Intelligent Transportation Systems Market Outlook
According to the report by Expert Market Research (EMR), the global intelligent transportation systems market size is projected to grow at a CAGR of 8.6% between 2024 and 2032. Aided by the rising demand for smart transportation solutions and the integration of advanced technologies, the market is expected to grow significantly by 2032.
Intelligent transportation systems represent a fusion of information technology and communication systems applied to transportation networks. These systems are crucial in enhancing traffic management, improving safety, and reducing environmental impacts of transportation. ITS includes a wide range of applications, from traffic management systems and electronic toll collection to advanced traveller information systems and vehicle-to-infrastructure (V2I) communications.
The primary driver of the intelligent transportation systems market growth is the increasing urbanisation and the need for efficient transportation systems in congested cities. With urban populations growing, the demand for smart mobility solutions that can reduce traffic congestion, improve public transport efficiency, and enhance safety is on the rise.
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Technological advancements are significantly propelling the ITS market. The integration of IoT, AI, and big data analytics in transportation systems allows for real-time data collection and analysis, leading to more informed decision-making and efficient traffic management.
Government initiatives and investments in smart city projects are also major factors contributing to the intelligent transportation systems market demand. Governments worldwide are recognising the potential of ITS in addressing transportation challenges and are actively investing in these technologies.
One of the notable trends in the ITS market is the increasing adoption of connected vehicle technologies. Vehicle-to-Everything (V2X) communication is becoming more prevalent, enabling vehicles to communicate with traffic signals, pedestrian crosswalks, and other infrastructure, enhancing road safety and traffic flow.
The application of ITS in public transport systems is another significant intelligent transportation systems market trend. ITS technologies like GPS tracking, passenger information systems, and electronic ticketing are transforming public transportation, making it more efficient and user-friendly.
The ITS market is geographically diverse, with significant growth potential across various regions. North America, with its advanced transportation infrastructure and high adoption of technology, holds a significant share of the ITS market. Europe follows closely, with a strong emphasis on sustainable transportation and safety.
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Intelligent Transportation Systems Market Segmentation
The market can be divided based on offering, system, roadways application, railway application, aviation application, maritime application, and region.
Market Breakup by Offering
- Hardware
- Interface Boards
- Sensors
- Surveillance Cameras
- Telecommunication Networks
- Monitoring and Detection System
- Others
- Software
- Visualisation Software
- Video Detection Management Software
- Transmit Management Software
- Others
- Services
- Business and Cloud Services
- Support and Maintenance Services
Market Breakup by System
- Advanced Traffic Management System
- Advanced Traveller Information System
- ITS- Enabled Transportation Pricing System
- Advanced Public Transportation System
- Commercial Vehicle Operation System
Market Breakup by Roadway Application
- Intelligent Traffic Control
- Collision Avoidance
- Parking Management
- Passenger Information Management
- Ticketing Management
- Emergency Vehicle Notification
- Automotive Telematics
- Fleet Management and Assets Monitoring
Market Breakup by Railway Application
- Rail-Running Operation and Collision Avoidance
- Passenger Information Management
- Smart Ticketing
- Security and Surveillance
- Emergency Notification
- Others
Market Breakup by Aviation Application
- Avoidance Security and Surveillance
- Shuttle Bus Tracking
- Traveller Information Management
- Smart Ticketing
- Aircraft Management
- Emergency Notification
- Others
Market Breakup by Maritime Application
- Freight Arrival and Transmit
- Real Time Weather Information Tracking
- Container Movement Scheduling
- Emergency Notification
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global intelligent transportation systems market. Some of the major players explored in the report by Expert Market Research are as follows:
- AECOM Technology Corporation
- Sumitomo Electric Industries, Ltd.
- Mundys SpA
- Advantech Co., Ltd
- Aimsun SLU
- Siemens Mobility GmbH
- Cubic Transportation Systems, Inc.
- Onnyx Electronisys Pvt. Ltd
- Chemito Infotech Pvt. Ltd.
- GMV Innovating Solutions, S.L.
- Others
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