Insights On The $68.8 Bn Intelligent Transportation System (ITS) Market Is Expected To Grow At A CAGR Of Over 9.7% During 2022-2028 | Vantage Market Research

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WASHINGTON, June 29, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's recent report study on the topic Global Intelligent Transportation System Market finds that increasing smart city development, a rapid increase in the global population, and sudden growth in traffic congestion are some significant factors that fuel the growth of the Intelligent Transportation System Market.

In addition, the availability of advanced features such as Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communication support the positive interpretation of the Intelligent Transportation System Market in the coming years. Furthermore, an increasing number of on-road vehicles, rapid industrialization, and growing insufficiency of traffic data management are accelerating the growth of the Intelligent Transportation System Market in recent years. The Global Market revenue was valued at USD 39.5 Billion in 2021.

The Global Intelligent Transportation System Market size is forecasted to reach USD 68.8 Billion by the year 2028 and is projected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period (2022-2028); states Vantage Market Research, in a report, titled“ Intelligent Transportation System Market Size, Share & Trends Analysis Report by Offering (Hardware, Software, Services), by System (Advanced Traffic Management Systems (ATMS), Advanced Traveler Information Systems (ATIS), ITS-Enabled Transportation Pricing Systems (ITPS), Advanced Public Transportation Systems (APTS), by Application (Intelligent Traffic Control, Collision Avoidance, Parking Management, Passenger Information Management), by Application (Rail-Running Operation & Collision Avoidance, Passenger Information Management, Smart Ticketing, Security & Surveillance), by Aviation Application (Security & Surveillance, Shuttle Bus Tracking, Traveler Information Management, Smart Ticketing), by Maritime Application (Freight Arrival & Transit, Real-time Weather Information Tracking, Container Movement Scheduling, Emergency Notification), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028) ”.

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Key Insights & Findings from the Report:

• According to our primary respondents' research, the Intelligent Transportation System market is predicted to grow at a CAGR of roughly 9.7% during the forecast period.
• The Intelligent Transportation System market was estimated to be worth roughly USD 39.5 Billion in 2021 and is expected to reach USD 68.8 Billion by 2028; based on primary research.
• On the basis of region, Asia Pacific is projected to dominate the worldwide Intelligent Transportation System market.
  

Market Dynamics :

Drivers:

Initiatives Taken by the Government for Traffic Management Drives the Market

Governments worldwide are majorly focusing on factors such as reducing road pollution, improving the safety & the overall operational performance of the transport system, and reducing the impact of transport on the environment. But sufficient funds must be required to operate the ITS. In this regard, some countries, like the United States and Dubai, are investing heavily in various ITS projects. For example, in 2020, the UK government funded a whopping $1.9 million in three projects to test innovative technologies and new ways to improve driving conditions, reduce congestion, and reduce time spent in traffic. In addition, the government hopes that deploying next-generation intelligent transportation systems based on artificial intelligence will help drivers plan their journeys without the fear of getting stuck in traffic. These systems also reduce traffic congestion, delays, and air pollution. Thus, progressive government efforts to develop transportation infrastructure as a key to driving economic development are accelerating the growth of the Intelligent Transportation System Market. For instance, the government of Thailand aims to reduce logistics costs from 14% of GDP in 2016 to 12% in 2021. The country uses various digital platforms to reduce traffic congestion & fuel consumption and keep goods delivered on time.

Increase in Road Traffic Congestion Drive the Market

Recently, the enormous number of vehicles on the roads is rising rapidly, and the lack of adequate transport infrastructure causes traffic jams. This rise is expected to lead to increased road congestion which leads to adverse environmental impacts and further increases road deaths & many health problems. About 1.35 million deaths worldwide have been reported due to road accidents, and some health problems have been caused by vehicle pollution. In addition, the significant factors driving the growth of the Intelligent Transportation System Market are the need to present real-time traffic information to drivers & passengers and the high traffic congestion due to the increasing number of vehicles, which has contributed to the need for advanced traffic management systems. Furthermore, stricter emissions standards, increasing consumer awareness, and coercive government efforts are expected to drive the adoption of the Intelligent Transportation System Market in the coming years. Furthermore, it also plays a crucial role in reducing the carbon footprint, further bolsters the growth of the Intelligent Transportation System Market.

