PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1126499
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1126499
According to Stratistics MRC, the Global Intelligent Transportation System Market is accounted for $ 47.264billion in 2022 and is expected to reach $ 93.290 billion by 2028 growing at a CAGR of 12% during the forecast period. An intelligent transportation system (ITS) is a cutting-edge technology that aims to provide cutting-edge services relating to various modes of transportation and traffic management and gives users the information they need to use transportation networks in a safer, more organised, and "smarter" way. Alternatively said, an Intelligent Transport System (ITS) is a system that permits data exchange and communication between vehicles, road infrastructure, users, and drivers. In order to increase the security and effectiveness of the transportation system, ITS uses computers, sensors, and electronics.
According to the WHO, around 1.35 million road traffic accidents are converted into fatalities, with some countries spending 3% of their GDP towards road traffic crashes.[2] As an effective tool for road safety, opportunities in the intelligent transport system market is progressing with a global compound annual growth rate (CAGR) of 6.01% during the forecast period of 2019-2025.
Market Dynamics:
Driver:
Favourable government initiatives for effective traffic management
Governments all around the world are implementing ITS to increase traffic safety, boost the efficiency of the transportation system, and lessen the environmental impact of transportation. ITS implementation will cost a lot of money. The government also anticipates that the introduction of the most advanced AI-powered intelligent transportation solutions would give motorists the assurance to plan their trips without worrying about getting caught in traffic. These devices also lessen air pollution, delays, and congestion.
Restraint:
High installation cost of ITS
A sophisticated centralised traffic management centre (TMC), which can handle real-time traffic data and aid in the reduction of traffic congestion, is a fundamental necessity for an intelligent transport system. The co-location of this management centre with transportation managers, system operators, dispatchers, and response agencies necessitates significant investments. The deployment of ITS also comprises mobile data terminals, fleet management systems, sophisticated traveller information systems, microwave detectors, dynamic message signs, highway advisory radios, CCTV cameras, and a number of other systems and components.
Opportunity:
Increasing public-private partnerships
It takes cooperation from a variety of areas, including telecom carriers, infrastructure providers, manufacturers, service providers, public sector organisations, and user groups, for ITS to be deployed. So, the success of ITS would depend heavily on public-private partnerships (PPPs). At all crossings covered in the project, the Trafficware ATMS central transport management platform, controllers, and Transit Signal Priority software is used. This software integrates and uses Cubic's NextBus real-time platform. Additionally, over 50 junctions will receive the SynchroGreen Adaptive Signal Control module from Cubic.
Threat:
Achieving interoperable and standard ITS architecture worldwide
When building an ITS infrastructure, a variety of heterogeneous devices must be integrated, which frequently leads to compatibility problems. The standards and requirements must be followed for synchronising these heterogeneous devices. An electronic toll collection onboard unit, for instance, has no display and merely serves as a validation device because there are no uniform standards for ITS infrastructure. Additionally, it is unable to receive or transmit any messages, and every nation has a different variety of onboard unit (OBU) gadgets.
COVID-19 Impact
Every area and business have been significantly impacted by the COVID-19 pandemic epidemic. Supply chain interruptions resulted from border closures and lockdowns, whilst social distancing laws in the US and Canada forced the closure of manufacturing and assembly facilities. The ongoing transportation-related projects have been delayed as a result of the labour scarcity and layoffs. In addition, a potential short-term slowdown in the ITS ecosystem, which is heavily dependent on the electronics and telecommunications sectors, is anticipated due to supply chain disruptions. This could result in a decrease in the adoption of smart transportation systems.
The advanced traffic management system (ATMS) segment is expected to be the largest during the forecast period
The advanced traffic management system (ATMS) segment is estimated to have a lucrative growth, due to the automotive drivers with real-time messaging about traffic or road conditions. The system continuously monitors expressways and highways and provides valuable feedback and information to the central traffic control room, enabling it to take suitable timely actions to control traffic congestion. Moreover, the system enables private concessionaires, highway operators, or government authorities to enhance road safety, improve the traffic flow, increase the efficiency of transportation systems, boost economic productivity, and enhance mobility.
The software segment is expected to have the highest CAGR during the forecast period
The software segment is anticipated to witness the fastest CAGR growth during the forecast period, due to real-time information is provided to the third-party system connected via network solutions by software solutions regarding the vehicle's actual position, unforeseen route changes brought on by traffic congestion or an accident, and other relevant topics. As a result, governments around the world are putting various programmes into place to assist the development of advanced software.
