Intelligent Transport Systems Market Will Generate Record Revenue by 2028

The global intelligent transport systems market is anticipated to grow at a CAGR of 9.9 % during the forecast period (2022-2028).

The market is predicted to increase due to rising demand for traffic control solutions, rising demand for smart vehicles connected with cutting-edge telecommunications technology, and improved safety and surveillance provided by sophisticated cameras and License Plate Recognition (LPRs).

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In the market for intelligent transportation systems, roads are the fastest-growing segment. Due to the growing number of commercial fleets across the globe as a result of increased e-commerce and manufacturing operations, many logistics companies are using proper asset monitoring and management systems.

The North American region is expected to hold a significant share in the market during the forecast period due to the most developed intelligent transport system (ITS). In order to handle the region's growing traffic and public transit system, numerous ITS systems have been installed. Commercial drone sales are expanding throughout the region, and countries such as the US are enacting strict regulations for drone pilots and registration. As a result, over the projected period, there is expected to be a significant increase in demand for ITS systems in the airline industry. North America has a high demand for specialized short-range communication devices that reduce traffic congestion in passenger and commercial vehicles, which is boosting demand for ITS systems in the region.

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Due to the presence of many companies in the market, the intelligent transport systems market is extremely competitive and headed toward fragmentation. Players in the market are focused on technical innovation and product compatibility, as well as using acquisitions and alliances to strengthen their market presence. For instance, In January 2021, to develop sensing and perception technologies, Denso Corp teamed with Aeva, a developer of LiDAR and perception systems for autonomous vehicles. The two businesses will work together to develop Frequency Modulated Continuous Wave (FMCW) LiDAR, which could aid in assessing vehicle velocity and reflectivity.

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Governments worldwide are using ITS to improve road safety and operational performance of the transportation system, as well as to lessen the environmental impact of transportation. Significant funds are necessary to install ITS. Countries including the United States, Dubai, and Japan are substantially investing in various ITS initiatives. For instance, the UK government financed USD 1.9 million in three projects in 2020 to test innovative technology and new approaches to enhance driving conditions, reduce traffic congestion, and minimize the amount of time spent stuck in traffic.

The government also expects that the introduction of next-generation AI-powered intelligent transportation systems will provide drivers the confidence to plan their travels without fear of getting caught in traffic. Congestion, delays, and pollution are all reduced by these solutions. Over USD 368 million has been allocated to UK innovators to help them construct a cleaner, greener, and more sustainable transportation system.

Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Mode of Transport
o By Application
o By Deployment Mode

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Siemens, Thales, IBM, Cubic Corp., DENSO CORP., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Intelligent Transport Systems Market Report by Segment

By Mode of Transport
• Roadways
• Railways
• Airways

By Type
• Advanced Traveller Information System (ATIS)
• Advanced Traffic Management System (ATMS)
• Advanced Public Transportation System (APTS)
• Advanced Transportation Pricing System (APTS)
• Others

By Deployment Mode
• On-Premise
• Cloud

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This release was published on openPR.