Intelligent Transportation System (ITS) Market Size, Share, Growth Report 2030
Intelligent Transportation System (ITS) Market - By Type (ATIS, ATPS, EMS, ATMS, and APTS), By Application (Traffic Management, Freight Management, Road Safety & Security, Public Transport, Automotive Telematics, Road Tolling Systems, and Parking Management), And By Region- Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2028
The global Intelligent Transportation System (ITS) market was worth $41.2 Bn in 2020 and Is Expected To Reach $74.1 Billion by 2028, with a CAGR of 9.3%
Introduction
The global Intelligent Transportation System (ITS) market accrued earnings worth approximately 41.2 (USD Billion) in 2020 and is predicted to gain revenue of about 74.1 (USD Billion) by 2028, is set to record a CAGR of nearly 9.3% over the period from 2021 to 2028. The report offers assessment and analysis of the Intelligent Transportation System (ITS) market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2020 along with a forecast from 2021 to 2028 based on revenue (USD Billion).
Intelligent Transportation System (ITS) Market: Overview
An intelligent transportation system is a key application that offers new solutions pertaining to myriad transport modes & traffic management. It assists end-users in getting informed about safe as well as smart use of transportation network tools. Emergency services are one of the best examples of intelligent transportation systems. According to EU, Intelligent transportation systems make utilization of information & communicating tools and find lucrative applications in road transportation and traffic management. Moreover, an intelligent transportation system improves transportation efficiency and helps in reducing traffic jams along with preventing vehicle collisions.
Intelligent Transportation System (ITS) Market: Growth Drivers
Escalating popularity of smart automotive embedded with modern telecom systems and enhanced surveillance due to innovative cameras will drive growth of intelligent transportation system (ITS) market size. Need for renovating aging infrastructure facility, increase in vehicles on roadways, and need for systematic as well as integrated traffic management activities will steer industry trends. In addition to this, many governments are enacting laws and schemes for implementing intelligent transportation systems, thereby spearheading expansion of intelligent transportation system (ITS) industry over assessment period. With traffic congestion due to rising population is projected to result in rise in fuel emissions as well as accidents. This has resulted in growing demand for intelligent transportation systems in recent years. Nevertheless, outbreak of COVID-19 pandemic has hindered expansion of intelligent transportation system (ITS) industry.
Regional Landscape
North America To Make Notable Contributions To Overall Market Size By 2028
The expansion of Intelligent Transportation Systems (ITS) industry in North America during 2021-2028 is subject to increase in pay-as-you-go ticketing solutions among commuters in countries of North America. Apart from this, supportive government guidelines favoring efficient traffic management activities in countries such as Canada and the U.S. will expedite regional market size. Onset of new technologies including machine learning, cloud computing, big data, and IoT will further add towards size of intelligent transportation systems (ITS) market in North America during anticipated timeline. Presence of key players in countries such as the U.S. will steer expansion of regional market.
Report Scope :
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Historic Years | 2018 - 2022 |
| Forecast Years | 2023 - 2030 |
| Segments Covered | By Product Type, By Application, and By End Use |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2023 to 2030 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
Competitive Landscape
Key players profiled in study and leveraging business growth are Northrop Grumman Corporation, Alstom SA, Siemens AG, Cisco Systems Inc., Garmin Limited, Raytheon Technologies, Indra Sistemas S.A, Kapsch Group, and Thales Group.
The global Intelligent Transportation System (ITS) Market is segmented as follows:
By Type
- ATIS
- ATPS
- EMS
- ATMS
- APTS
By Application
- Traffic Management
- Freight Management
- Road Safety & Security
- Public Transport
- Automotive Telematics
- Road Tolling Systems
- Parking Management
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Table Of Content
Methodology
FrequentlyAsked Questions
Escalating popularity of smart automotive embedded with modern telecom systems and enhanced surveillance due to innovative cameras will drive growth of intelligent transportation system (ITS) market size. Need for renovating aging infrastructure facility, increase in vehicles on roadways, and need for systematic as well as integrated traffic management activities will steer industry trends. In addition to this, many governments are enacting laws and schemes for implementing intelligent transportation systems, thereby spearheading expansion of intelligent transportation system (ITS) industry over assessment period. With traffic congestion due to rising population is projected to result in rise in fuel emissions as well as accidents. This has resulted in growing demand for intelligent transportation systems in recent years.
According to Zion market research report, the global Intelligent Transportation System (ITS) market accrued earnings worth approximately 41.2 (USD Billion) in 2020 and is predicted to gain revenue of about 74.1 (USD Billion) by 2028, is set to record a CAGR of nearly 9.3% over the period from 2021 to 2028.
North America will contribute lucratively towards the global market size over the estimated timeline. The regional market surge is owing to increase in pay-as-you-go ticketing solutions among commuters in countries of North America. Apart from this, supportive government guidelines favoring efficient traffic management activities in countries such as Canada and the U.S. will expedite regional market size. Onset of new technologies including machine learning, cloud computing, big data, and IoT will further add towards size of intelligent transportation systems (ITS) market in North America during anticipated timeline. Presence of key players in countries such as the U.S. will steer expansion of regional market.
The key market participants include Northrop Grumman Corporation, Alstom SA, Siemens AG, Cisco Systems Inc., Garmin Limited, Raytheon Technologies, Indra Sistemas S.A, Kapsch Group, and Thales Group.
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