Pune, India. , Nov. 10, 2021 (GLOBE NEWSWIRE) -- The Global Intelligent Transportation Systems Market Size was valued USD 20.7 billion in 2021 and is projected to grow at a CAGR of 15.5% during the forecast period from 2021 to 2030, as per a recent report published by Quince Market Insights.
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The surging population and megacities growth in emerging and developed countries has surged the deployment of intelligent transportation systems. This system mainly comprises the revamp of complete technological aspects such as dedicated short-range communication (DSRC), carrier access for land mobiles (CALM), and GPS.
Road traffic congestion is a repetitive problem across the globe, causing huge losses to the economic productivity of a country. This is mainly occurring due to a lack of infrastructure development as compared to the growing number of vehicles on roads owing to space and price constraints.
Several nations are executing smart transportation systems strategic plans to mostly decrease road traffic accidents and congestions through advanced safety systems by wireless communications. This is being done through systems like traffic signals, wireless devices, pedestrian safety systems, and automated vehicle systems.
The government role is also important to launch new technologies in the country and also execute intelligent transportation systems, which will be expected to drive the demand for the intelligent transportation systems market. The implementation of intelligent transportation systems leads to final benefits, such as mobility, and safety, which are anticipated to drive the market growth in the near future.
Additionally, the growing acceptance of smart parking management systems and surging demand for efficient traffic management are likely to drive market growth during the forecast period.
The implementation of intelligent transportation systems includes microwave detectors, CCTV cameras, advanced traveler information systems (ATISs), dynamic message signs (DMS). Additionally, it also includes highway advisory radio (HAR); other factors such as mobile data terminals (MDTs) are the key component of the transit fleet management systems. All these lead to huge investments that are likely to drive the intelligent transportation systems market growth during the forecast period.
Global Intelligent Transportation Systems Market, by Systems
Based on systems, the market is segmented into the 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 fastest growing segment during the forecast period.
The factors attributed to the growth include advanced public transportation system (APTs offers improved visibility into complete timeless trains and buses. As numerous individuals avail public transportation services, any aggressive investments in real-time information systems can possibly support sharing real-time data about the trains and buses with customers.
Global Intelligent Transportation Systems Market, by Component:
Based on components, the market is segmented into interface boards, sensors, software, surveillance camera, telecommunication networks, monitoring & detection systems, and others. The telecommunication networks is the fastest growing segment during the projected time frame. The growth of telecommunication networks is attributed to it saves time, and it is easy to access, and quick in communication.
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Additionally, it reduces the travelling time, and costs, which ultimately save gasoline. These factors are expected to drive the demand during the forecast period.
Global Intelligent Transportation Systems Market, by Application:
Based on application, the market is segmented into fleet management & asset monitoring, traffic monitoring system, traffic signal control systems, parking convenience systems, traffic enforcement cameras, and accident-avoidance systems.
The traffic signal control systems are the fastest growing segment in 2021 and are expected to remain fastest growing during the forecast period. The growth is attributed to new initiatives being pursued by government bodies for safeguarding security and safety on roads. Dynamic displays and navigation systems can probably assist in dropping travel time and working road networks flexibly.
Global Intelligent Transportation Systems Market, by Region
Based on region, the market is categorized into North America, Europe, Middle East and Africa, Asia Pacific, and South America.
Among all regions, the Asia Pacific is expected to remain fastest growing during the forecast period. The factors attributed to the growth of the market include improved technology and the continued expansion of transportation networks.
Additionally, economic advantages stemming from the deployment of the intelligent transportation system are mainly remarkable in the countries such as India, China, and Japan. Intelligent transportation systems not only support avoiding congested routes and thus dropping travel time but also offer monetary advantages to vehicle owners by dropping the complete fuel consumption. Therefore, automobile manufacturers in both developed and developing economies are aggressively participating in these systems in their impending models.
Recent Developments:
- March 2020, TomTom, is the location technology expert, Toyota Research Institute - Advanced Development, Inc. DENSO (Japan), and (TRI-AD) (Japan), declared a successful proof of idea demonstrating a fast high definition (HD) map-building process for roads, vital for safer autonomous driving.
- October 2019, Cubic Transportation Systems (CTS), head of intelligent transportation system, in association with Google to join in contactless transit cards with the help of Google Pay, generating it fast and easy for travelers to 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 permits citizens to plan their journeys proficiently.
COVID-19 Impact on Global Intelligent Transportation Systems Market
The QMI is closely observing the impact of the COVID-19 outbreak on the global intelligent transportation systems market. The pandemic outbreak has taken a severe toll on new intelligent transportation system (ITS) installations, and also on the sales. Numerous key system manufacturers have postponed their processes temporarily on account of disruptions in the shortage of components, and the supply chain.
On the other hand, the present intelligent transportation systems solutions installed around the world are expected to be used aggressively. Although the efforts by 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 surge the demand during the forecast period.
Some Key Points of The Global Intelligent Transportation Systems Market Report Are:
- An in-depth global intelligent transportation systems market analysis by the segments, along with an analysis of trend-based insights and factors.
- Profiles of major market players operating in the global intelligent transportation systems market, which include Transcore Inc. (U.S.), Kapsch Trafficcom AG (Austria), Efkon AG (Austria), Q-Free (Norway), Thales Group (France).
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global intelligent transportation systems market
- Impact of corona virus pandemic on the market
To find more and more insights on this topic from this report, “Intelligent Transportation Systems Market, by Systems (Advanced Traffic Management System, Advanced Traveler Information System, Advanced Public Transportation System, and Commercial Vehicle Operation), Components (Interface Boards, Sensors, Software, Surveillance Camera, Tele-Communication Networks, Monitoring & Detection Systems, and Others), Application (Fleet Management & Asset Monitoring, Traffic Monitoring System, Traffic Signal Control Systems, Parking Convenience Systems, Traffic Enforcement Cameras, and Accident Avoidance Systems), Region (North America, Europe, Asia Pacific, Middle East, South America) – Industry Trends and Forecast To 2030”, in-depth analysis along with the table of contents (ToC).
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