Intelligent Transportation System Market Growth Analysis

Market Insights

The intelligent transportation system market was valued to grow from USD 27.8 billion in 2020 to USD 41.8 billion by 2026 at a CAGR of over 7.2% during the forecast period.

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What is an intelligent transportation system?

Intelligent Transportation System (ITS) is referred to as a system which comprises road transport and an efficient metro/underground rail system. ITS includes the revamp of overall technological aspects such as Carrier Access for Land Mobiles (CALM), GPS, Dedicated Short Range Communication (DSRC) etc.

COVID-19 Impact Analysis

The COVID-19 pandemic has moderately affected the intelligent transportation system sector. The pandemic has taken a huge toll on new intelligent transportation system (ITS) sales & installations. Several product manufacturers suspended their operations temporarily due to lockdown as well as faced supply chain disruptions, thus affecting the market growth.

Key Players

The key players operating in the market are-

• Siemens AG (Germany)
• Thales Group (France)
• IBM Corporation (US)
• Garmin International Inc. (US)
• Addco LLC (US)
• TomTom NV (Netherlands)
• Cubic Corporation (US)
• FLIR Systems (US)
• Lanner Electronics Inc. (Taiwan)
• Denso Corporation (Japan).

Market Dynamics

The market is driven by a host of factors, some of which are noted below:

• Surging demand for traffic control solutions, enhanced improved safety & surveillance provided by modern cameras and License Plate Recognitions (LPRs), and growing demand for smart vehicles integrated with the advanced telecommunications technology.
• Rising global population, especially in urban cities, has compelled local municipalities, government bodies, and urban city planners to introduce and innovate new & innovative intelligent transportation systems.

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Segment Analysis

Type Trends

the market has been classified into advanced traveler information system (atis), advanced traffic management system (atms), advanced transportation pricing system (atps), advanced public transportation system (apts), emergency medical system (ems). under these, the advanced traffic management system (atms) segment held a significant market share in 2020.

The expansion can be credited to the ever-rising traffic on highways across the world. Further, overcrowding of traffic can be accredited to the easily affordable cars that are made accessible due to advantageous plans and various discounts that the auto manufacturers provide. There will be an increased use of advanced traffic management systems for handling this issue.

Application Trends

The market has been classified into traffic management, road safety and security, freight management, public transport, environment protection, automotive telematics, parking management, and road tolling systems. Under these, the traffic management segment held a significant market share in 2020. 

Traffic management systems comprises of bridge traffic management systems, vehicle detection systems, and ramp metering systems, among other systems. It improves the reliability & operational performance of road networks, thereby boosts the segment growth.

Regional Trends

The North America held the highest market share of more than 40% in 2020 and is projected to grow at a healthy CAGR in the coming years. North America is a technology hub for the development & implementation of the new and advanced technologies, including machine learning, cloud computing, big data, and IoT.

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Also, presence of key market players in the region coupled with strong emphasis various governments on enhancing transportation infrastructure, further bolsters the regional market growth during the review period.

Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories. 

By 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 Mode of Transport 

• Roadways
• Railways
• Airways

 By Application 

• Traffic Management
• Road Safety and Security
• Freight Management
• Public Transport
• Environment Protection
• Automotive Telematics
• Parking Management
• Road Tolling Systems

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia and Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and Rest of Asia-Pacific
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others 

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis.
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Trend and forecast analysis.
• Segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Target Audience

The target audience of the market includes-

• Intelligent Transportation System companies
• Intelligent Transportation System distributors
• Transport companies
• Government organizations

Critical Questions Answered in the Report

• What are the key trends in the market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on the market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendor?

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

Recent Developments

In November 2022, Hitachi Rail Limited was awarded a Framework Agreement contract by Ferroviaria Italiana for developing and deploying the European Rail Transport Management System (ERTMS) digital signaling on 1,885 kilometers of the Italian rail network.

In October 2022, Cubic Transportation Systems, Inc. was awarded a five-year Traffic Scotland Systems Contract (TSSC) from Transport Scotland for providing support, maintenance, modernization, and development services to ensure the maximum availability of the systems that deliver the Traffic Scotland Service.

In May 2022, Montgomery County, Maryland, renewed the 10-year contract with Conduent Transportation to supply automated speed and red-light camera systems aimed at policing traffic rules and making communities safer.

In July 2022, Indra, a leading global technology engineering firm serving the aerospace, defense, and mobility sectors, has been awarded a contract with Trans Urban in the United States to implement its ground-breaking solution for the automatic scanning and detection of high occupancy vehicles (HOV) in the I-95, 1-495, and 1-395 express lanes in northern Virginia.

In April 2022, The Indian Ministry of Electronics and Information Technology (Meity) launched a number of apps under the Intelligent Transportation System (ITS) as part of the InTranSE- II programme to improve traffic conditions in India. The Centre for Development of Advanced Computing (CDAC) and the Indian Institute of Technology Madras partnered to develop an indigenous Onboard Driver Assistance and Warning System (ODAWS), Bus Signal Priority System, and Common SMART iot Connectiv (COSMIC) software (IIT-M). According to a government announcement, Mahindra and Mahindra was the project's industrial partner.