A Global Intelligent Transportation System Market Size, Trends & Growth Opportunity and By Type (Advanced Traffic Management System

Global Intelligent Transportation System Market Size, Trends & Growth Opportunity and By Type (Advanced Traffic Management System, Advanced Traveler Information System, Advanced Public Transportation System, and Others), By Offering (Hardware, Software, and Services), By Protocol (Short Range, Long Range, IEEE, Traffic Management Data Dictionary, and Others), By Application (Traffic Management, Freight Management, Public Transport, Road Safety and Security, Automotive, Telematics, and Others), By Region and Forecast till 2027.

Global Intelligent Transportation System Market

Global Intelligent Transportation System Market is expected to grow from US$ 22.89 Billion in 2021 to US$ 40.80 Billion by 2027; it is estimated to grow at a CAGR of 10.11% from 2022 to 2027.

Intelligent transportation system is type of integrated application of communication and information technologies which provide highly efficient transportation related services. This system has various advantages such as operational efficiency, maintaining sustainability of transportation network, enhancing road safety, and reducing traffic congestion.

Market Drivers

Increase in adoption of smart transport systems to reduce traffic congestion problems and favorable government initiatives are the key driving factors which are expected to boost global intelligent transportation system market growth. Furthermore, increase in number of vehicles on road, aging infrastructure, and lack of traffic data management will have the positive impact on market growth. Moreover, growing adoption of IoT to transform the transportation industry through automating airways, roadway, and railway transportation system and offer better user experience which is expected to propel the market growth during this forecast period.

Market Restraints

However, slow infrastructure growth is the major restraining factor which is expected to hamper the global intelligent transportation system market growth. Also, high cost on installation and lack of standards will affect the market growth.

Market Segmentation

Segmentation By Type: Global Intelligent Transportation System Market is segmented into type such as Advanced Traffic Management System, Advanced Traveler Information System, Advanced Public Transportation System, and Others,

Segmentation By Offering: On the basis of offering Global Intelligent Transportation System Market is divided into Hardware, Software, and Services.

Segmentation By Protocol: Global Intelligent Transportation System Market is segmented on the basis of protocol into Short Range, Long Range, IEEE, Traffic Management Data Dictionary, and Others.

Segmentation By Application: Global Intelligent Transportation System Market is segmented into application such as Traffic Management, Freight Management, Public Transport, Road Safety and Security, Automotive, Telematics, and Others.

Segmentation By Region: Global Intelligent Transportation System Market is segmented on the basis of Region into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Market Key Players

Various key players are discussed in this report such as 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.

Industrial Development

• The HERE Technologies' corridor travel time Application Program Interface (API) was integrated by Siemens Mobility, a Siemens AG subsidiary, in April 2021 to offer a time-as-a-service (JTaaS) solution to help the British public authorities relieve traffic congestion. 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 order to provide navigation and location-based services for SIAC's internal combustion engine (ICE) vehicles and battery-powered electric vehicles, Telenav, Inc. teamed with an automobile company SAIC in March 2021. (BEV). The solution meets the needs of both BEV and ICE in countries with left- and right-hand driving, and it also offers a seamless onboard navigation experience that is optimised to give end users the most recent maps and online content with the least amount of mobile data usage, generating significant opportunities for the ITS market.