Intelligent Transportation System (ITS) Market

Intelligent Transportation System (ITS) Market Size - (2023 - 2028):

The Global Intelligent Transportation System (ITS) Market was worth US$ 45.75 billion in 2022 and is anticipated to reach a valuation of US$ 64.47 billion by 2028 and is predicted to register a CAGR of 7.10% during 2023-2028.

The intelligent transportation framework market is likely to display a quickened development over the conjecture timetable because of an expansion in the selection of smart transport frameworks to diminish traffic blockage issues and good government activities that will encourage the improvement of smart transport foundations. ITS consolidates different sorts of cutting-edge communications and data innovations to frame a system of frameworks that help with overseeing traffic and change the way clients, organizations, and governments manage transportation. It is planned for offering propelled types of assistance to different transportation modes and traffic management arrangements, for example, savvy parking assistance, fleet management, intelligent traffic management, smart ticketing arrangements, traveler data arrangement, security and observation, and mobility services. Different government activities for smart city improvement have likewise set off the selection of solutions to upgrade transport connectivity.

Market Drivers:

Changing customary urban areas into smart urban communities by conveying cutting-edge technologies in all the potential segments, for example, industrial, transport, and medicinal services are fundamentally affecting the global ITS market. In savvy urban communities, giving powerful, minimal effort, and energy-proficient vehicle services is a fundamental factor that is probably going to characterize its viability. In this way, the idea of ITSs has been proposed and praised as a creative and promising solution for the up-and-coming age of transport systems. Moreover, the usage of ITS over the vehicle foundation of a smart city is relied upon to quicken the development and advancement of a locale as it is equipped for dealing with the proficient movement of individuals, products, and services all through the city. ITS related with consistent highlights, for example, public transportation management, accessibility of route data, security, and vehicle control, electronic timetable and electronic payment framework, and acknowledgment of single toll card, is probably going to drive its development and quicken its adoption all through the gauge time frame.

Market Restraints:

In any case, the significant limitation for the market growth is the moderate development of infrastructure, particularly in the emerging locales of the world because of the significant expense of the establishment. Another key limitation of the boom of the market is the absence of measures and unimportant interoperability between the different methods of transport and advancements.

INTELLIGENT TRANSPORTATION SYSTEM (ITS) MARKET REPORT COVERAGE:

Market Segmentation:

Intelligent Transportation System (ITS) Market - By Offering:

• Hardware
• Software
• Services  

The hardware intelligent transportation framework market is relied upon to hold a larger part of this market share in 2025. The hardware portion for the most part contains different sensors, indicators, cameras, and telecom systems to assemble data identified with the vehicle and its surroundings. The utilization of IoT sensors and propelled communication advancements empower the real-time assortment and preparation of information to help traffic experts in taking educated choices about dealing with traffic. The execution of these gadgets to help the shrewd vehicle infrastructure is relied upon to quicken the interest in hardware parts.

Intelligent Transportation System (ITS) Market - By System:

• Advanced Traffic Management System
• Advanced Traveler Information System
• ITS-Enabled Transportation Pricing System
• Advanced Public Transportation System
• Commercial Vehicle Operation

In the roadways, ITS market, the ATIS section is relied upon to show the most elevated development pace of over 6% from 2019 to 2025. These frameworks give continuous data to travelers with respect to course direction, traffic guidelines, security, and solutions warning and advisory messages. As these frameworks depend on continuous data to give up-to-date and exact data to suburbanites, interest in these frameworks will rise.

Deployment of ATMS in urban street systems improves the effectiveness of traffic streams on the street. ATMS lessens the weight on transportation specialists and governments by decreasing fundamental ventures required in street network extensions for blockage control. This advantage fills the interest in traffic management arrangements over the world. Aggressive interest in traffic management arrangements is normal in developing nations, for example, India, China, and Brazil, because of the quickly developing blockage issues in significant urban communities in these nations.

Intelligent Transportation System (ITS) Market - By Application:

• Fleet Management and Asset Monitoring
• Intelligent Traffic Control
• Collision Avoidance
• Parking Management
• Passenger Information Management
• Ticketing Management
• Emergency Vehicle Notification
• Automotive Telematics

An Intelligent traffic control application includes a lot nearer collaboration between all of its segments: drivers, walkers, public transportation, and traffic management frameworks. Versatile signal frameworks, driver warnings, course planning, and mechanized vehicles are a portion of the objectives set up to expand the productivity of actual frameworks.

Market Regional Analysis:

The Global Intelligent Transportation System (ITS) Market Report includes the segmentation of regions:

• North America - U.S, Canada
• Europe – Norway, Germany, Sweden
• Asia Pacific- China, India, Japan
• Latin America – Brazil, Mexico, Argentina
• Middle East and Africa

North America leads the global intelligent transportation framework market. Solid government support, investigation activities, and public-private associations planned for improving the transportation network are key components driving the regional intelligent transportation system market.

Key Players of the Market:

Some of the major players reported in this market include

1. Affiliated Computer Services, Inc.
2. Denso Corporation
3. Agero, Inc.
4. Addco LLC
5. Lanner Electronics, Inc.
6. Nuance Communications, Inc.
7. Ricardo Plc
8. Sensys Networks, Inc.
9. Telenav, Inc.
10. Efkon AG
11. Thales Group.

Market Recent Developments:

• DENSO will include a space with just 1 lux of light, or supposed "moonlight darkness," in which guests can encounter the exhibition of DENSO image sensors and millimeter wave radars utilizing projections and minicars.

• Lanner has devoted itself in providing the all-in-one, tough vehicle/rail PC conveyed in different travel bus, fleet truck, and rolling stock settings. These rugged PCs are explicitly planned as in-vehicle/rail entryways for armada management, in-vehicle NVR/DVR for portable observation, and rail correspondence platform for train control, monitoring, and infotainment.

• To help improve the traffic stream, Lanner will exhibit its full intelligent traffic management frameworks and strong in-vehicle processing item line-up. There will be finished scope of rugged IPCs intended for wayside control, high-intermediate portable surveillance, and rolling stock correspondences.