New York, United States, July 25, 2022 (GLOBE NEWSWIRE) -- The market for intelligent transportation systems uses new information and communication technologies to make driving better. ITS is any way of getting around that uses smart communication systems. ITS has information for the Internet of Things about both wireless and wired connections.
By fixing three major transportation problems, ITS changes the way Traffic Management Centers (TMC) run and manage road networks. There are problems when there isn't enough information, when the information is wrong, or when there isn't enough coordination. By giving TMCs up-to-date and accurate data, information technology helps them make better network decisions.
The market is expected to grow because there is a growing need for traffic control systems, smart vehicles that are connected to the latest telecommunications technology, and modern cameras and licence plate readers that make people safer and keep an eye on them. The industry is likely to be driven by a growing number of vehicles, ageing infrastructure, and a lack of traffic data management. A new traffic management system was made because city streets and highways need to be managed more efficiently. The plan of the transportation authority is to use modern data analytics to deal with the growing amount of traffic.
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Rising road traffic congestion
Traffic jams are caused by the growing number of cars on the road and the lack of good transportation infrastructure. Rising traffic on the roads has a negative effect on the environment because of vehicle emissions. It may also lead to more deaths on the roads. In 2018, nearly 36,600 people died in traffic accidents in the United States, and around 1.35 million people died in road crashes around the world.
Favourable government initiatives for effective traffic management
Governments use ITS to improve road safety, how well transportation systems work, and how they affect the environment. ITS requires significant funding. The US, Dubai, and Japan spend a lot of money on ITS projects. In 2020, the UK government gave $1.9 million to test new technology and new ways to improve driving conditions, reduce traffic congestion, and shorten the length of time spent in traffic jams. The government thinks that the next generation of intelligent transportation systems will be powered by AI and will let drivers plan trips without having to worry about traffic. This cuts down on traffic, wait times, and pollution. UK innovators are given more than USD 368 million to build a greener and more sustainable transportation network.
The high installation cost of ITS
Intelligent transportation needs a sophisticated centralised traffic management centre (TMC) that can handle real-time traffic data and reduce traffic jams. Large investments will be needed to put this management centre in the same place as transportation managers, system operators, dispatchers, and response agencies.
ITS comprises CCTV cameras, microwave detectors, dynamic message signboards, advanced traveller information systems, highway advisory radios, mobile data terminals, and fleet management systems. Mobile data terminals let a vehicle and a control centre talk to each other back and forth. The US Department of Transportation says that each mobile data terminal costs between $1,000 and $4,000, plus between $500 and $1,000 to set up.
Increasing public-private partnerships
For ITS to work, telecom operators, infrastructure providers, manufacturers, service providers, public sector organisations, and user groups need to work together. Public-private partnerships are key to the success of ITS (PPPs).
ITS Canada, ITS America, ITS Thailand, ITS India, and ITS Germany all announce strategic partnerships with road and transport associations. In June 2020, the Yucatan state government chose Cubic Transportation Systems (CTS) to install advanced traffic control systems in Merida, Mexico. Cubic worked with Vixionere SAPI de C.V. (Mexico) to install the Trafficware ATMS central transport management platform, controllers, and Transit Signal Priority software at all project intersections. Cubic will put SynchroGreen in place at 50 intersections.
Report Scope
| Report Metric | Details |
| Market Size | USD 38.70 Billion by 2030 |
| CAGR | 5.75% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, System, Roadways Application, Railways Application, Aviation Application Maritime Application, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Siemens (Germany); Thales Group (France); Kapsch TrafficCom (Austria); Cubic Corporation (US); Conduent, Inc. (US); Garmin Ltd. (US); TomTom International BV (Netherlands); Teledyne FLIR Systems, Inc. (US); Indra Sistemas (Spain); and Denso Corporation (Japan) |
| Key Market Opportunities | Increasing public-private partnerships |
| Key Market Drivers | Rising road traffic congestion Favourable government initiatives for effective traffic management |
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Regional analysis of the global intelligent transportation systems market
The market is split by region into North America, Europe, Asia-Pacific, and LAMEA.
In 2020, North America had more than 40% of the market. Machine learning, big data, cloud computing, and the Internet of Things (IoT) are all developed and used in this area. The region is home to people who take part in the global market. Intelligent transportation technologies are used because the area is putting a lot of effort into improving its transportation infrastructure. As traffic gets worse in North American cities, a number of public-private partnership projects to bring intelligent transportation systems are starting to take shape.
The ITS market in Asia Pacific will grow because of changes in technology and the growth of transportation networks. China, India, and Japan all do better economically because of ITS. Intelligent transportation systems avoid routes that are often crowded to save time and gas. New cars are being made with these systems in both developing and developed countries.
Key Highlights
- The global intelligent transportation systems market was valued at USD 23.8 billion in 2021 and is projected to reach USD 38.70 million by 2030, registering a CAGR of 5.75% from 2022 to 2030.
- The software segment is projected to grow at the highest CAGR during the forecast period
- Advanced traffic management systems applications held the largest share of the ITS market in 2020
- North America contributed the most revenue.
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Competitive players in the global intelligent transportation systems market
- Siemens
- Thales Group
- Kapsch TrafficCom
- Cubic Corporation
- Conduent, Inc.
