Intelligent Transportation System Market Forecasts to 2028 – Global Analysis by Protocols (Long Range, Short Range, Others Protocols), Offering (Hardware, Software, Services), System (Advanced traveller information systems (ATIS), Advanced traffic managem

Intelligent Transportation System Market Forecasts to 2028 – Global Analysis by Protocols (Long Range, Short Range, Others Protocols), Offering (Hardware, Software, Services), System (Advanced traveller information systems (ATIS), Advanced traffic management system (ATMS), other systems), Application (Roadways, Railways, Aviation, Maritime), Packaging, End User and By GeographyAccording to Stratistics MRC, the Global Intelligent Transportation System Market is accounted for $ 47.264billion in 2022 and is expected to reach $ 93.290 billion by 2028 growing at a CAGR of 12% during the forecast period. The goal to decrease traffic fatalities is expected to fuel the growth of the global market for intelligent transport systems. Intelligent transportation systems' sophisticated security and safety solutions may prove to be crucial for both emerging and developed economies' adoption rates. These methods are employed to upgrade the networks and infrastructure of roads. The Intelligent Transport Network, which mixes communication and IT with transportation infrastructure, contributes to improving the efficiency of the whole transport process as well as passenger safety.

According to the WHO, around 1.35 million road traffic accidents are converted into fatalities, with some countries spending 3% of their GDP towards road traffic crashes.[2] As an effective tool for road safety, opportunities in the intelligent transport system market is progressing with a global compound annual growth rate (CAGR) of 6.01% during the forecast period of 2019-2025.

Market Dynamics:

Driver:

Favourable government initiatives for effective traffic management

Governments all around the world are implementing ITS to increase traffic safety, boost the efficiency of the transportation system, and lessen the environmental impact of transportation. ITS implementation will cost a lot of money. The government also anticipates that the introduction of the most advanced AI-powered intelligent transportation solutions would give motorists the assurance to plan their trips without worrying about getting caught in traffic. These devices also lessen air pollution, delays, and congestion.

Restraint:

High installation cost of ITS

A sophisticated centralised traffic management centre (TMC), which can handle real-time traffic data and aid in the reduction of traffic congestion, is a fundamental necessity for an intelligent transport system. The co-location of this management centre with transportation managers, system operators, dispatchers, and response agencies necessitates significant investments. The deployment of ITS also comprises mobile data terminals, fleet management systems, sophisticated traveller information systems, microwave detectors, dynamic message signs, highway advisory radios, CCTV cameras, and a number of other systems and components.

Opportunity:

Increasing public-private partnerships

It takes cooperation from a variety of areas, including telecom carriers, infrastructure providers, manufacturers, service providers, public sector organisations, and user groups, for ITS to be deployed. So the success of ITS would depend heavily on public-private partnerships (PPPs). At all crossings covered in the project, the Traffic ware ATMS central transport management platform, controllers, and Transit Signal Priority software are used. This software integrates and uses Cubic's Next Bus real-time platform. Additionally, over 50 junctions will receive the SynchroGreen Adaptive Signal Control module from Cubic.

Threat:

Achieving interoperable and standard ITS architecture worldwide

When building an ITS infrastructure, a variety of heterogeneous devices must be integrated, which frequently leads to compatibility problems. The standards and requirements must be followed for synchronising these heterogeneous devices. An electronic toll collection onboard unit, for instance, has no display and merely serves as a validation device because there are no uniform standards for ITS infrastructure. Additionally, it is unable to receive or transmit any messages, and every nation has a different variety of onboard unit (OBU) gadgets.

Covid-19 Impact

Every area and business have been significantly impacted by the COVID-19 pandemic epidemic. Supply chain interruptions resulted from border closures and lockdowns, whilst social distancing laws in the US and Canada forced the closure of manufacturing and assembly facilities. The ongoing transportation-related projects have been delayed as a result of the labour scarcity and layoffs. In addition, a potential short-term slowdown in the ITS ecosystem, which is heavily dependent on the electronics and telecommunications sectors, is anticipated due to supply chain disruptions. This could result in a decrease in the adoption of smart transportation systems.

