US & Canada, Dec. 03, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, “Intelligent Transportation System Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type, System, Application, and Geography”, the global intelligent transportation system market is observing significant growth owing to rapid urbanization across regions, and government initiatives to enhance road safety.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the intelligent transportation system market comprises a vast array of system and software which are expected to register strength during the coming years.
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Market Overview and Growth Trajectory:
Intelligent Transportation System Market Growth: According to an exhaustive report by The Insight Partners, the Intelligent Transportation System Market is experiencing significant growth, driven by government focus on transportation infrastructure and implementation V2X for intelligent transportation systems. The market, valued at $35.93 Billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.0% during 2023–2031.
Intelligent transportation systems (ITS), when combined with infrastructure and technology, help improve transportation in urban cities. Interconnected networks of sensors and cameras gather information and data in real-time to power the system. Adaptive traffic management is powered by this data, allowing for quick reactions to accidents and traffic jams. Smart city projects are increasing rapidly with significant investment from governments of several countries across the world. According to the Organization for Economic Cooperation and Development (OECD), the smart city market was valued at US$ 511.6 billion in 2022 and is projected to reach US$ 1,024 billion by 2027; it is expected to register a CAGR of 15.0% during the forecast period.
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Government Initiatives to Enhance Road Safety: According to the World Health Organization (WHO), approximately 1.3 million people die yearly from road accidents. One of the main causes of road accidents and traffic incidents is the lack of situational awareness. By using connectivity-based systems and applications, ITS technologies provide real-time alerts that can improve road safety. Thus, governments are taking initiatives to support the deployment of ITS. For instance, in April 2022, the Ministry of Electronics and Information Technology (MeitY) launched several applications under the intelligent transportation system as part of the InTranSE-II program to improve India's traffic scenario. Further, in June 2024, Volker Wissing (German Transport Minister) led a delegation to Shenzhen during his visit to China, underscoring the growing importance of Sino-German cooperation in transportation and digitalization. Mayor Qin Weizhong and Wissing met to discuss opportunities to enhance cooperation in fields such as ITS, technological innovation, and urban air mobility. Therefore, such government-led developments are boosting the growth of the intelligent transportation system market.
Government Focus on Transportation Infrastructure: The construction of metro facilities, new airports, and railway networks is growing worldwide. In March 2023, the Canadian Kelowna City Council approved the funding of US$ 90 million for the Kelowna Airport terminal expansion project. As of 2023, six new airports were under construction in the US. In 2022, the Government of India announced its plans to build 220 airports by the end of 2025. In 2023, the Indian government approved US$ 3.93 billion for seven transformative railway projects to boost connectivity. In November 2021, The US Congress passed the Bipartisan Infrastructure Deal to repair and rebuild roads and bridges across the country by investing US$ 110 billion. By focusing on climate change mitigation, resilience, equity, and safety for all users, the investment is aligned to transform poor roads and highways in the country in the next five years. According to a joint statement by the US President and Canada's Prime Minister in March 2023, under the Canadian Critical Minerals Infrastructure Fund, ~US$ 1.09 billion (CAD 1.5 billion) will be invested to support clean energy and transportation infrastructure projects.
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Vehicle-to-Everything (V2X) Communication: Modern wireless networks connect cars, pedestrians, infrastructure, highways, etc., using cutting-edge communication technology. In the framework of intelligent transportation systems, vehicle-to-everything (V2X) communication supports a wide range of use cases, including entertainment services, cooperative autonomous driving (traffic information exchange), and traffic safety (traffic jam/accident reporting, collision warning, and collision avoidance). Automakers and governments are focusing on implementing V2X for intelligent transportation systems. For instance, in August 2024, the US Department of Transportation released a national V2X plan that envisions nationwide deployment of wireless technology in the 5.895–5.925 GHz band by 2036. Further, BMW announced that it would start mass production of cars in China with V2X technology in 2025. With this, BMW envisions the future of mobility as a fully connected intelligent transportation network rather than isolated smart vehicles. Similarly, in June 2023, Hamburg received US$ 2.05 million in funds for the ITS-Cube project, under which buses are to be prioritized at traffic lights. The intelligent system informs bus drivers about closing doors, departures, and green or red-light signals so that they can optimally accelerate and stay within the time and schedule. ITS-Cube focuses on networking with the existing infrastructure and transit signal priority (TSP) technology will be introduced gradually from 2025.
Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. The intelligent transportation systems market in North America is segmented into the US, Canada, and Mexico. The US dominated the market owing to the high demand for innovative technologies and rapid infrastructure growth. With continuous development and investments in the upgradation of technology, the demand for intelligent transportation systems is growing in the US.
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Intelligent Transportation System Market Segmentation, Applications, Geographical Insights:
- The global intelligent transportation system (ITS) market is segmented based on type, system, and application.
- Based on type, the intelligent transportation system (ITS) market is segmented as hardware, software, and services.
- Based on system, the intelligent transportation system market is segmented into advanced traffic management system (ATMS), advanced traveler information system (ATIS), ITS-enabled transportation pricing system (ITPS), advanced public transportation system (APTS), commercial vehicle operation (CVO), and others.
- Based on application, the intelligent transportation system market is segmented into fleet management and asset monitoring, intelligent traffic control, smart ticketing, variable traffic message sign, collision avoidance and others.
- The intelligent transportation system (ITS) market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
Key Players and Competitive Landscape:
The Intelligent Transportation System Market is characterized by the presence of several major players, including:
- Hitachi
- Siemens
- DENSO
- Cisco Systems, Inc.
- INDRA SISTEMAS; SA
- EFKON GmbH
- Cubic Transportation Systems, Inc.
- Kapsch TrafficCom AG
- TomTom International BV.
- Teledyne FLIR LLC
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
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Intelligent Transportation System Market Recent Developments and Innovations:
- "Siemens Mobility introduced Siemens Xcelerator, Railigent X for AI-based maintenance, and its Mobility Software Suite X for seamless intermodal travel"
- "With the growing transition toward cloud services, EFKON enhanced its proven security management system to fully replicate the Hardware Security Module (HSM) functionality – usually hosted in their Back-Office Systems – within a virtual cloud environment"
- "Cisco IoT solutions for roadside infrastructure help organizations address key challenges of legacy networks and devices, cyber and physical security risks, and access to real-time data, visibility, and contro"
- "Kapsch TrafficCom's Automatic Number Plate Recognition (ANPR) software has received a big update lately. Depending on the application, the update can attain top performance in automatic number plate recognition"
Conclusion:
Intelligent transportation systems (ITS) use state-of-the-art wireless, electronic, and automated technologies to monitor, assess, and control transportation networks. They use information and communications technology (ICT) to connect automobiles and transportation infrastructure. Thus, the advantages of wireless devices, sensor technologies, and smart ICT services have led to a surge in the adoption of ITS. Further, ITS has numerous applications in tolling, commercial vehicle operations, traffic operations, traveler information, and public transportation to improve traffic flow, prevent collisions, and enhance passenger comfort and safety.
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With projected growth to $66.35 Billion by 2031, the Intelligent Transportation System Market represents a significant opportunity for component providers, system technology integrator, system manufacturers, and end-users. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
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