How much is the global Intelligent Transportation System market worth?

 Intelligent Transportation System Industry Overview

The global intelligent transportation system market size is expected to reach USD 42,936.1 million by 2028, registering a CAGR of 7.0% from 2021 to 2028, according to a new study by Grand View Research, Inc. Continued advances in the development of transportation networks have triggered the need for an efficient transportation system. At the same time, advances in the latest technologies, such as blind-spot detection and electronic toll collection, are continuously redefining the expectations and prospects for sustainable management of transportation networks and traffic. At this juncture, the growing need to present real-time traffic information to drivers and passengers is emerging as one of the key factors driving the demand for intelligent transportation system (ITS).

Advances in telecommunications technologies and the evolution of IT systems are expected to help in reducing traffic congestions. Given that modern traffic control strategies focus more on utilizing real-time data while simultaneously addressing impact criteria, such as emission control; the integration of ITS with smart grid and other energy distribution and charging systems can potentially help distribution agencies in utilizing the real-time data to draft capacity expansion strategies for the future. According to the ITS Development Strategy drafted by the Department of Transport of the Republic of Korea, intelligent transportation systems can help significantly in reducing traffic congestion, preventing automobile idling, and subsequently in reducing fuel consumption and hence greenhouse gas emissions.

The growing volumes of data involved in transportation management are driving the need for more sophisticated data processing solutions. As such, intelligent transportation systems are leveraging AI to track data in real-time and optimize efficiency. International Business Machine’s Watson is an example of the implementation of artificial intelligence (AI) in transportation management to identify damages to logistics assets leveraging cognitive visual recognition capabilities and to manage the network and optimize routes leveraging predictive analysis.

Intelligent Transportation System Market Segmentation

Grand View Research has segmented the global intelligent transportation system market based on type, application, and region:

Based on the Type Insights, the market is segmented into Advanced Traveler Information System (ATIS), Advanced Traffic Management System (ATMS), Advanced Transportation Pricing System (ATPS), Advanced Public Transportation System (APTS) and Emergency Medical System (EMS).

  • The Advanced Traffic Management System (ATMS) segment accounted for a market share of over 30% in 2020.
  • The Advanced Public Transportation System (APTS) segment is anticipated to register considerable growth over the forecast period. APTS provides enhanced visibility into the overall timeliness of buses and trains.

Based on the Application Insights, the market is segmented into Traffic Management, Road Safety and Security, Freight Management, Public Transport, Environment Protection, Automotive Telematics, Parking Management and Road Tolling Systems.

  • The traffic management segment accounted for the largest market share of over 30% in 2020. Traffic management systems enhance the reliability and operational performance of road networks.
  • The growth of the automotive telematics segment can be attributed to the initiatives being pursued by government bodies for ensuring safety and security on roads. Dynamic displays and navigation systems can potentially help in operating road networks flexibly and reducing travel time.

Intelligent Transportation System Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa (MEA)

Key Companies Profile

The market players are investing aggressively in research and development activities, improving internal processes, actively engaging in new product development, and improving their existing products as part of the efforts to increase their respective market shares. They are also focusing on strategic partnerships and mergers & acquisitions to develop technologically advanced products and gain a competitive edge in the market.

Some prominent players in the global Intelligent Transportation System market include

  • 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

Order a free sample PDF of the Intelligent Transportation System Market Intelligence Study, published by Grand View Research.

Comments

Post a Comment

Popular posts from this blog

Spinal Implants & Devices Market Forecast Analysis by Manufacturer, Types, Applications and Regions 2023 – 2030

  Spinal Implants & Devices Industry Overview The global  Spinal Implants & Devices Market  size is expected to reach USD 19.0 billion by 2030 and is expected to expand at a CAGR of 5.2% in the forecast period, from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing number of vehicular accidents is leading to increasing new cases of spinal cord injuries (SCIs). Other causes of SCIs include falls, violence, acts of violence, sports and recreation injuries, and diseases. Vehicular or road accidents and falls account for the majority of SCI cases. Fall-induced SCI is common among people aged 65 years and above. Acts of violence such as gunshot wounds or knife wounds account for around 12% of SCI cases. Sports activities such as diving in shallow water and impact sports lead to nearly 10% of SCIs. Cancer, osteoporosis, arthritis, and inflammation of the spinal cord also cause SCI. Based on National Spinal Cord Injury Statistical Center da...
Read more

Latin America Pharmaceutical Contract Manufacturing & Research Services Market Overview, Cost Structure Analysis and Forecast to 2030

  Latin America Pharmaceutical Contract Manufacturing & Research Services Industry Overview The  Latin America Pharmaceutical Contract Manufacturing & Research Services Market  size is expected to reach USD 40.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 7.5% from 2022 to 2030. The low cost of drug registration in Latin American countries and the economic growth are the key factors contributing to progress in this region. Moreover, factors such as the growing demand for generics, rising investments in R&D, the growing geriatric population, and the increasing burden of chronic diseases are responsible for market growth. The outbreak of COVID-19 has boosted the market growth as companies have increased investments in R&D and manufacturing to develop vaccines and drugs against the COVID-19. During the coronavirus outburst, the supply chains of biopharmaceutical companies remained robust...
Read more

Europe Orthopedic Navigation Systems Market - Global Industry Insights, Trends and Growth Opportunity Analysis to 2030

  Europe Orthopedic Navigation Systems Industry Overview The  Europe Orthopedic Navigation Systems Market  size is expected to reach USD 2,504.4 million by 2030, according to a new report published by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.8% from 2023 to 2030. The rising number of target diseases especially in the geriatric population is responsible for the rapid growth of the market. According to the Executive Agency for Health and Consumers, one in ten people in the geriatric population in Europe is suffering from osteoarthritis. Minimal invasion and low post-operative complications associated with computer-assisted surgery are anticipated to drive regional market growth over the forecast period. Moreover, the introduction of technologically advanced products is expected to induce demand for  orthopedic navigation systems . For instance, Orthokey Italia developed a new version of KiRA system integrating it with the iPad to ...
Read more