Intelligent Transportation System Market Growth, Size, Analysis, Outlook by Trends, Opportunities and Forecast to 2030

Global Intelligent Transportation System Market estimated at approximately USD 42.2 billion in 2021 and is forecasted to generate a revenue of USD 88.79 billion by the end of 2030, recording a CAGR of 10.0% during the forecast duration of 2022-2030.

The relevance of implementing an intelligent transportation system has increased as the number of megacities and population growth in industrialised and emerging countries has increased (ITS). The ITS system encompasses both road and metro/underground rail transportation. GPS, Carrier Access for Land Mobiles (CALM), Dedicated Short Range Communication (DSRC), and other technology features are all part of ITS. Government agencies all over the world recognise the need of having an effective ITS system, which is a major driver of market growth. As a result, these departments are developing particular programmes and taking steps to put the system in place. The US Department of Transportation (DOT)

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These types of solutions are utilised to improve the infrastructure and network of roads. Because it blends communication and information technology with transportation infrastructure, intelligent transportation systems help to increase the overall competency of the transportation process as well as passenger safety. In addition to reducing travel time, the availability of a functional transportation system helps to prevent road accidents.

In order to successfully cope with traffic challenges, new solutions incorporating electronic and communication technology are being adopted in a number of economies. Intelligent transportation systems may be in high demand because they assist people obtain greater access to transportation and improve passenger and freight mobility.
By reducing traffic congestion, intelligent transportation systems contribute significantly to the reduction of greenhouse gas emissions and fuel consumption.

Global Intelligent Transportation System Market- Segment Analysis
By Component
• Hardware
• Software
• Services

By System
• ATMS
• ATIS
• ITPS
• APTS
• CVO

By Application
• Traffic Monitoring
• Fleet Management & Asset Monitoring
• Collision Avoidance Systems
• Parking Availability Systems
• Traffic Enforcement Cameras
• Variable Enforcement Cameras
• Roadways
o Parking Management
o Ticketing Management
o Passenger Information Management
o Emergency Vehicle Notification
o Fleet Management and Monitoring
o Intelligent Traffic Control
o Collision Avoidance
o Emergency Vehicle Notification
• Railways
o Smart Ticketing
o Emergency Notification
o Passenger Information Management
o Security & Surveillance
o Rail-running operation and Collision avoidance
o Others
• Aviation
o Smart Ticketing
o Shuttle Bus Tracking
o Emergency Notification
o Aircraft Management
o Traveler Information Management
o Security & Surveillance
o Others
• Maritime
o Security & Surveillance
o Passenger Information Management
o Emergency Notification
o Smart Ticketing
o Rail-running operation and collision avoidance
o Others

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Global Intelligent Transportation System Market- Competitive Landscape
Major players operating in global intelligent transportation system market are Thlaes Group (France), Siemens AG (Germany), Kapsch TrafficCom AG (Austria) , Conduent, Inc. (US), and Cubic Corporation (US), among others.
Notably, Siemens AG in September 2021 inked a contract with National Authority for Tunnels (NAT) which is intended at delivering a high speed, electrified main, and freight rail line which will be first of its kind in Egypt.
Also, Kapsch TrafficCom AG in June 2021 announced to have received a project from Plenary Infrastructure Group (Australia) aimed at the installation of a new toll collection system at Louisiana highway for the Louisiana Department of Transportation and Development.
Similarly, many other market players are taking several strategic decisions involving collaboration deals, partnerships, acquisitions, etc. to expand their reach and generate significant revenues.
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