Intelligent Transportation System (ITS) Market to Surge USD 59.12 billion, with Excellent CAGR of 9.67% by 2030

The premium Intelligent Transportation System (ITS) Market research report is an essential component of organizing corporate goals or objectives. It is a methodical way to compile and record data on the market, industry, or future clients related to Intelligent Transportation System (ITS) Market. The creation of the title page, the attachment of a table of contents, editing it in the executive summary, writing the introduction, writing the qualitative research and survey research segment, summarizing the types of data used in drawing conclusions, disseminating research findings, and concluding with a call to action by the reader are the steps that go into creating this report.

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The performance and dependability of the road network are improved by systems, which also include ramp metering systems, bridge traffic management systems, and vehicle detection systems. Through the increased travel times and fuel consumption, regular traffic jams frequently cause significant financial losses. Traffic congestion is a persistent problem that affects people's quality of life globally and uses a lot of fuel. Intelligent transportation systems are anticipated to increase market demand and lighten the financial burden on governments, making the role of government bodies crucial for introducing new technologies into the country.

Data Bridge Market Research analyses that the intelligent transportation system (ITS) market, valued at USD 28.25 billion in 2022, will reach USD 59.12 billion by 2030, growing at a CAGR of 9.67% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.    

Market Definition

Intelligent transportation system (ITS) refers to a combination of advanced technologies, communication networks, and information systems applied to transportation infrastructure and vehicles with the aim of improving efficiency, safety, and sustainability in transportation systems. ITS integrates various components such as sensors, data collection devices, traffic management systems, communication systems, and intelligent algorithms to enable real-time monitoring, analysis, and management of transportation networks. It encompasses a wide range of applications, including traffic management, intelligent traffic signal control, incident detection and management, traveller information systems, vehicle-to-vehicle and vehicle-to-infrastructure communication, and advanced driver assistance systems.

Opportunities

Advancements in technology create a lucrative opportunity to grow

Advancements in technology have played a crucial role in driving the growth of the intelligent transportation system (ITS) market. Technologies like artificial intelligence, the Internet of Things (IoT), big data analytics, and connectivity have opened up new possibilities for ITS solutions. Real-time monitoring systems enable the collection of accurate and timely data from various sources, allowing for a better understanding of traffic patterns and congestion. Artificial intelligence algorithms enable intelligent traffic management, adaptive signal control, and dynamic routing. These advancements have revolutionized transportation systems, enhancing efficiency, safety, and overall user experience.

Safety and security create an opportunity to grow

Safety and security are significant drivers for the adoption of intelligent transportation systems (ITS). Intelligent traffic management systems use real-time data and advanced algorithms to optimize traffic flow, reducing the risk of accidents and congestion. Vehicle-to-vehicle communication enables vehicles to exchange information, such as location and speed, to enhance situational awareness and avoid collisions. Driver assistance systems, including lane departure warnings, adaptive cruise control, and collision avoidance systems, help prevent accidents and mitigate their severity. ITS also facilitates emergency management by enabling quick responses to incidents and providing real-time information to emergency services. By leveraging these technologies, ITS improves road safety, reduces accident rates, and enhances the overall security of transportation systems.

Recent Developments

In 2021, In order to provide a time-as-a-service (JTaaS) solution to help the British public authorities reduce traffic congestion, Siemens Mobility, a subsidiary of Siemens AG, integrated HERE Technologies' corridor travel time Application Program Interface (API). With the integration, Siemens Mobility will be able to provide the option for the public and traffic authorities in the UK to track travel times without the use of extra hardware like Wi-Fi sensors and ANPR cameras with Bluetooth.
In 2021, In order to provide navigation and location-based services for SIAC's internal combustion engine (ICE) vehicles and battery-powered electric vehicles (BEV), Telenav, Inc. partnered with an automotive company SAIC. The solution meets BEV and ICE requirements in regions with both left- and right-hand driving, as well as providing a seamless onboard navigation experience that is optimized to provide end users with up-to-date maps and online content while consuming less mobile data, creating significant opportunities for the ITS market.

