Dublin, April 13, 2023 (GLOBE NEWSWIRE) -- The "Intelligent Transportation System Market by Offering (Hardware, Software), System (Advanced Traffic Management System, ITS-enabled Transportation Pricing System), Application (Roadways, Railways, Aviation, Marine) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global intelligent transportation system (ITS) market is projected to reach USD 67.2 billion by 2028 from an estimated USD 47.8 billion in 2023, at a CAGR of 7.1% from 2023 to 2028.
Factors such as government efforts to ensure road and public safety, increased need to reduce traffic congestion, favorable government policies for effective traffic management, high adoption of ecofriendly automobile technology, and rapid development of smart cities globally have proved to be the major driving forces for the ITS market for roadways.
Freight arrival & transit segment is expected to lead the maritime application of the ITS market in 2028.
The increasing number of freights in sea transport operations has led to complex distribution setups with an increased need for information flow, especially electronic messages among participants in distribution setups. This trend has been an initiative to shape a new intelligent transportation management system (ITS) that provides data and information more effectively to partner companies.
ITS helps monitor the arrival of freight, loading and unloading of goods, tracking the geographic location of freight, tracing shipment information, and others. Owing to this, the freight arrival & transit segment is expected to lead the maritime application of the ITS market in 2028.
The Asia Pacific accounts for the highest ITS market growth during the forecast period.
Among all regions, Asia Pacific is expected to register the highest growth in the ITS market during the forecast period. The region houses numerous ITS solution providers, such as Hitachi, Ltd.; DENSO Corporation, ST Engineering, and Lanner Electronics Inc., as well as end users.
China, Japan, and South Korea mainly dominate the ITS market for the roadways segment in the region. These countries are densely populated and have a huge demand for vehicles, which leads to urban traffic congestion and an increase in CO2 emissions.
Competitive landscape
A few key players in the ITS market are Siemens AG(Germany), Hitachi, Ltd. (Japan), Conduent Incorporated (US), Cubic Corporation (US), Kapsch TrafficCom AG (Austria), Teledyne Technologies Incorporated (US), DENSO Corporation (Japan), Indra Sistemas, S.A. (Spain), Garmin Ltd. (US), and TomTom International BV (Netherlands).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 311 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $47.8 Billion |
| Forecasted Market Value (USD) by 2028 | $67.2 Billion |
| Compound Annual Growth Rate | 7.1% |
| Regions Covered | Global |
Premium Insights
- Digital and Infrastructural Developments in Asia-Pacific to Create Growth Opportunities
- Hardware Segment to Lead Market During Forecast Period
- Advanced Traffic Management System to Account for Largest Market Share During Forecast Period
- North America to Lead Market During Forecast Period
- Australia to Grow at Highest CAGR for Roadways Application During Forecast Period
- Ticketing Management to Hold Largest Market Share
- Rail-Running Operation & Collision Avoidance to Lead Market from 2023 to 2028
- Aircraft Management to Capture Largest Market Share During Forecast Period
- Scheduling of Container Movement Segment to Account for Largest Market Share
Market Dynamics for ITS in Roadways
Drivers
- Government Efforts to Ensure Road and Public Safety
- Increased Need to Reduce Traffic Congestion
- Favorable Government Initiatives for Effective Traffic Management
- High Adoption of Eco-Friendly Automobile Technology
- Rapid Development of Smart Cities Globally
Restraints
- High Installation Cost of ITS
- Stagnation or Sluggish Growth in Infrastructure Sector
Opportunities
- Increasing Focus of Automobile Companies on Designing and Developing Smart Vehicles Compatible with ITS
- Increasing Public-Private Partnerships
- Growing Number of Economically and Technologically Advanced Countries
Challenges
- Achieving Interoperable and Standard ITS Architecture Worldwide
Market Dynamics for ITS in Railways
Drivers
- Increasing Demand for Security and Surveillance
Restraints
- Slow Development in Railway Infrastructure
Opportunities
- Growing Focus of Oems on Providing Diverse Services and Solutions to Improve Railway Infrastructure
Market Dynamics for ITS in Aviation
Drivers
- Growing Focus on Improving Airline Operations
- Increasing Importance of Environmental Conservation
Restraints
- Lack of Funding and Synchronization Among Agencies
Opportunities
- Industry Goals and Initiatives to Reduce Co2 Emissions
Market Dynamics for ITS in Maritime
Drivers
- Improving Maritime Logistics Infrastructure
Restraints
- Poor Coordination Among Oems and Technology Providers and Presence of Conflicting Regulatory Policies
Opportunities
- Improving Information and Communication Technologies
Technology Analysis
- Adoption of Image Processing Solutions
- Use of Smartphones to Facilitate Video-Based Toll Collection
- Introduction of C-Its/V2X Technologies for Wireless Data Exchange
- Implementation of Autonomous Driving Technology to Reduce Accidents
- Connected Car Technology for Car-To-Car Communication
Case Study Analysis
- Cubic Corporation Provided Intelligent Passenger-Oriented Displays to Govia Thameslink Railway to Reduce Touchpoints and Improve Passenger Experience
- Freewi De Lijn Introduced "Tap & Go" Ticketing System to Flanders Public Transportation to Reduce Traffic Congestion
- Santiago Utilized Electronic Tolling Technology on Urban Highways to Generate Significant Infrastructure Revenue Without Impeding Traffic Flow
- City of Bentonville Deployed Multimodal Detection and Traffic Data Collection Program for Safer and More Efficient Streets
- Cubic Corporation Modernized New York Transportation Network with Single Fare Payment System
Company Profiles
Key Players
- Siemens Ag
- Hitachi, Ltd.
- Cubic Corporation
- Conduent Incorporated
- Kapsch Trafficcom Ag
- Teledyne Technologies Incorporated (Teledyne Flir LLC)
- Recent Developments
- Denso Corporation
- Indra Sistemas, S.A.
- Garmin Ltd.
- Tomtom International Bv
Other Key Players
- Verra Mobility Corporation
- Swarco
- St Engineering
- Iteris, Inc.
- Q-Free Asa
- Serco Group plc
- Efkon GmbH
- Lanner Electronics Inc.
- Sensys Gatso Group Ab
- Tagmaster
- Ricardo plc
- Transmax Pty Ltd.
- Daktronics, Inc.
- Geotoll, Inc.
- Cellint
For more information about this report visit https://www.researchandmarkets.com/r/ht72it
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