Global Intelligent Transportation Systems Market Size at
Pune, India. , Nov 10, 2021 (GLOBE NEWSWIRE) – The global market size for intelligent transportation systems was valued at USD 20.7 billion in 2021 and is expected to grow at a CAGR of 15.5% during the forecast period of 2021 to 2030, according to a recent report published by Quince market overview.
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The rapid growth of population and megalopolises in emerging and developed countries has accelerated the deployment of intelligent transport systems. This system mainly includes the overhaul of complete technological aspects such as Dedicated Short Range Communication (DSRC), Operator Access for Land Mobile (CALM) and GPS.
Road traffic congestion is a recurring problem across the world, causing huge losses to a country’s economic productivity. This happens mainly due to a lack of infrastructure development compared to the increasing number of vehicles on the roads due to space and price constraints.
Several countries are executing intelligent transport system strategic plans to primarily reduce traffic accidents and congestion through advanced safety systems through wireless communications. This is done through systems such as traffic lights, wireless devices, pedestrian safety systems and automated vehicle systems.
The role of the government is also important to launch new technologies in the country and also run intelligent transport systems, which is expected to stimulate demand for intelligent transport systems market. The implementation of intelligent transport systems leads to end benefits, such as mobility and safety, which are expected to drive the growth of the market in the near future.
Moreover, the growing acceptance of intelligent parking management systems and the increasing demand for efficient traffic management are expected to drive the market growth during the forecast period.
The implementation of intelligent transport systems includes microwave detectors, CCTV cameras, advanced passenger information systems (ATIS), dynamic message signs (DMS). In addition, it also includes the road warning radio (HAR); other factors such as mobile data terminals (MDT) are the key component of transit fleet management systems. All of this leads to huge investments which are likely to drive the growth of the intelligent transportation systems market during the forecast period.
Global Intelligent Transportation Systems Market, By Systems
On the basis of systems, the market is segmented into Advanced Traveler Information System, Advanced Public Transportation Systems, Advanced Traffic Management Systems, and Commercial Vehicle Operation. The Advanced Public Transportation System (APTS) segment is the fastest growing segment in 2021 and is expected to remain the fastest growing segment during the forecast period.
Factors attributed to the growth include an advanced public transport system (APTs provide better visibility on complete trains and timeless buses. As many people use public transport services, any aggressive investment in information systems in real time can potentially promote real time data sharing on trains and buses with customers.
Global Intelligent Transportation Systems Market, By Component:
On the basis of components, the market is segmented into interface cards, sensors, software, surveillance cameras, telecommunications networks, surveillance and detection systems, etc. Telecommunications networks are the fastest growing segment over the projected period. The growth of telecommunications networks is attributed to time savings, ease of access and speed of communication.
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In addition, it reduces travel time and costs, which saves gasoline. These factors are expected to drive demand over the forecast period.
Global Intelligent Transportation Systems Market, By Application:
On the basis of applications, the market is segmented into Fleet Management and Asset Monitoring, Traffic Monitoring System, Traffic Light Control Systems, Parking Convenience Systems, Traffic Surveillance Cameras, and Avoidance Systems. accidents.
Traffic light control systems are the fastest growing segment in 2021 and are expected to remain the fastest growing during the forecast period. This growth is attributed to new initiatives by government agencies to ensure safety and security on the roads. Dynamic displays and navigation systems can probably help reduce travel time and operate road networks flexibly.
Global Intelligent Transportation Systems Market, By Region
Based on region, the market is categorized as North America, Europe, Middle East & Africa, Asia-Pacific, and South America.
Among all regions, Asia-Pacific is expected to remain the fastest growing during the forecast period. Factors attributed to the growth of the market include improved technology and continued expansion of transportation networks.
In addition, the economic benefits arising from the deployment of the intelligent transport system are mainly remarkable in countries like India, China and Japan. Intelligent transport systems not only avoid congested routes and thus reduce journey time, but also provide monetary benefits to vehicle owners by reducing total fuel consumption. Therefore, automakers in developed and developing economies are actively participating in these systems in their upcoming models.
- March 2020, TomTom, is the expert in location technology, Toyota Research Institute – Advanced Development, Inc. DENSO (Japan) and (TRI-AD) (Japan), declared a proof of successful idea demonstrating a high definition map (HD) fast-road construction process, vital for safer autonomous driving.
- October 2019, Cubic Transportation Systems (CTS), responsible for the intelligent transportation system, in association with Google to join contactless transportation cards with the help of Google Pay, allowing travelers to quickly and easily use their mobile phones to pay for their trips.
- In May 2019, Kapsch TrafficCom executed an intelligent mobility management solution in Valladolid, Spain. The new system allows citizens to plan their trips efficiently.
Impact of COVID-19 on the Global Intelligent Transportation Systems Market
QMI is closely watching the impact of the COVID-19 outbreak on the global intelligent transportation systems market. The pandemic epidemic has had serious consequences for new installations of intelligent transport systems (ITS), as well as sales. Many key system manufacturers have temporarily postponed their processes due to disruptions in component and supply chain shortages.
On the other hand, intelligent transport system solutions currently installed around the world should be used aggressively. Although the efforts of both public and private entities have been positive, the execution of smart technologies has established the role of technology in the future. This is expected to increase demand during the forecast period.
Some key points of the Global Intelligent Transportation Systems Market report are:
- In-depth analysis of the global intelligent transportation systems market by segments, along with insights and factors analysis based on trends.
- Profiles of the major market players operating in the global intelligent transportation systems market including Transcore Inc. (US), Kapsch Trafficcom AG (Austria), Efkon AG (Austria), Q-Free (Norway), Thales Group ( France).
- Analysis of key impact factors across regions which includes analysis, along with drivers, restraints, opportunities, and challenges prevalent in the global intelligent transportation systems market
- Impact of the corona virus pandemic on the market
To find more and more information on this topic in this report, “Intelligent Transportation Systems Market, by systems (advanced traffic management system, advanced passenger information system, advanced public transport system and commercial vehicle operation), components (interface cards, sensors, software, surveillance camera, TV networks -communication, monitoring and detection systems and others), Application (fleet management and asset monitoring, traffic monitoring system, traffic light control systems, parking convenience systems, traffic control cameras and accident prevention systems), region (North America, Europe, Asia-Pacific, Middle East, South America) – Industry Trends and forecasts up to 2030 ”, in-depth analysis with table of contents (ToC).
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