Dublin, Dec. 17, 2021 (GLOBE NEWSWIRE) -- The "Global Intelligent Transportation System Market with COVID-19 Impact Analysis, by Offering, System (Advanced Traffic Management Systems, ITS-enabled Transportation Pricing Systems, and Others), Application, and Geography - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global ITS market is expected to grow from USD 42.2 billion in 2021 to USD 68.0 billion by 2026, at a CAGR of 10.0% from 2021 to 2026. The key factors driving the growth of the ITS market include government efforts to ensure road and public safety, increased need to reduce traffic congestion, favourable government initiatives for effective traffic management, high adoption of ecofriendly automobile technology, and rapid development of smart cities globally, and others.
The recent COVID-19 pandemic is expected to impact the global ITS market. Due to COVID-19, the travel behaviour of people have changed and shared mobility is not attractive anymore without a proper system to ensure hygiene and reliability. This is where ITS can play a key role, to ensure reliability of public transport and hygiene. The ongoing implementation projects of major players are highly hampered due to worldwide lockdown and limited availability of labour and raw material. A number of scheduled product launches and related developments have been postponed due to the pandemic. However, the impact of COVID-19 is expected to reduce during the forecast period.
Hardware segment to account for the largest size of ITS market during the forecast period
On the basis of offering, the ITS market has been segmented into hardware, software, and services. The hardware segment of the ITS market is projected to account for the largest size owing to the implementation of numerous heterogeneous devices, including cameras, sensors, intelligent traffic management systems, and advanced traveller information systems, across the global ITS infrastructure.
Advanced traffic management systems application to account for the largest size of ITS market during the forecast period
On the basis of system, the ITS market is categorized into five different systems - Advanced Traffic Management Systems (ATMS), Advanced Traveler Information Systems (ATIS), ITS-enabled Transportation Pricing Systems, Advanced Public Transportation Systems (APTS), and Commercial Vehicle Operations (CVO) Systems. The advanced traffic management systems segment is projected to account for the largest size of the ITS market from 2021 to 2026. The largest market size of advanced traffic management systems is attributed to the increasing traffic congestion on roads across the world. In addition, the easy affordability of vehicles, due to favourable schemes and discounts offered by automobile manufacturers, is also resulting in traffic congestion. To address this concern, advanced traffic management systems will be adopted at a higher rate across the world.
APAC to account for the highest growth of ITS market during the forecast period
Among all regions, APAC is expected to register the highest growth in the ITS market during the forecast period. The increasing number of megacities and growing population in developing countries have increased the deployment of ITS in countries such as China, Japan, Australia, and the Rest of APAC. These countries are considering ITS as an ideal solution to tackle issues such as traffic congestion, air pollution, and greenhouse gas emissions. The region is expected to exhibit high growth potential for the ITS market during the forecast period attributed to strong economic growth, a rise in population, and rapid urbanization.
Market Dynamics for ITS in Roadways
Drivers
- Government Efforts to Ensure Road and Public Safety
- Increased Need to Reduce Traffic Congestion
- Favorable Government Initiatives for Effective Traffic Management
- High Adoption of Ecofriendly Automobile Technology
- Rapid Development of Smart Cities Globally
Restraints
- High Installation Cost of ITS
- Stagnation or Sluggish Growth in Infrastructure Sector
Opportunities
- Increasing Focus of Automobile Companies on Designing and Developing Smart Vehicles Compatible with ITS
- Increasing Public-Private Partnerships
- Growing Number of Economically and Technologically Advanced Countries
Challenges
- Achieving Interoperable and Standard ITS Architecture Worldwide
Market Dynamics for ITS in Railways
Drivers
- Increasing Demand for Security and Surveillance
- Restraints
- Slow Infrastructure Development in Railways
Opportunities
- Growing Focus of OEMs on Providing Diverse Services and Solutions to Improve Railway Infrastructure
Market Dynamics for ITS in Aviation
- Drivers
- Growing Focus on Improving Airline Operations
- Increasing Importance of Environmental Conservation
- Restraints
- Lack of Funding and Synchronization Among Agencies
- Opportunities
- Industry Goals and Initiatives to Reduce Co2 Emissions
Market Dynamics for ITS in Maritime
- Drivers
- Improving Maritime Logistics Infrastructure
- Restraints
- Poor Coordination Among OEMs and Technology Providers and Presence of Conflicting Regulatory Policies
- Opportunities
- Improving Information and Communication Technologies
Case Study Analysis
- Cubic Corporation Provides Intelligent Passenger-Oriented Displays to Govia Thameslink Railway to Reduce Touchpoints and Improve Passenger Experience
- Freewi De Lijn Introduced "Tap & Go" Ticketing System to Flanders Public Transportation to Reduce Traffic Congestion
- Santiago Utilizes Electronic Tolling Technology on Urban Highways to Generate Significant Infrastructure Revenue Without Impeding Traffic Flow
- City of Bentonville Deployed Multimodal Detection and Traffic Data Collection Program for Safer and More Efficient Streets
- Cubic Corporation Modernizednew York Transportation Network with Single Fare Payment System
Companies Mentioned
- Cellint
- Citilog
- Conduent, Inc.
- Cubic Corporation
- Daktronics
- Denso Corporation
- Efkon GmbH
- Garmin Ltd.
- Indra Sistemas, S.A.
- Iteris, Inc.
- Kapsch Trafficcom
- Lanner Electronics
- Q-Free Asa
- Redflex Holdings
- Retool
- Ricardo
- Sensys Gatso Group Ab
- Siemens
- Swarco
- Teledyne Flir LLC
- Telegra
- Thales Group
- Tomtom International Bv
- Transcore
- Transmax Pty Ltd.
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