The advanced traffic management system (ATMS) segment is expected to be the largest during the forecast period

The advanced traffic management system (ATMS) provides automotive drivers with real-time messaging about traffic or road conditions. The system continuously monitors expressways and highways and provides valuable feedback and information to the central traffic control room, enabling it to take suitable timely actions to control traffic congestion. Moreover, the system enables private concessionaires, highway operators, or government authorities to enhance road safety, improve the traffic flow, increase the efficiency of transportation systems, boost economic productivity, and enhance mobility. Owing to this, the ATMS application held the largest share
The software segment is expected to have the highest CAGR during the forecast period
Real-time information is provided to the third-party system connected via network solutions by software solutions regarding the vehicle's actual position, unforeseen route changes brought on by traffic congestion or an accident, and other relevant topics. As a result, governments around the world are putting various programmes into place to assist the development of advanced software. As a result, the ITS market's software sector is anticipated to experience the largest CAGR growth throughout the course of the forecast period.

Region with highest share:

With the biggest market share, North America led the world market in. For the active development and use of cutting-edge technologies like machine learning, big data, cloud computing, and IoT, the area is regarded as a technology hotspot. Large international market companies are also based in the region. The development of intelligent transportation systems is being fuelled by the significant emphasis that various governments in the region are placing on enhancing the regional transportation network. In response to rising traffic and the ensuing congestion, numerous public-private collaboration attempts to implement intelligent transportation systems are taking shape in numerous cities across North America.

Region with highest CAGR:

Because of the growing worry over various traffic congestions, the Asia Pacific region is anticipated to have the highest CAGR development in the market for the rapidly expanding intelligent transportation system. The need to lessen accidents and inconveniences is another reason driving the market for intelligent transportation systems in various nations.

Key players in the market

Some of the key players profiled in the Intelligent Transportation System Market include Siemens AG, Cubic corporation, Garmin ltd., Thales group, Conduent, inc., Indra sistemas, s.a., Denso corporation, Teledyne flir llc, Kapsch trafficcom, Hitachi, Ltd., Xerox Corporation, Iteris, Inc., Agero, Inc., Recardo, Sensys Networks, Inc., Telenav, Inc., TomTom International BV, EFKON GmbH, Nuance Communications, Inc., Q-Free ASA.

Key Developments:

In September 2021, Siemens signed a contract with the National Authority for Tunnels (NAT) to deliver a comprehensive rail system that will feature the first-ever high-speed, electrified main, and freight rail line transforming Egypt’s transportation. Siemens Mobility will provide its comprehensive turnkey services to design, install, commission, and maintain the systems for 15 years. The total contract value is approximately USD 4.5 billion, of which Siemens Mobility’s share is around USD 3 billion.

In June 2021, Kapsch Traffic Com announced that it had received a project from Plenary Infrastructure Group (Australia) to install a new toll collection system at the Louisiana Highway (LA-1) for the Louisiana Department of Transportation and Development (LADOTD). The project is an amendment to Kapsch’s existing contract with Plenary, where Kapsch is providing an end-to-end all-electronic tolling system and related maintenance services for a major bridge and tunnel replacement in Belle Chasse, Louisiana.

In May 2021, Omaha Metro Transit (US) has awarded Cubic Transportation Systems (CTS) a multi-year contract to deliver its Umo Pass solution. Umo Pass will empower Omaha Metro Transit riders to seamlessly plan and pay for transit journeys through a single fare payment system.

Protocols Covered:
• Long Range
• Short Range
• IEEE
• Traffic Management Data Dictionary (TMDD)
• Other Protocols

Offering Covered:
• Hardware
• Software
• Services

System Covered:
• Advanced traveler information systems (ATIS)
• Advanced traffic management system (ATMS)
• Its-enabled transportation pricing systems (ITPS)
• Commercial vehicle operations (CVO) systems
• Advanced public transportation systems (APTS)

Application Covered:
• Roadways
• Railways
• Aviation
• Maritime

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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Comprehensive profiling of additional market players (up to 3)
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Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
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