Region with highest share:
North America is projected to hold the largest market share during the forecast period owing to the active development and use of cutting-edge technologies like machine learning, big data, cloud computing, and IoT, the area is regarded as a technology hotspot. Large international market companies are also based in the region. The development of intelligent transportation systems is being fuelled by the significant emphasis that various governments in the region are placing on enhancing the regional transportation network. In response to rising traffic and the ensuing congestion, numerous public-private collaboration attempts to implement intelligent transportation systems are taking shape in numerous cities across North America.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the growing worry over various traffic congestions, the Asia Pacific region is anticipated to have the highest CAGR development in the market for the rapidly expanding intelligent transportation system. The need to lessen accidents and inconveniences is another reason driving the market for intelligent transportation systems in various nations.
Key players in the market
Some of the key players profiled in the Intelligent Transportation System Market include Siemens AG, Cubic corporation, Garmin ltd., Thales group, Conduent, inc., Indra sistemas, s.a., Denso corporation, Teledyne flir llc, Kapsch trafficcom, Hitachi, Ltd., Xerox Corporation, Iteris, Inc., Agero, Inc., Recardo, Sensys Networks, Inc., Telenav, Inc., TomTom International BV, EFKON GmbH, Nuance Communications, Inc., Q-Free ASA.
Key Developments:
In September 2021, Siemens signed a contract with the National Authority for Tunnels (NAT) to deliver a comprehensive rail system that will feature the first-ever high-speed, electrified main, and freight rail line transforming Egypt's transportation. Siemens Mobility will provide its comprehensive turnkey services to design, install, commission, and maintain the systems for 15 years. The total contract value is approximately USD 4.5 billion, of which Siemens Mobility's share is around USD 3 billion.
In June 2021, Kapsch Traffic Com announced that it had received a project from Plenary Infrastructure Group (Australia) to install a new toll collection system at the Louisiana Highway (LA-1) for the Louisiana Department of Transportation and Development (LADOTD). The project is an amendment to Kapsch's existing contract with Plenary, where Kapsch is providing an end-to-end all-electronic tolling system and related maintenance services for a major bridge and tunnel replacement in Belle Chasse, Louisiana.
In May 2021, Omaha Metro Transit (US) has awarded Cubic Transportation Systems (CTS) a multi-year contract to deliver its Umo Pass solution. Umo Pass will empower Omaha Metro Transit riders to seamlessly plan and pay for transit journeys through a single fare payment system.
Protocols Covered:
Offerings Covered:
Systems Covered:
Applications Covered:
Regions Covered:
What our report offers:
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
According to Stratistics MRC, the Global Intelligent Transportation System Market is accounted for $ 47.264billion in 2022 and is expected to reach $ 93.290 billion by 2028 growing at a CAGR of 12% during the forecast period. An intelligent transportation system (ITS) is a cutting-edge technology that aims to provide cutting-edge services relating to various modes of transportation and traffic management and gives users the information they need to use transportation networks in a safer, more organised, and "smarter" way. Alternatively said, an Intelligent Transport System (ITS) is a system that permits data exchange and communication between vehicles, road infrastructure, users, and drivers. In order to increase the security and effectiveness of the transportation system, ITS uses computers, sensors, and electronics.
According to the WHO, around 1.35 million road traffic accidents are converted into fatalities, with some countries spending 3% of their GDP towards road traffic crashes.[2] As an effective tool for road safety, opportunities in the intelligent transport system market is progressing with a global compound annual growth rate (CAGR) of 6.01% during the forecast period of 2019-2025.
Market Dynamics:
Driver:
Favourable government initiatives for effective traffic management
Governments all around the world are implementing ITS to increase traffic safety, boost the efficiency of the transportation system, and lessen the environmental impact of transportation. ITS implementation will cost a lot of money. The government also anticipates that the introduction of the most advanced AI-powered intelligent transportation solutions would give motorists the assurance to plan their trips without worrying about getting caught in traffic. These devices also lessen air pollution, delays, and congestion.
Restraint:
High installation cost of ITS
A sophisticated centralised traffic management centre (TMC), which can handle real-time traffic data and aid in the reduction of traffic congestion, is a fundamental necessity for an intelligent transport system. The co-location of this management centre with transportation managers, system operators, dispatchers, and response agencies necessitates significant investments. The deployment of ITS also comprises mobile data terminals, fleet management systems, sophisticated traveller information systems, microwave detectors, dynamic message signs, highway advisory radios, CCTV cameras, and a number of other systems and components.
Opportunity:
Increasing public-private partnerships
It takes cooperation from a variety of areas, including telecom carriers, infrastructure providers, manufacturers, service providers, public sector organisations, and user groups, for ITS to be deployed. So, the success of ITS would depend heavily on public-private partnerships (PPPs). At all crossings covered in the project, the Trafficware ATMS central transport management platform, controllers, and Transit Signal Priority software is used. This software integrates and uses Cubic's NextBus real-time platform. Additionally, over 50 junctions will receive the SynchroGreen Adaptive Signal Control module from Cubic.