- Garmin Ltd.
- TomTom International BV
- Teledyne FLIR Systems, Inc.
- Indra Sistemas
- Denso Corporation
The global intelligent transportation systems market segmentation
Based on Offering
- Hardware
- Interface Boards
- Multifunctional boards
- Vehicle detection boards
- Communication boards
- Sensors
- Vehicle detection sensors
- Pedestrian presence sensors
- Speed sensors
- Surveillance Cameras
- Thermal cameras
- AID cameras
- Telecommunication Networks
- Fiber optic cables
- Copper lines
- Wireless media
- Monitoring and Detection Systems
- Automatic number plate recognition systems
- Intelligent traffic controllers
- Others (Linked Traffic Controllers and Variable Message Signboards)
- Software
- Visualization Software
- Video Detection Management Software
- Transit Management Software
- Others
- Services
- Business and Cloud Services
- Support and Maintenance Services
Based on System
- Advanced Traffic Management Systems (ATMs)
- Advanced Traveller Information Systems (ATIS)
- ITS-enabled Transportation Pricing Systems (ITPS)
- Advanced Public Transportation Systems (APTS)
- Commercial Vehicle Operation (CVO) Systems
Based on Roadways Application
- Intelligent Traffic Control
- Traffic Monitoring Systems
- Traffic Signal Control Systems
- Traffic Enforcement Cameras
- Variable Traffic Message Signboards
- Collision Avoidance
- Parking Management
- Passenger Information Management
- Ticketing Management
- Emergency Vehicle Notification
- Automotive Telematics
- Fleet Management and Asset Monitoring
Based on Railways Application
- Rail-running Operation and Collision Avoidance
- Passenger Information Management
- Smart Ticketing
- Security & Surveillance
- Emergency Notification
- Others
Based on Aviation Application
- Security & Surveillance
- Shuttle Bus Tracking
- Traveller Information Management
- Smart Ticketing
- Aircraft Management
- Emergency Notification
- Others
Based on the Maritime Application
- Freight Arrival & Transit
- Real-time Weather Information Tracking
- Container Movement Scheduling
- Emergency Notification
- Others
Based on Geography
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Belgium
- Denmark
- Austria
- Sweden
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia Pacific
- Rest of the world
- South America
- Middle East
- Africa
TABLE OF CONTENT
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Specialty Insurance Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Type Overview
- Introduction
- Market Size & Forecast
- Marine, Aviation, & Transport (MAT)
- Market Size & Forecast
- Political Risk & Credit Insurance
- Market Size & Forecast
- Introduction
- Distribution Channel Overview
- Introduction
- Market Size & Forecast
- Brokers
- Market Size & Forecast
- Non-Brokers
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Type
- By Distribution Channel
- Canada
- By Type
- By Distribution Channel
- Mexico
- By Type
- By Distribution Channel
- Latin America
- By Type
- By Distribution Channel
- Europe
- Market Size & Forecast
- Germany
- By Type
- By Distribution Channel
- France
- By Type
- By Distribution Channel
- U.K.
- By Type
- By Distribution Channel
- Italy
- By Type
- By Distribution Channel
- Spain
- By Type
- By Distribution Channel
- Rest of Europe
- By Type
- By Distribution Channel
- Asia Pacific
- Market Size & Forecast
- Japan
- By Type
- By Distribution Channel
- China
- By Type
- By Distribution Channel
- Australia
- By Type
- By Distribution Channel
- India
- By Type
- By Distribution Channel
- South Korea
- By Type
- By Distribution Channel
- Rest of Asia-Pacific
- By Type
- By Distribution Channel
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Type
- By Distribution Channel
- South Africa
- By Type
- By Distribution Channel
- Kuwait
- By Type
- By Distribution Channel
- Rest of Middle East & Africa
- By Type
- By Distribution Channel
- Introduction
- Company Profile
- AXA
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- American International Group Inc
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Allianz
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- AXA
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/intelligent-transportation-systems-market/toc
Recent Developments by Key Players
- In September 2021, Siemens and the National Authority for Tunnels (NAT) made a deal for Siemens to build a complete rail system that will include Egypt's first high-speed, electrified main and freight rail line. This will change how Egypt moves around. Siemens Mobility will provide its full turnkey services for 15 years to design, install, test, and take care of the systems. The whole contract is worth about $4.5 billion, and Siemens Mobility's share is about $3 billion.
- In July 2021, Siemens Intelligent Traffic Systems (ITS), a division of Siemens Mobility, has started a new brand called Yunex Traffic. It will use its position as the market leader to offer innovative, smart, and all-around mobility solutions.
- In June 2021, Plenary Infrastructure Group from Australia gave Kapsch TrafficCom a project to install a new toll collection system on the Louisiana Highway (LA-1) for the Louisiana Department of Transportation and Development (LADOTD). The project is an addition to Kapsch's existing contract with Plenary. Kapsch is providing an all-electronic tolling system and related maintenance services for a major bridge and tunnel replacement in Belle Chasse, Louisiana.
- In May 2021, Cubic Transportation Systems (CTS) was given a multi-year contract by Omaha Metro Transit (US) to deliver its Umo Pass solution. A single fare payment system will make it easy for Omaha Metro Transit riders to plan and pay for their trips with Umo Pass.
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