Intelligent Transportation System Market – Increasing Number of On-Road Vehicles is Expected to Lead to Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 9.7% from 2022 to 2028

Intelligent Transportation System
  • Intelligent Transportation System Market

As stated in our research report, the Global Intelligent Transportation System Market accounted forUSD 39.5 Billionin the year 2021. The Global Intelligent Transportation System Market indicates moderate development. The Intelligent Transportation System (ITS) refers to a system that exploits visual, analytical, c, control, and communication technologies to organize different modes of on-road transportation efficiently. Intelligent Transportation Systems are not only implanted in a vehicle but also in the infrastructure resources to improve on-road safety and achieve traffic efficiency by reducing traffic problems. It uses numerous implements, such as ramp meters, electronic toll collectors, traffic light cameras, traffic-signal coordinators, transit signal systems, and traveler-information systems.

The growing development of smart cities, along with unprecedented population growth significant to widespread traffic congestion, are the key factors causing the Intelligent Transportation System Market growth. This growth will significantly aid in product management through Carrier Access for Land Mobiles (CALM), Global Positioning System (GPS), and Dedicated Short Range Communication (DSRC). In addition, a rising number of deaths due to road accidents has driven the insistence on ITS worldwide. Advanced technolgical features such as Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communication are assembling a positive interpretation for the Intelligent Transportation System Market. These characteristics give real-time information to travelers/passengers about live road conditions and active construction zones, along with seat availability and timings of various public modes of transport. As a result, it increases the overall on-road safety and decreases the chances of fatalities.

The number of vehicles is gradually increasing on the road, and developing infrastructure and an emerging insufficiency of traffic data management are a few other factors that are expected to affect the market growth. The primary need to effectively manage the traffic flow across cities and highways has triggered the need for an alternative traffic management technology. Furthermore, transportation authorities are looking forward to utilizing innovative and advanced data analytics technologies to address the issue of growing traffic. The increasing numbers of mega cities and the population development in developed and developing countries have increased the deployment of an Intelligent Transportation System which will include both road transport and an efficient metro/underground rail system.

Asia Pacific holds the largest market share for Intelligent Transportation System Market in 2021. The major factors influencing it are traffic congestion, air pollution, greenhouse gas emissions, and regional road accidents. The U. S has the significant number of Intelligent Transportation Systems, which, in turn, helps the regional growth of the Intelligent Transportation System Market. The government inventiveness and expenditure on infrastructure development have imparted the high share held by the U.S not only in North America but in the Global Intelligent Transportation System (ITS) Market.

The well-known players of the Global Intelligent Transportation System Market include Siemens (Germany), Thales Group (France), Kapsch TrafficCom (Austria), Cubic Corporation (US), Conduent Inc. (US), Garmin Ltd. (US), TomTom International BV (Netherlands), Teledyne FLIR Systems Inc. (US), Indra Sistemas (Spain), Denso Corporation (Japan) and others.