According to Precedence Research, the global intelligent transportation system (ITS) market size is expected to hit US$ 47.89 Bn by 2030, growing at a CAGR of 6.3%.
OTTAWA, June 01, 2021 (GLOBE NEWSWIRE) — The global intelligent transportation system (ITS) market size was valued at USD 29.69 billion in 2020. Intelligent transportation system is a combination of various advanced information and communication technologies that helps in managing the traffic as well as changes the way consumers, government, and businesses deal with the transports. It provides various types of services such as fleet management, parking management system, smart ticketing solution, intelligent traffic management, security & surveillance, passenger information solution, and mobility services.
Numerous government initiatives for the development of smart cities along with increasing adoption of smart transportation modes in order to reduce the traffic congestion are some of the major factors that drive the global intelligent transportation systems market. In respect to speed up the mobility of the traffic and reduce congestion governments of various regions significantly developing or investing heavily to develop the smart transport infrastructure.
Besides this, smart transportation system also helps to reduce the total number of deaths from road accidents by smartly assisting the drivers through GPS system, radio frequency, radars, and other mode of communication systems. As per the report published by NHSTA, there were nearly 52,190 vehicles in the United States that were involved in serious crashes occurred in 2016, among them 40,908 were passenger cars.
Further, rapid adoption of Internet of Things (IoT), Artificial Intelligence (AI), big data, and blockchain along with their significant penetration in automotive sector is another major factor that drives the growth of intelligent transportation system market. These solutions facilitate rapid exchange of information and data between service providers and consumers. In addition, the above mentioned solutions also offer accurate data and real-time visibility over shipment coupled with higher level of customer satisfaction and increased efficiency.
However, the sudden outbreak of corona virus in the early 2020 has disrupted several industries including transportation. New regulations and policies directed by the government in order to control the spread of corona virus have interrupted the supply chain. New laws for maintaining social distance impact badly on the growth of public transportation sector. Although, private mode of transportation such as self-owned vehicles expected to seek consequent growth in pandemic times.
- North America led the global intelligent transportation system market with a revenue share of nearly 41% in the year 2020 due to technological advancement and rapid transformation in the automotive sector
- The Asia Pacific anticipated to flourish at the fastest growth rate in the upcoming years because of fast penetration of advanced technologies in the automotive sector such as big data, IoT, AI, and blockchain
- On the basis of type segment, Advanced Traffic Management System (ATMS) held the major revenue share on the global level accounting for more than 31.8% in 2020
- Public transportation system segment expected to grow at the fastest rate during the forthcoming years owing to increasing number of passengers and investment for real-time information in public transportation
- By application, traffic management segment captured majority of market share in the global intelligent transportation system market in the year 2020
- Automotive telematics segment estimated to witness the highest growth rate of nearly 7.3% during the forecast period due to its positive impact on increasing the safety and security of a vehicle
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North America dominated the global intelligent transportation system market because of significant penetration of major market participants in the region. In addition, these market players are constantly investing in the research and development of their product offering to increasing their market share and gain higher level of customer satisfaction that again aids to the regional benefit of the market. The U.S. is the front-runner in the North America region.
On the other hand, the Asia Pacific estimated to exhibit the fastest CAGR over the forecast period because of rapid transformation in the automotive and transportation sector. Further, the government in this region is also supporting magnificently for the smart transportation infrastructure.
Key Players & Strategies
Significant revenue share in the global intelligent transportation system market is occupied by some major players in the market. These players are primarily focused on the technological advancement and expanding their customer base across the region. Major players invest heavily in the research and development for maintaining their competitive edge on the global level. Additionally, several market participants are focused on securing their intelligent transportation system contracts with governments and private agencies for offering solutions that include smart parking systems, smart tolling systems, and others.
Rapid urbanization is significantly transforming the transportation sector. This has influenced several intelligent transportation systems market players to enter into a strategic partnership with the communication devices manufacturers for automobile and automotive giants.
Some of the key players in the global intelligent transportation system market are Lanner Electronics, Hitachi Ltd., Kapsch TrafficCom, Denso Corporation, TomTom International BV, Siemens AG, Garmin International, Clever Devices Ltd., Nuance Communications, Lanner Electronics, and Thales Group among others.
- Browse more Automotive Industry Research [email protected] https://www.precedenceresearch.com/industry/automotive
- Road Safety & Security
- Traffic Management
- Public Transport
- Freight Management
- Environment Protection
- Parking Management
- Automotive Telematics
- Road Tolling Systems
- North America
- Asia Pacific
- South Korea
- Rest of the World
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