Pune, July 24, 2024 (GLOBE NEWSWIRE) -- Intelligent Roadways Transportation System Market Size Analysis:
“According to SNS Insider Research, The Intelligent Roadways Transportation System Market size was recorded at USD 23.89 billion in 2023 and is expected to reach USD 47.43 billion by 2032, growing at a CAGR of 8.05 % over the forecast period of 2024-2032.”
With urbanization on the rise, more people have shifted to cities, which has led to infrastructure problems specifically in regards to transportation systems as a means for addressing traffic and environmental issues. This ultimately resulted in the demand for more intelligent solutions that could reduce hassles, loss of life, and property casualties but process traffic stream better as well; all within an affordable budget while assuring eco-friendlier transit. Here, Intelligent Transportation System (ITS) technology is a holistic solution for this combination of factors using cutting-edge technologies like artificial intelligence, big data analytics, and IoT at large. The perennial evolution of sensors, communication networks, data analytics, and artificial intelligence is in full play worldwide to bring a significant transformation in the ITS Market over time. Thus, all these upcoming technologies in the transportation domain and implemented as part of 5G / Edge Computing/M/ IoT can be nothing less than a silver bullet for performance overhead tasks such as pattern recognition and prediction modeling (used at decision-making stages) suggesting traffic management optimization.
Advances in autonomous vehicle (AV) technology combined with a new generation of advanced driver assistance systems (ADAS) are scouring the traditional automobile sector. This is subsequently fueling the market for ITS components and associated solutions. Partnerships of established vehicle makers with technology providers and infrastructure corporations are helping the ITS market to innovate at a faster rate. For Instance, Toyota has recently launched the “Fortuner-2024”, with ADAS and sunroof features. In Addition to this, the EV market has gained the opportunity to expand as many countries are going in a way to sustainability. For Instance, according to the new Indian Budget passed in 2024, the EV and Automobile Components, of around INR 3,500 crore, under the Product Linked Incentive Scheme (PLI).
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Major Players Analysis Listed in this Research are:
- Kapsch TrafficCom
- Agero, Inc.
- Iteris Inc.
- DENSO CORPORATION
- EFKON GmbH
- Garmin Ltd.
- Thales Group
- Xerox Corporation
- Recardo
- Sensys Networks Inc.
- Telenav Inc.
- Lanner
- Hitachi Ltd.
- Nuance Communications, Inc.
- Q-Free ASA
- Siemens AG
- TomTom International BV
- TransCore
- Other Players
Recent developments further illustrate the rapid evolution of the ITS market.
- In January 2024, Chinese automaker BYD allocated USD 14 billion to enhance smart car technologies through its XUANJI Architecture, aimed at improving ADAS systems.
- Additionally, Stellantis Ventures' investment in SteerLight’s LiDAR technology in March 2024 signifies advancements in sensing technology for autonomous driving. Moreover, the implementation of a hybrid tolling system across Switzerland, Italy, and France in February 2024 exemplifies innovative approaches to enhancing traffic management and efficiency across borders.
Intelligent Roadways Transportation System Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 28.39 billion |
| Market Size by 2032 | US$ 47.43 Billion |
| CAGR | CAGR of 8.05% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • The government is taking the initiative of improving the ITS to reduce road accidents and maintain the timing of traffic signals. • Increasing the need to manage the flow of traffic in cities and highways. |
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Segment Analysis
Based on the Roadway system type, the advanced traffic Management system segment dominates the market with over 35% of the market share in 2023. The growing use of AI, IoT, and big data analytics in traffic management, improving safety, and alleviating congestion is what is driving this domination. For example, in April 2024, automakers Toyota and other major players in the market will introduce the 4Runner, an off-road SUV with a fresh look, cutting-edge technology, and a turbocharged engine.
With a revenue share of more than 31% in 2023, the Traffic Management segment led the market based on Application Type. Modern technologies such as cameras and sensors can be integrated to monitor and evaluate traffic flow in real-time, facilitating efficient traffic signal control and route diversion during peak hours. Automotive telematics is another rapidly growing application area; its function in enhancing driver safety and optimizing vehicle performance through real-time data analysis is expected to contribute to a large increase in this field.
Intelligent Roadways Transportation System Market Key Segmentation:
By Roadways System Type
- Advanced Traveler Information System (ATIS)
- Advanced Traffic Management System (ATMS)
- Advanced Transportation Pricing System (ATPS)
- Advanced Public Transportation System (APTS)
- Emergency Medical System (EMS)
By Application
- Traffic Management
- Road Safety and Security
- Freight Management
- Public Transport
- Environment Protection
- Automotive Telematics
- Parking Management
- Road Tolling Systems
Regional Analysis
North America led the ITS market with a majority share of over 34% in 2023. The region’s dominance is attributed to its robust infrastructure and adoption of advanced technologies like machine learning and cloud computing in transportation management. Government initiatives focused on improving transportation infrastructure further propel market growth.
In Europe, the ITS market addresses challenges posed by traffic congestion through technological advancements aimed at optimizing traffic flow and modernizing infrastructure. Environmental concerns also drive adoption, with initiatives to reduce energy consumption and emissions through smart transportation solutions.
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Key Takeaways
- One of the main application areas that is growing quickly is automobile telematics and traffic management.
- North America dominates the global ITS market, supported by robust infrastructure and technological innovation.
- Europe focuses on ITS to tackle traffic congestion and environmental sustainability.
- Government investments globally are pivotal in driving the adoption of ITS solutions for smarter urban mobility.
Table of Contents- Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Intelligent Roadways Transportation System Market Segmentation, By Roadways System Type
8. Intelligent Roadways Transportation System Market Segmentation, By Application
9. Regional Analysis
10. Company Profiles
11. Competitive Landscape
12. USE Cases and Best Practices
13. Conclusion
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