Intelligent Transportation System (ITS) Market Overview
The global Intelligent Transportation System (ITS) Market was valued at US$ 22.88 billion in 2019, and it is estimated to reach a valuation of US$ 30.65 billion by the end of 2025, rising at a compound annual growth rate of about 5.11% over the forecast period of 2020 to 2025.
Intelligent transport systems are advanced technologies applied to vehicles, infrastructure and operating systems that make vehicles smart. The demand for these systems is snowballing as this technology is used in a variety of industries other than transport and logistics.
The global market for these intelligent transportation systems is mainly driven by the expanding adoption of several market giants in the developed economies to improve overall safety and security associated with the vehicles. However, the high initial costs are slightly holding the rapid development in this business expansion.
Intelligent Transportation System (ITS) Market Recent Developments
In March 2016, the United States Department of Transportation (DOT) selected Siemens to provide the latest vehicle-to-infrastructure (V2I) technology for the connected vehicle pilot project.
In 2017, Huawei launched an intelligent bus transport solution in South Africa. This IoT-enabled service offers benefits such as accurate passenger tracking, video surveillance on the bus, real-time bus data, bus entertainment, and emergency communication services. The company also works with several partners in Africa to improve and promote the use of smart applications.
In October 2016, Denso Corporation, together with GRIDSMART Technologies, a provider of single-camera solutions for traffic management, introduced infrastructure communication between vehicles between the GRIDSMART single-camera intersection management system and its own wireless prototype 5.9GHz.
In January 2017, Los Angeles expanded LA Express Park, powered by an intelligent parking program, to expand LA Park by installing parking sensors. The application minimizes traffic congestion in the city and provides real-time information on the availability of parking spaces.
Intelligent Transportation System (ITS) Market Drivers
The global intelligent transport systems market is expected to accelerate growth in the projection time as the adoption of smart transport systems increases to reduce traffic congestion problems and favorable government initiatives that promote the development of intelligent transport infrastructure. The need to present real-time traffic information to drivers and passengers is one of the key factors driving the demand. ITS combines several types of advanced communications and information technologies to form a system network that supports traffic management and changes the way users, businesses and governments handle transportation. Its objective is to provide advanced services to various modes of transport and traffic management solutions, such as intelligent parking assistance, vehicle management, smart traffic management, smart ticket issuance solutions, passenger information solutions, security services, and surveillance and mobility.
Various government initiatives for the development of smart cities have led to the adoption of solutions to improve traffic connectivity. Another factor that drives the growth of the global intelligent transport systems market is the rapid adoption of IoT to transform the transport industry by automating roads, airways, waterways, and rail transport systems and providing better user experience. By adopting IoT solutions for smart cities and transportation, organizations can provide real-time visibility and accurate data to improve efficiency when developing smart cities.
However, the main limitation of this market is the slow growth of infrastructure in developing countries around the world, mainly due to high installation costs. Another critical barrier for market growth is the lack of standards and interoperability between various modes of transport and technologies.
Intelligent Transportation System (ITS) Market Segmentation
According to the system, the category of Advanced Traffic Management System (ATMS) dominated the global intelligent transportation systems market. This is mainly due to a greater interest in people who want to minimize pollution levels and traffic congestion. These concerns and actions are likely to drive the demand for ATMS segment during the outlook period.
Of all applications, the environmental category is supposed to grow at the fastest rate in the global intelligent transportation systems market during the prediction period as the demand for ecological protection grows worldwide. Ozone, nitrogen, particles, and sulfur are some of the main substances that cause environmental pollution, which poses severe risks to human and animal health.
Intelligent Transportation System (ITS) Market Regional Analysis
North America intelligent transportation systems market dominates the global business. The Intelligent Transportation Society of America performs a variety of research and development activities in the field of ITS. The organization also actively participates in the construction of ITS to improve the land transportation system in the United States, and the US Department of Transportation works with private and public agencies around the world to encourage deployment and promote innovation to achieve the success of ITS technology.
Asia Pacific intelligent transportation systems market is another promising area that is likely to witness exponential development in this business in the coming years. The increasing investments in emerging economies like India, China, etc., offers enormous growth potential for the expansion of the ITS market in this area in the forecast period.
Kapch TraffiCom is a leading provider and comprehensive solution for tolls, mobility in smart cities, connected vehicles, traffic management, and traffic safety.
Major companies operating in the global Intelligent Transportation System (ITS) market include Bestmile SA, Advantech Co., Ltd., Clever Devices Ltd., EFKON AG, Denso Corporation, WS Atkins PLC, ETA Transit Systems, Hitachi Ltd., GMV Group, Kapch TraffiCom, Transmax Pty Ltd. and Xerox Corporation.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Intelligent Transportation System (ITS) Market, By System
6.1.1 Advanced Traffic Management System
6.1.2 Cooperative Vehicle Systems
6.1.3 Advanced Transportation Pricing Systems
6.1.4 Advanced Public Transportation System
6.1.5 Advanced Traveler Information System
6.1.6 Market Size Estimations & Forecasts (2019-2024)
6.1.7 Y-o-Y Growth Rate Analysis
6.1.8 Market Attractiveness Index
6.2 Intelligent Transportation System (ITS) Market, By Application
6.2.1 Environment Protection
6.2.2 Public Transportation
6.2.3 Traffic Management
6.2.4 Road User Charging
6.2.5 Market Size Estimations & Forecasts (2019-2024)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By System
7.2.3 By Application
7.3.1 By Country
126.96.36.199 Rest of Europe
7.3.2 By System
7.3.3 By Application
7.4 Asia Pacific
7.4.1 By Country
188.8.131.52 South Korea
184.108.40.206 South East Asia
220.127.116.11 Australia & NZ
18.104.22.168 Rest of Asia-Pacific
7.4.2 By System
7.4.3 By Application
7.5 Latin America
7.5.1 By Country
22.214.171.124 Rest of Latin America
7.5.2 By System
7.5.3 By Application
7.6 Middle East and Africa
7.6.1 By Country
126.96.36.199 Middle East
7.6.2 By System
7.6.3 By Application
8. Key Player Analysis
8.1 Denso Corporation
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Kapch TraffiCom
8.3 Bestmile SA
8.4 Advantech Co., Ltd
8.5 Clever Devices Ltd
8.6 EFKON AG
8.7 WS Atkins PLC
8.8 ETA Transit Systems
8.9 Hitachi Ltd
8.10 Xerox Corporation
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures