Intelligent Transportation System Market on the Rise: Report Predicts Significant Growth - Analysis By Introspective Market Research

Market Overview:
Intelligent Transportation Systems (ITS) Market was estimated at USD 26.1 billion in 2021 and is projected to reach USD 55.22 billion by 2028, growing at a CAGR of 11.3%.

The keen transportation framework intends to accomplish traffic proficiency by limiting traffic issues. It shortens travel times for travelers, improves their safety and comfort, and provides users with advanced traffic information, real-time operational information for local convenience, seat availability, and seat availability. Some of the opposing factors that should contribute to market expansion are the rising demand for sensitive vehicles with integrated, cutting-edge telecommunication technology, improved security, and police investigation through modern cameras and license plate recognition of vehicles on the streets, aging infrastructure, and the threatened lack of traffic information management.

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Market Dynamics:
Driver:
State-run administrations across the globe are taking on it to help street security and functional execution of the vehicle framework and cut back the effect of transportation on the climate. The implementation of ITS necessitates substantial funding. Numerous ITS projects receive substantial funding from nations like Dubai, the United States, and Japan. The government of the United Kingdom gave USD 1.9 million to three projects in 2020 to try out new technologies and ways to improve driving conditions, reduce traffic congestion, and cut down on time spent in traffic jams.

Opportunities:
Public-Private Partnerships
The Intelligent Transportation System Market presents a potential opportunity for the private sector to implement an intelligent transportation system in collaboration with government agencies. ITS cannot be implemented by a single stakeholder because it necessitates collaboration between multiple domains, such as telecom operators, infrastructure providers, manufacturers, service providers, public sector businesses, and user groups. Accordingly, public-private associations (PPPs) would be vital to ITS prosperity. With various associations working on road and transportation projects, numerous non-profit organizations, including ITS Canada, ITS America, ITS Thailand, and ITS India, sign strategic partnership agreements.

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Market Segmentation
Segmentation Analysis of Intelligent Transportation System (ITS) Market:
By Type, Hardware is the dominating segment in the Intelligent Transportation System Market. In ITS, there is a high investment in the hardware devices, cameras, sensors, traffic management units, system boxes to each place makes it a very dependable factor while considering the Intelligent transportation software deployment. Due to the scope of deployment being very big considering capturing all traffic points and bottlenecks, a large number of camera and sensor deployments is necessary. Hence the production and usage of the hardware devices in the Intelligent Transportation System Market contribute majorly to the growth of the particular market.
• Hardware
• Software
• Services

By System, ATMS (Advanced Traffic Management System) is dominating the segment in the Intelligent Transportation System Market. The solutions offered by the main market players can combine data processing technology with sensor and telecommunication technologies to ensure real-time management of transport networks and share the information collected and processed with drivers and travelers. The increasing number of vehicles on the roads and frequent subsequent traffic jams also require the use of advanced traffic management systems. These systems can potentially help reduce travel time while ensuring efficient traffic management. Security authorities react quickly and efficiently to accidents and emergencies.
• ATMS
• ATIS
• ITPS
• Others

By Application, Roadway is the dominating segment in the Intelligent Transportation System Market. Roadways are the most needed sector to be regulated and need an intelligent system to navigate the traffic and smart response time to avoid congestion and road accidents due to human errors and poor road infrastructure. Roadways are the busiest and most opted transportation medium used extensively worldwide and also it is the most unorganized transport medium. Due to such a disoriented transport medium, the high number of accidents and long traffic cues occurred in busy cities causing massive fuel consumption and pollution. Nowadays roadways are also the largest adopting the ITS with government initiatives and partnerships between private players and government agencies and massive investment from both sides has boosted the roadway segment causing the overall growth of the Intelligent Transportation System Market.
• Roadway
• Railway
• Aviation
• Maritime
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Regional Analysis of Intelligent Transportation System (ITS) Market:
North America dominated the Intelligent Transportation System Market in 2020 with a market share of over 40%. The region is considered a technology hub for aggressive development and deployment of the latest advanced technologies such as machine learning, big data, computing in the cloud, and IoT. The region is also home to the most important players in the world market. The strong emphasis that various governments in the region have placed on improving transport infrastructure is driving the adoption of intelligent transportation systems. North America as a result of increased traffic and the resulting traffic congestion.

The Asia Pacific is anticipated to be an emerging region in the Intelligent Transportation System Market. Technological advances and the continuous expansion of transmission networks are expected to drive the growth of the ITS market in the Asia-Pacific region. In countries such as China, India, and Japan, the economic advantages of ITS execution are particularly clear. Intelligent transport systems not only help to avoid congested routes and thus shorten travel times but also offer vehicle owners advantages through lower overall fuel consumption. As a result, automakers in developing and developed economies are largely integrating these systems into their upcoming models.
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)

Players Covered in Intelligent Transportation Systems (ITS) Market are:
• Thales Group
• Conduent Inc
• Cubic Corporation
• Addco
• Agero Inc
• Denso Corporation
• EFKON GmbH
• Hitachi Ltd
• Garmin Ltd
• Thales Group
• Xerox Corporation
• Recardo
• Sensys Networks Inc
• Telenav Inc
• Iteris Inc
• Kapsch TrafficCom
• Lanner
• Nuance Communications Inc
• Q-Free ASA
• Siemens AG
• TomTom International BV
• TransCore

Key Industry Developments In Intelligent Transportation System (ITS) Market
1. June 2021, Siemens has signed a contract with the National Authority for Tunnels (NAT) to deliver a comprehensive rail system that may feature the first-ever high-speed, electrified main, and freight line remodeling Egypt's transportation. Siemens quality will offer its comprehensive integrated services to design, install, commission, and maintain the systems for fifteen years. the overall contract price is close to USD 4.5 billion, of that Siemens Mobility's share is around USD three billion.

2. May 2021, Omaha underground Transit has awarded Cubic Transportation Systems a multi-year contract to deliver its Umo Pass solution. No Pass can empower Omaha underground Transit riders to seamlessly position and get transit journeys through one fare payment system.

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Table Of Content
Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2: Executive Summary

Chapter 3: Growth Opportunities By Segment
 3.1 By Type
 3.2 By System
 3.3 By Application

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  3.5.1 Drivers
  3.5.2 Restraints
  3.5.3 Opportunities
  3.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 4: Intelligent Transportation Systems (ITS) Market by Type
 4.1 Intelligent Transportation Systems (ITS) Market Overview Snapshot and Growth Engine
 4.2 Intelligent Transportation Systems (ITS) Market Overview
 4.3 Hardware
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size (2016-2028F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Hardware: geographic Segmentation
 4.4 Software
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size (2016-2028F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Software: geographic Segmentation
 4.5 Services
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size (2016-2028F)
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Services: geographic Segmentation

Chapter 5: Intelligent Transportation Systems (ITS) Market by System
 5.1 Intelligent Transportation Systems (ITS) Market Overview Snapshot and Growth Engine
 5.2 Intelligent Transportation Systems (ITS) Market Overview
 5.3 ATMS
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2016-2028F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 ATMS: geographic Segmentation
 5.4 ATIS
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2016-2028F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 ATIS: geographic Segmentation
 5.5 ITPS
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size (2016-2028F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 ITPS: geographic Segmentation
 5.6 APTS
  5.6.1 Introduction and Market Overview
  5.6.2 Historic and Forecasted Market Size (2016-2028F)
  5.6.3 Key Market Trends, Growth Factors and Opportunities
  5.6.4 APTS: geographic Segmentation
 5.7 CEO
  5.7.1 Introduction and Market Overview
  5.7.2 Historic and Forecasted Market Size (2016-2028F)
  5.7.3 Key Market Trends, Growth Factors and Opportunities
  5.7.4 CEO: geographic Segmentation

Chapter 6: Intelligent Transportation Systems (ITS) Market by Application
 6.1 Intelligent Transportation Systems (ITS) Market Overview Snapshot and Growth Engine
 6.2 Intelligent Transportation Systems (ITS) Market Overview
 6.3 Roadway
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size (2016-2028F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Roadway: geographic Segmentation
 6.4 Railway
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size (2016-2028F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Railway: geographic Segmentation
 6.5 Aviation
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size (2016-2028F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Aviation: geographic Segmentation
 6.6 Maritime
  6.6.1 Introduction and Market Overview
  6.6.2 Historic and Forecasted Market Size (2016-2028F)
  6.6.3 Key Market Trends, Growth Factors and Opportunities
  6.6.4 Maritime: Geographic Segmentation

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