Fort Collins, Colorado, Sept. 24, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Intelligent Transportation System Market Size, Trends, Growth, Share, Statistics Analysis Report By Type (Advanced Traffic Management System, Advanced Traveler Information System, Advanced Public Transport System), By Implementation, By Region, And Segment Forecasts, 2023-2032."
According to DataHorizzon Research, The intelligent transportation system market size was valued at USD 30.1 Billion in 2022 and is expected to reach a market size of USD 64.5 Billion by 2032 with a CAGR of 8.1%. The global intelligent transportation system market report comprehensively analyzes the latest trends and market conditions. It also covers the latest insights from the industry and delves into market opportunities. The intelligent transportation system (ITS) industry is rising due to the increasing demand for traffic control solutions, smarter vehicles, and advanced surveillance technologies like License Plate Recognition (LPRs). Unsurprisingly, intelligent transportation systems are becoming a key player in transportation. Intelligent transportation system offers enhanced safety and surveillance and enables better traffic flow and mobility, making it a game-changer for modern cities and communities.
The proliferation of 5G technology has played a significant role in the growth of the intelligent transportation system market. The primary driver behind the expansion of this market is the imperative to alleviate traffic congestion in urban centers. The root cause of traffic congestion is typically the result of a surge in population migration to cities, necessitating the need for improved infrastructure. The intelligent traffic management design is engineered to be highly responsive to road accidents, vehicle-to-vehicle communication, driver assistance systems, and traffic signal management.
The transportation industry has made significant advancements recently, including blind spot detection and electronic toll collection. These developments have contributed to more efficient road networks and improved sustainable transportation and traffic management expectations. The increasing adoption of digitization for intelligent transportation systems is also significant in the industry's growth. These systems' implementation and widespread use have effectively reduced road misfortunes and improved overall road safety.
Establishing a robust transportation and traffic management system holds significant importance in the overall socioeconomic development of a nation. The rise in traffic congestion amplifies carbon emissions, leading to hazardous environmental pollution, and incurs substantial costs related to fuel consumption and travel time. However, implementing advanced traffic management systems based on real-time data can mitigate traffic issues, thus ensuring efficient and sustainable transportation.
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Report Snapshot:
| Report Title | Intelligent Transportation System Market |
| Market Size in 2022 | USD 30.1 Billion |
| Market Size by 2032 | USD 64.5 Billion |
| CAGR from 2023 to 2032 | 8.1% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market size, estimations, competitor analysis, trends, and growth factors |
| By Type | Advanced traffic management system, advanced traveler information system, advanced public transport system, connected and autonomous vehicles, and intelligent freight transport system |
| By Implementation | Traffic management, public transport, freight management, road safety and security, parking management, and tolling management |
| By Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | Conduent Incorporate, Indra Sistemas, Kapsch TrafficCom, Seimens AG, TomTom International BV, Telenav Inc., Thales Group, Netradyne, Bauer’s Intelligent Transportation, EFKON GmbH, and Sensys Networks |
Segmentation Overview:
The intelligent transportation system market has been segmented based on type, implementation methods, and region. The Automated Traffic Management System is a major player in the industry, monitoring traffic and crowds on different routes, identifying congestion, rerouting groups, and clearing streets affected by accidents. The Advanced Public Transport System is also expected to grow, especially if water and air transportation approaches are adopted. This system, developed by the U.S. Federal Transit Administration, improves public transport and enhances travelers' convenience.
Traffic Management Systems have helped increase market share in the transportation industry. Governments invest in SMART traffic management systems to improve traffic flow and redirect traffic during blockages, accidents, or failures. Rail transportation can also benefit from this technology by tracking train movements and sharing real-time updates to establish alternative routes in case of diversion.
North America is dominating the intelligent transportation system market. This can be attributed to the region's prompt adoption of cutting-edge technologies and inherent technological advantages. As per the United States Department of Transportation, implementing a photo radar enforcement van has notably reduced the number of speeding vehicles by 23.7% in certain areas while also enhancing winter surveillance services, reducing the number of accidents.
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Key Developments in the Intelligent Transportation System Market:
- Sensys Networks has released the FlexMag Mini, a small and durable traffic detection sensor that accurately detects vehicles for various purposes. It is simple to install and provides superior durability to inductive loops with its multi-layer protection against dampness and traffic.
- Thales collaborates with Intel Trust Authority to provide end-to-end data security for highly regulated industries using the Thales CipherTrust Data Security platform. This ensures secure workloads and protection of data on-premises and in the cloud.
Intelligent Transportation System Market Report Highlights:
- The intelligent transportation system market is expected to reach a market size with a CAGR of 8.1% by 2032. The intelligent transportation system industry is rising, offering enhanced safety and mobility for modern cities. 5G technology has played a significant role in its growth, driven by the imperative to alleviate traffic congestion in urban centers. ITS has made significant advancements, including blind spot detection and electronic toll collection, contributing to more efficient road networks and improved sustainable transportation. Implementing advanced traffic management systems based on real-time data can mitigate traffic issues, ensuring efficient and sustainable transportation, which is essential for the overall socioeconomic development of a nation.
- Automated Traffic Management and Advanced Public Transport Systems improve traffic flow and enhance convenience for travelers. Governments invest in SMART traffic management to redirect traffic during blockages, accidents, or failures and establish alternative rail transportation routes.
- North America leads the intelligent transportation system market due to its adoption of advanced technologies and inherent advantages. Photo radar enforcement vans have reduced speeding and improved winter surveillance, resulting in fewer accidents.
- Major players in the intelligent transportation system market research report and analysis include Conduent Incorporate, Indra Sistemas, Kapsch TrafficCom, Seimens AG, TomTom International BV, Telenav Inc., Thales Group, Netradyne, Bauer’s Intelligent Transportation, EFKON GmbH, Sensys Networks.
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Intelligent Transportation System Market Report Segmentation:
Intelligent Transportation System Market, By Type (2023-2032)
- Advanced Traffic Management System
- Advanced Traveler Information System
- Advanced Public Transport System
- Connected and Autonomous Vehicles
- Intelligent Freight Transport System
Intelligent Transportation System Market, By Implementation (2023-2032)
- Traffic Management
- Public Transport
- Freight Management
- Road Safety and Security
- Parking Management
- Tolling Management
Intelligent Transportation System Market, By Region (2023-2032)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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