New York, United States , July 06, 2023 (GLOBE NEWSWIRE) -- The Global Intelligent Transportation System Market Size is to grow from USD 30.25 billion in 2022 to USD 61.77 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period.
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Intelligent transportation system (ITS) is a technology-driven approach that aims to improve transportation efficiency, safety, and sustainability. It utilizes sensors, communication networks, and data analytics to manage traffic flow, optimize transportation operations, and enhance road safety. ITS includes components like smart infrastructure, vehicle-to-infrastructure communication, and advanced traveler information systems. It also supports applications such as autonomous driving and predictive modeling for transportation planning. By integrating these technologies, ITS aims to create a seamless and sustainable transportation system, enhancing mobility and improving the overall transportation experience for users.
Browse key industry insights spread across 210 pages with 130 Market data tables and figures & charts from the report on, “Global Intelligent Transportation System Market Size, Share, and COVID-19 Impact Analysis, By Type (Advanced Traveler Information System, Advanced Traffic Management System, Advanced Transportation Pricing System, Advanced Public Transportation System, and Emergency Medical System), By Application (Traffic Management, Road Safety & Security, Freight Management, Public Transport, Environment Protection, Automotive Telematics, Parking Management, and Road Tolling Systems), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The advanced public transportation system segment is expected to grow at a CAGR of around 7.2% during the forecast period.
Based on type, the global Intelligent transportation system market is segmented into advanced traveller information system, advanced traffic management system, advanced transportation pricing system, advanced public transportation system, and emergency medical system. The advanced public transportation system (APTS) segment is projected to experience significant growth in the forecast period. This can be attributed to several factors due to increasing emphasis on enhancing public transportation services to improve accessibility, reduce congestion, and promote sustainable mobility. Technological advancements, such as real-time passenger information systems, fare collection systems, and intelligent fleet management, are driving the adoption of APTS. Additionally, government initiatives and investments in smart transportation infrastructure are expected to further propel the growth of the APTS segment, enabling efficient and seamless public transportation experiences.
The automotive telematics segment is expected to grow at a CAGR of around 6.8% during the forecast period.
Based on application, the global intelligent transportation system market is segmented into traffic management, road safety & security, freight management, public transport, environment protection, automotive telematics, parking management, and road tolling systems. The automotive telematics segment is projected to witness substantial growth in the forecast period. This growth can be attributed to several factors due to increasing demand for connected car services and applications, such as vehicle tracking, remote diagnostics, and real-time navigation, is driving the adoption of automotive telematics. Advancements in communication technologies, including 5G and IoT, enable seamless connectivity and data exchange within vehicles. Additionally, the growing emphasis on driver safety, vehicle efficiency, and personalized driving experiences further fuels the demand for automotive telematics.
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Asia-Pacific is predicted to grow at the highest CAGR of around 8.3% over the projected period.
Based on region, Asia-Pacific is anticipated to witness the highest growth rate in the forecast period in the intelligent transportation system (ITS) market. This can be attributed to several factors due to rapid urbanization in countries like China and India has resulted in increased demand for efficient transportation systems to alleviate traffic congestion. Government initiatives and investments in smart city development, infrastructure modernization, and intelligent transportation solutions are driving the growth of the ITS market in the region. Additionally, the growing population, rising disposable income, and increasing adoption of smart technologies contribute to the high growth potential of the ITS market in the Asia-Pacific region. The presence of major automotive and technology players further accelerates the market growth in this region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global intelligent transportation system market include Agero, Inc., Denso Corporation, EFKON GmbH, Hitachi, Ltd., Garmin Ltd., Thales Group, Xerox Corporation, Ricardo, Sensys Networks, Inc., Telenav, Inc., Iteris, Inc., Kapsch TrafficCom, Lanner, Nuance Communications, Inc., Q-Free ASA, Siemens AG, TomTom International BV, and TransCore.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global intelligent transportation system market based on the below-mentioned segments:
Intelligent Transportation System Market, By Type
- Advanced Traveler Information System
- Advanced Traffic Management System
- Advanced Transportation Pricing System
- Advanced Public Transportation System
- Emergency Medical System
Intelligent Transportation System Market, By Application
- Traffic Management
- Road Safety & Security
- Freight Management
- Public Transport
- Environment Protection
- Automotive Telematics
- Parking Management
- Road Tolling Systems
Intelligent Transportation System Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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