Threat:
Achieving interoperable and standard ITS architecture worldwide
When building an ITS infrastructure, a variety of heterogeneous devices must be integrated, which frequently leads to compatibility problems. The standards and requirements must be followed for synchronising these heterogeneous devices. An electronic toll collection onboard unit, for instance, has no display and merely serves as a validation device because there are no uniform standards for ITS infrastructure. Additionally, it is unable to receive or transmit any messages, and every nation has a different variety of onboard unit (OBU) gadgets.
COVID-19 Impact
Every area and business have been significantly impacted by the COVID-19 pandemic epidemic. Supply chain interruptions resulted from border closures and lockdowns, whilst social distancing laws in the US and Canada forced the closure of manufacturing and assembly facilities. The ongoing transportation-related projects have been delayed as a result of the labour scarcity and layoffs. In addition, a potential short-term slowdown in the ITS ecosystem, which is heavily dependent on the electronics and telecommunications sectors, is anticipated due to supply chain disruptions. This could result in a decrease in the adoption of smart transportation systems.
The advanced traffic management system (ATMS) segment is expected to be the largest during the forecast period
The advanced traffic management system (ATMS) segment is estimated to have a lucrative growth, due to the automotive drivers with real-time messaging about traffic or road conditions. The system continuously monitors expressways and highways and provides valuable feedback and information to the central traffic control room, enabling it to take suitable timely actions to control traffic congestion. Moreover, the system enables private concessionaires, highway operators, or government authorities to enhance road safety, improve the traffic flow, increase the efficiency of transportation systems, boost economic productivity, and enhance mobility.
The software segment is expected to have the highest CAGR during the forecast period
The software segment is anticipated to witness the fastest CAGR growth during the forecast period, due to real-time information is provided to the third-party system connected via network solutions by software solutions regarding the vehicle's actual position, unforeseen route changes brought on by traffic congestion or an accident, and other relevant topics. As a result, governments around the world are putting various programmes into place to assist the development of advanced software.
Region with highest share:
North America is projected to hold the largest market share during the forecast period owing to the active development and use of cutting-edge technologies like machine learning, big data, cloud computing, and IoT, the area is regarded as a technology hotspot. Large international market companies are also based in the region. The development of intelligent transportation systems is being fuelled by the significant emphasis that various governments in the region are placing on enhancing the regional transportation network. In response to rising traffic and the ensuing congestion, numerous public-private collaboration attempts to implement intelligent transportation systems are taking shape in numerous cities across North America.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the growing worry over various traffic congestions, the Asia Pacific region is anticipated to have the highest CAGR development in the market for the rapidly expanding intelligent transportation system. The need to lessen accidents and inconveniences is another reason driving the market for intelligent transportation systems in various nations.
Key players in the market
Some of the key players profiled in the Intelligent Transportation System Market include Siemens AG, Cubic corporation, Garmin ltd., Thales group, Conduent, inc., Indra sistemas, s.a., Denso corporation, Teledyne flir llc, Kapsch trafficcom, Hitachi, Ltd., Xerox Corporation, Iteris, Inc., Agero, Inc., Recardo, Sensys Networks, Inc., Telenav, Inc., TomTom International BV, EFKON GmbH, Nuance Communications, Inc., Q-Free ASA.
Key Developments:
In September 2021, Siemens signed a contract with the National Authority for Tunnels (NAT) to deliver a comprehensive rail system that will feature the first-ever high-speed, electrified main, and freight rail line transforming Egypt's transportation. Siemens Mobility will provide its comprehensive turnkey services to design, install, commission, and maintain the systems for 15 years. The total contract value is approximately USD 4.5 billion, of which Siemens Mobility's share is around USD 3 billion.
In June 2021, Kapsch Traffic Com announced that it had received a project from Plenary Infrastructure Group (Australia) to install a new toll collection system at the Louisiana Highway (LA-1) for the Louisiana Department of Transportation and Development (LADOTD). The project is an amendment to Kapsch's existing contract with Plenary, where Kapsch is providing an end-to-end all-electronic tolling system and related maintenance services for a major bridge and tunnel replacement in Belle Chasse, Louisiana.
In May 2021, Omaha Metro Transit (US) has awarded Cubic Transportation Systems (CTS) a multi-year contract to deliver its Umo Pass solution. Umo Pass will empower Omaha Metro Transit riders to seamlessly plan and pay for transit journeys through a single fare payment system.
Protocols Covered:
Offerings Covered:
Systems Covered:
Applications Covered:
Regions Covered:
What our report offers:
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.