Intelligent Transportation System (ITS) Market - Industry Insights, Trends, Outlook, and Opportunity 2022 - 2026

In line with the development of smart cities, the world also seeks smarter commute. Intelligent transportation system (ITS) has been emerging as a viable solution to achieve improved road safety, and enhanced operational performance of the overall transport system. The ITS is also being increasingly perceived as a preferred means to mitigate the environmental damage posed by inefficient transport systems. Robust government support is expected to be critical to the growth of global intelligent transportation system (ITS) market, says a new upcoming report of Fairfield Market Research. The report states that the government support would unlock fresh revenue streams for the most prominent participants in ITS market.

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ATMS Remains Most Sought-after

Advent of AI has been responsible for introducing next-level innovations in intelligent transportation systems, which has further triggered adoption of emerging technologies to achieve uniformity, and efficient management of road transport issues. This is likely to unlock new opportunistic avenues in global market space. Among advanced traveller information systems (ATIS), advanced public transportation systems (APTS), advanced traffic management systems (ATMS), commercial vehicle operations (CVO) systems, and ITS-enabled transportation pricing systems, the primary report findings indicate continued dominance of ATMS. This strong market position of ATMS is clearly attributed to unprecedentedly high traffic congestion on roads that eventually leads to some serious public safety concerns worldwide.

Lack of International Standards Continues to Challenge Market Expansion

Lack of standardisation will continue to be the most significant challenge facing the global market in long term. While the ITS infrastructure demands integration of various heterogeneous devices, it can typically lead to compatibility issues. Moreover, multiple onboard unit (OBU) devices that are used across countries also will remain the longstanding challenge in terms of compatibility. The inability of electronic toll collection OBUs to receive or transmit messages, and the problems in display units further continue to act as the other major limiting factors facing market.

There has been a noteworthy effort by several international organisations toward the development and implementation of sound frameworks that focus on harmonising the ITS architecture. Increasing research around the facilitation of interoperability through suitable ITS reference architecture is further expected to uphold market growth in future. Such developments are likely to encourage public-private collaborations in global intelligent transportation system market. This is further projected to open headways for strategic business partnerships, as well as unlock a wealth of innovation opportunities in the market.

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North America's Dominance Prevails, Asia Pacific Emerges as a Strong Potential Market

The global technology hub, and the epicentre of R&D initiatives and innovations, North America continues to dominate global ITS market space. The region is also expected to leverage the strong presence of some of the globally leading brands in industry. The supportive government regulations, and favourable legislator framework will further strengthen the positioning of North America as the globally leading region in intelligent transportation system landscape. On the other hand, Asia Pacific has been recently emerging as a strong potential market for the establishment of intelligent transportation systems as the key nations, i.e., China, Japan, and India hold the promise to expand their regional ITS markets. Rampant traffic congestion, sharply increasing vehicle parc, rising issues around road safety, transport-related environmental hazards, and an exponential rise in the rate of vehicle ownership will give a collective push to ITS penetration across these nations.

Key Competitors in Global Intelligent Transportation System Market

Some of the significant players that would be subject to detailed competitive profiling in the global intelligent transportation system market report, include DENSO CORPORATION, Hitachi, Ltd., Thales Group, Agero, Inc., Siemens AG, Sensys Networks, Inc., Garmin Ltd., TransCore, and Nuance Communications, Inc.

Intelligent Transportation System Market is Segmented as Below:

ITS Market, by Offering
• Hardware
• Software
• Services

ITS Market, by System
• ATMS
• ATIS
• ITPS
• APTS
• CVO

ITS Market, by Application - Roadways
• Intelligent Traffic Control
• Collision Avoidance
• Parking Management
• Passenger Information Management
• Ticketing Management
• Emergency Vehicle Notification
• Automotive Telematics
• Fleet Management and Asset Monitoring

ITS Market, by Application - Railways
• Rail-running Operation and Collision Avoidance
• Passenger Information Management
• Smart Ticketing
• Security & Surveillance
• Emergency Notification
• Others

ITS Market, by Application - Aviation
• Security & Surveillance
• Shuttle Bus Tracking
• Traveler Information Management
• Smart Ticketing
• Aircraft Management
• Emergency Notification
• Others

ITS Market, by Application - Maritime
• Freight Arrival & Transit
• Real-time Wheather Information Tracking
• Container Movement Scheduling
• Emergency Notification
• Others

Geographic Analysis
• North America
• Europe
• APAC
• RoW

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