Intelligent Transportation System Market: Overview
One of the major causes driving demand for intelligent transportation systems around the world is the need to give passengers and drivers with real-time traffic information from various places. Other factors expected to fuel overall growth include an increase in the number of vehicles on the road, aging infrastructure, and a lack of traffic data management. The desire to improve traffic flow across highways and corridors in cities has resulted in a growing need for alternative traffic management technology. Using creative and advanced data analytics technology, transportation authorities can handle the growing traffic problem.
Intelligent Transportation System Market: Growth Factors
The use of Intelligent Transportation System aids in the provision of real-time traffic statistics that can aid in the resolution of escalating traffic congestion issues. Sensors that measure vehicle speed, traffic signals, pre-emption alarms, and other traffic-related data are sent into intelligent signal controls. Data from numerous sensors is processed by sophisticated algorithms before being sent back to the controllers. Collecting real-time traffic statistics aids in traffic signal control. To increase mobility, Intelligent Transportation System assists drivers in identifying quicker and traffic-free routes.
| REPORT SNAPSHOT & REPORTING DATA TIMEFRAME | |
|---|---|
| Parameter | Details |
| Historical Date ( Actual Data) | 2016 - 2020 |
| Base Year Data | 2020 |
| Current Year Data | 2021 |
| Projected Data | 2021 - 2026 |
Advances in emergency services and traffic management enable authorities to respond more quickly and efficiently to accidents and emergencies. The use of such devices reduces travel time and improves traffic management efficiency. The usage of public transportation, such as buses and trains, reduces carbon dioxide emissions and pollutants in the air.
Intelligent Transportation System Market: Segmentation
On the basis of type of the Intelligent Transportation Systems, the intelligent transportation system (ITS) market can be segmented into: Advanced Transportation Pricing Systems (ATPS), Emergency Management System (EMS), Advanced Traveller Information System (ATIS), Advanced Traffic Management System (ATMS), Advanced Public Transportation System (APTS), and Commercial Vehicle Operation. The increasing traffic congestion on roadways throughout the world is credited with the highest market size for Advanced Traffic Management Systems (ATMS). To overcome this issue, the Advanced Traffic Management System is projected to be widely applied around the world. Among the applications included in the Advanced Traffic Management System are dynamic messaging signs, traffic signals, and ramp metering, among others. Bad traffic signal management contribute significantly to traffic congestion and, to a considerable extent, an increase in overall travel time. ATMS aids in the detection of hazardous weather conditions, roadway dangers, and accidents, as well as providing a comprehensive view of overall traffic movement. They are equipped with current traffic control technologies, which aid in the reduction of traffic congestion and the efficient utilization of road space. On the basis of application of the Intelligent Transportation Systems, the intelligent transportation system (ITS) market can be segmented into: Collision Avoidance, Parking Management, Fleet Management and Asset Monitoring, Intelligent Traffic Control, Passenger Information Management, Emergency Vehicle Notification, Ticketing Management, and Automotive Telematics. The market is growing due to rising demand for driver assistance systems and automatic driving systems. Factors such as the desire to alleviate traffic congestion and increased financing by various governments for the installation of ITS in automotive telematics systems are also contributing to the market's rapid expansion.
Intelligent Transportation System Market: Regional Analysis
The Intelligent Transportation System Market for Roadways has been divided into four regions depending on geography: North America, Europe, Asia Pacific, and Rest of the World. During the projection period, North America is expected to have the biggest market share. The use of ITS to alleviate traffic congestion and improve road safety is moving the ITS market in North America forward. Another key driver for this industry is government financing and assistance for the development of ITS across North America.
Intelligent Transportation System Market: Competitive Players
Some of the major market players in the Intelligent Transportation System Market include Siemens, Cubic Corporation, Kapsch TrafficCom, Thales Group, Garmin, TomTom International BV, Q-Free ASA, Denso Corporation, FLIR Systems, Inc., Indra Sistemas, and EFKON GmbH.
Intelligent Transportation System Market: By Type Segmentation Analysis:
Intelligent Transportation System Market: By Application Segmentation Analysis:
Intelligent Transportation System Market: Regional Segmentation Analysis
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Frequently Asked Questions
What are the key factors driving Intelligent Transportation System Market?
One of the major causes driving demand for intelligent transportation systems around the world is the need to give passengers and drivers with real-time traffic information from various places. Other factors expected to fuel overall growth include an increase in the number of vehicles on the road, aging infrastructure, and a lack of traffic data management.
What will be the value of the Intelligent Transportation System Market during 2020- 2026?
According to the report published by Market Research Store, global demand for intelligent transportation systems market is expected to generate revenue of around USD 6,822.13 Million by end of 2026, growing at a CAGR of around 19.4% between 2021 and 2026.
Which region will make substantial contributions to global revenues from Intelligent Transportation System Market?
During the projection period, North America is expected to have the biggest market share. The use of ITS to alleviate traffic congestion and improve road safety is moving the ITS market in North America forward. Another key driver for this industry is government financing and assistance for the development of ITS across North America.
What are the key players leveraging Intelligent Transportation System Market?
Some of the major market players in the Intelligent Transportation System Market include Siemens, Cubic Corporation, Kapsch TrafficCom, Thales Group, Garmin, TomTom International BV, Q-Free ASA, Denso Corporation, FLIR Systems, Inc., Indra Sistemas, and EFKON GmbH.
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