the world. In addition, the easy affordability of vehicles, due to favorable schemes and discounts offered by automobile manufacturers, is also resulting in traffic congestion. To address this concern, advanced traffic management systems will be adopted at a higher rate across the world.
APAC to account for the highest growth of ITS market during the forecast period
Among all regions, APAC is expected to register the highest growth in the ITS market during the forecast period. The increasing number of megacities and growing population in developing countries have increased the deployment of ITS in countries such as China, Japan, Australia, and Rest of APAC. These countries are considering ITS as an ideal solution to tackle issues such as traffic congestion, air pollution, and greenhouse gas emissions. The region is expected to exhibit high growth potential for the ITS market during the forecast period attributed to strong economic growth, rise in population, and rapid urbanization.
Some of the key companies operating in the ITS market are Thales Group (France), Siemens (Germany), Kapsch TrafficCom (Austria), Conduent, Inc. (US), Cubic Corporation (US), and so on.
In this report, the ITS market has been segmented on the basis of Offering, System, By Application - Roadways, By Application - Railways, By Application - Aviation, By Application - Maritime and Region. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions-North America, Europe, APAC, and RoW. Value chain analysis has been included in the report, along with the key players and their competitive analysis in the ITS ecosystem.