Global Intelligent Transportation System (ITS) Market Scope

The intelligent transportation system (ITS) market is segmented on the basis of mode of transport, offering, system, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Mode of Transport

Roadways
Railways
Airways

Offering

Hardware
Interface Boards
Multifunctional Boards
Vehicles Detection Boards
Communication Boards
Sensors
Vehicles Detection Sensors
Pedestrian Presence Sensors
Speed Sensors
Surveillance Cameras
Thermal Cameras
AID cameras
Telecommunication Networks
Fiber Optic Cables
Copper Lines
Wireless Media
Monitoring and Detection System
Automatic Number Plate Recognition System
Intelligent Traffic Controllers
Others
Software
Visualization Software
Video Detection Management Software
Transit Management Software
Others
Services
Business and Cloud Services
Support and Maintenance Services

System

Advanced Traffic Management System
Advanced Traveller Information System
Advanced Transportation Management System (ATMS)
ITS-Enabled Transportation Pricing System
Advanced Public Transportation System
Commercial Vehicle Operation
Emergency Medical System (EMS)
Advanced Transportation Pricing System (ATPS)
Advanced Public Transportation System (APTS)
Cooperative Vehicles System (CVS)
Automatic Number Plate Recognition System (ANPR)

Application

Roadways
Fleet Management and Asset Monitoring
Intelligent Traffic Control
Traffic Monitoring System
Traffic Signal Control Systems
Traffic Enforcement Cameras
Variable Traffic Message Signboards
Collision Avoidance
Parking Management
Passenger Information Management
Ticketing Management
Emergency Vehicle Notification
Automotive Telematics/ Vehicles
Railways
Rail Running Operation and Collision Avoidance
Passenger Information Management
Smart Ticketing
Security and Surveillance
Emergency Notification
Others
Aviation
Security and Surveillance
Shuttle Bus Tracking
Traveller Information Management
Smart Ticketing
Aircraft Management
Emergency Notification
Others
Maritime
Freight Arrival and Transit
Real time Weather Information Tracking
Container Movement Scheduling
Emergency Notifications
Others

Some of the major players operating in the intelligent transportation system (ITS) market are:

Thales (France)
Siemens (Germany)
Cubic Transportation Systems, Inc (U.S.)
EFKON GmbH (Austria)
TomTom International BV (Netherlands)
Teledyne FLIR LLC (U.S.)
GeoToll, Inc. (U.S.)
Electricfeel (Switzerland)
DENSO CORPORATION (Japan)
Iteris, Inc. (U.S.)
Ricardo (U.K.)
TransCore (U.S.)
Lanner (Taiwan)
Agero, Inc. (U.S.)
LOGISTEED, Ltd (Japan)
Sensys Networks, Inc. (U.S.)
Conduent Business Services, LLC (U.S.)
Advantech Co., Ltd. (Taiwan)
Clever Devices Ltd (U.S.)
ETA Transit Systems, Inc. (U.S.)
GMV Innovating Solutions S.L. (Spain)
Moxa Inc. (Taiwan)
RHYTHM ENGINEERING (U.S.)
Telegroup (Serbia)
Transmax Pty Ltd. (Australia)
Trapeze Software ULC (Canada)
3M (U.S.)

Key Insights Of Intelligent Transportation System (ITS) Market Report

The report comprises a detailed analysis of different segments and offers market valuations between 2023 to 2030.
This study presents the analytical depiction of the Intelligent Transportation System (ITS) Market with the current trends and future estimations to determine the imminent investment pockets
The report also reveals information with respect to key drivers, restraints, and opportunities coupled with a comprehensive analysis of the global Intelligent Transportation System (ITS) Market
The forecast period of the market is assessed from 2024 to 2030 to highlight the Intelligent Transportation System (ITS) Market growth scenario.
Porter's five forces analysis establishes the effectiveness of the buyers and suppliers in the business line.
The key players in the industry are profiled to gain an understanding of the strategies adopted by them.
This report provides the current trends and future estimations during the forecast period, which in turn aids in identify the prevailing market opportunities.

The company portfolio includes company synopsis, operating business sectors, business overview, product/service categories, and recent growth strategies adopted by them.

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