An intelligent transport system (ITS) refers to the integration of advanced communication and information technologies into transportation systems to enhance the efficiency, safety and sustainability of transportation networks.
The intelligent transport system market consists of sales, by entities (such as organizations, sole traders or partnerships), of intelligent transport systems hardware, software and services that are commonly used by a variety of stakeholders, including government agencies, transportation operators, private businesses and the general public. These solutions are employed to manage traffic flow, improve travel safety, provide real-time information to travelers and optimize transportation logistics.
The global intelligent transport system market was valued at $23,190.83 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 7.0%.
Increasing Number Of Road Accidents
During the historic period, the increasing number of road accidents has contributed to the growth of the intelligent transport system market. ITS applications, such as traffic signal control systems, speed cameras and road safety cameras, help monitor and enforce traffic rules, ensuring that drivers follow road safety regulations. According to the National Highway Traffic Safety Administration, an agency of the U.S. federal government, part of the Department of Transportation, an estimated 20,175 persons lost their lives in on-road car accidents in the first half of 2022 in the USA, a 0.5% increase from 2021. Therefore, the increasing number of road accidents drove the intelligent transport system market in the historic period.
Technological Advancements In Intelligent Transport Systems
Technological advancements have emerged as a key trend gaining popularity in the intelligent transport system market. Companies operating in the intelligent transport system market are adopting new technologies to strengthen their position in the market. For instance, in November 2021, the City of Vienna government and Kapsch TrafficCom, an Austria-based provider of transportation solutions for sustainable mobility, launched Traffic Management 2.0., a groundbreaking initiative, aimed at creating climate-friendly mobility through smart transportation management. Traffic Management 2.0 is the Grune Welle Wien app, designed to enhance the commuting experience for cyclists and car drivers in urban traffic. This innovative app provides real-time guidance, indicating either the optimal speed to reach the next green traffic light or the remaining duration until it turns green, promoting fuel efficiency and improving overall travel comfort. Traffic Management 2.0 solution helps to improve the traffic conditions and thus the carbon dioxide (CO2) balance, saving up to 15% of emissions and thereby improving air quality.
The global intelligent transport system market is fairly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 20.68% of the total market in 2023.
Intelligent Transport System Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global intelligent transport system market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for intelligent transport system? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The intelligent transport system market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider intelligent transport system market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by component, by system, by mode of transport and by application.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the intelligent transport system market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by component, by system, by mode of transport and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for intelligent transport system providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Component: Hardware; Software; Services
- 2) By System: Advanced Traffic Management Systems (ATMS); Advanced Traveler Information Systems (ATIS); Advanced Transportation Pricing Systems (ATPS); Advanced Public Transportation Systems (APTS); Other Systems
- 3) By Mode Of Transport: Roadways; Railways; Airways; Maritime
- 4) By Application: Intelligent Traffic Control; Collision Avoidance; Parking Management; Ticketing Management; Automotive Telematics; Fleet Management; Asset Monitoring; Other Applications
- Companies Mentioned: Thales Group; Siemens AG; Atos; Honeywell International Inc; Verizon Communications Inc
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; intelligent transport system indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.