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Segmentation of Intelligent Transportation System Market:

• Offering
  • Hardware
  • Software
  • Services
• System
  • Advanced Traffic Management Systems (ATMS)
  • Advanced Traveler Information Systems (ATIS)
  • ITS-Enabled Transportation Pricing Systems (ITPS)
  • Advanced Public Transportation Systems (APTS)
  • Commercial Vehicle Operation (CVO) Systems
• Roadways Application
  • Intelligent Traffic Control
  • Collision Avoidance
  • Parking Management
  • Passenger Information Management
  • Ticketing Management
  • Emergency Vehicle Notification
  • Automotive Telematics
  • Fleet Management & Asset Monitoring
• Railways Application
  • Rail-Running Operation & Collision Avoidance
  • Passenger Information Management
  • Smart Ticketing
  • Security & Surveillance
  • Emergency Notification
  • Other Railway Applications
• Aviation Application
  • Security & Surveillance
  • Shuttle Bus Tracking
  • Traveler Information Management
  • Smart Ticketing
  • Aircraft Management
  • Emergency Notification
  • Other Aviation Applications
• Maritime Application
  • Freight Arrival & Transit
  • Real-Time Weather Information Tracking
  • Container Movement Scheduling
  • Emergency Notification
  • Other Maritime Applications
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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COVID-19 Impact Analysis:

The COVID-19 Pandemic spread has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were closed during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of this industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic

a. North America

b. Europe

c. Asia Pacific

d. Latin America

e. Middle East & Africa

2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021

3. Key Strategies Undertaken by Companies to Tackle COVID-19

4. Long-Term Dynamics

5. Short-Term Dynamics

The Report on Intelligent Transportation System Market Highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historical Data, Estimates, and Forecast
• Company Profiles
• Global and Regional Dynamics
  

Regional Analysis :

Asia Pacific Dominated the Global Intelligent Transportation System Market

Asia Pacific dominated the Intelligent Transportation System Market in 2021. This region is recognized as a technology hub for developing and aggressively implementing the latest & most advanced technologies, such as machine learning, big data, cloud computing, and IoT. The region is also home to the major players in the global market. The strong emphasis of various regional governments on improving transport infrastructure is driving the adoption of the Intelligent Transportation System Market in this region. Several public-private partnership efforts to introduce intelligent transportation systems are emerging in several cities of Asia Pacific which, in turn, increases the road traffic and subsequent traffic congestion.

Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on 'Intelligent Transportation System Market Size, Share & Trends Analysis Report by Offering (Hardware, Software, Services), by System (Advanced Traffic Management Systems (ATMS), Advanced Traveler Information Systems (ATIS), ITS-Enabled Transportation Pricing Systems (ITPS), Advanced Public Transportation Systems (APTS)), by Application (Intelligent Traffic Control, Collision Avoidance, Parking Management, Passenger Information Management), by Application (Rail-Running Operation & Collision Avoidance, Passenger Information Management, Smart Ticketing, Security & Surveillance), by Aviation Application (Security & Surveillance, Shuttle Bus Tracking, Traveler Information Management, Smart Ticketing), by Maritime Application (Freight Arrival & Transit, Real-time Weather Information Tracking, Container Movement Scheduling, Emergency Notification), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028) '.

List of Prominent Players in the Intelligent Transportation System Market:

• Siemens (Germany)
• Thales Group (France)
• Kapsch Traffic Com (Austria)
• Cubic Corporation (US)
• Conduent Inc. (US)
• Garmin Ltd. (US)
• TomTom International BV (Netherlands)
• Teledyne FLIR Systems Inc. (US)
• Indra Sistemas (Spain)
• Denso Corporation (Japan)

Recent Developments:

September 2021: Siemens entered into a contract with the National Authority for Tunnels (NAT), according to which they will supply a complete rail system with the first electrified high-speed rail and freight line that will transform transportation in Egypt.

May 2021: L&T, a leading technology services company, collaborated with Intel to develop an Artificial Intelligence (AI) based smart parking guiding solution. This solution can be installed in various outdoor public areas such as malls, stadiums, airports, and offices and provides real-time occupancy tracking.

February 2020: Lanner Electronics has partnered with Creanord, a service assurance expert. This collaboration will offer service and carrier providers a diverse set of segmented, advanced, distributed solutions for metro and access network performance assurance.

January 2020: Denso Corporation and Qualcomm Technologies are collaborating to develop the next-generation cockpit system. The system will likely improve user-friendliness in using in-vehicle infotainment products.

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the Intelligent Transportation System Market?
• How will the Intelligent Transportation System Market change in the upcoming six years?
• Which application and product will take a lion's share of the Intelligent Transportation System Market?
• What is the Intelligent Transportation System market drivers and restrictions?
• What will be the CAGR and size of the Intelligent Transportation System Market throughout the forecast period?

This market, titled“Intelligent Transportation System Market” will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:

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