Dublin, March 18, 2022 (GLOBE NEWSWIRE) -- The "Intelligent Transportation Systems Market - A Global and Regional Analysis: Focus on Application, Functionality, Offering, Component, Product, Deployment and Country-wise Analysis - Analysis and Forecast, 2020-2031" report has been added to ResearchAndMarkets.com's offering.
The global intelligent transportation systems market is expected to reach $40.76 billion by 2031, growing with a CAGR of 5.8% during the forecast period 2021-2031.
According to recent studies, governments throughout the world are using ITS to enhance road safety and operational performance of the transportation system and lessen the environmental effect of transportation. Significant funds are necessary to install ITS. Therefore, countries such as the U.S., Dubai, and Japan are substantially investing in various ITS initiatives.
Moreover, ITS cannot be implemented by a single stakeholder; it necessitates collaboration among several domains, including telecom operators, infrastructure providers, manufacturers, service providers, public sector organizations, and user groups. As a result, public-private partnerships (PPPs) would be critical to ITS development.
Market Growth Drivers
- Development of Smart Cities
- Progressive Reduction of Emissions
- Government Initiatives for Traffic Management and Control
- Prominence of Technological Advancements
Market Challenges
- High Costs Associated with ITS
- Differences in ITS Architecture Globally
Market Opportunities
- Public and Private Partnerships
- Emergence of Autonomous Vehicles
Market Segmentation
Intelligent Transportation Systems Market by Functionality
ATMS is the most common system of ITS. It is also the most prominent system used under intelligent transportation systems. ATMS is expected to dominate the segment throughout the forecasted period due to the urgent need to manage imminent traffic problems persisting globally due to a substantial increase in vehicles in the last decade.
Intelligent Transportation Systems Market by Offering
The hardware segment witnessed the most growth in the ITS market during the forecast period due to the prolific number of hardware equipment required for the setup of the ITS industry. Moreover, semiconductors, sensors, and telecommunication networks are costly to set up and commission. Therefore, it grows in value over the forecast period.
Intelligent Transportation Systems Market by Component
The telecommunication networks segment is expected to lead the market throughout the forecast period as wires and lines are required for every ITS function. They are the building blocks for a successful ITS architecture. In addition, the increasing demand for fiber optic cables is expected to boost the growth of the telecommunication networks market.
Intelligent Transportation Systems Market by Deployment
The cloud segment is also expected to witness the largest share in the market and the highest growth in the coming years as it allows users to better manage their data for ITS. Also, it will enable greater storage facility to its users compared to on-premise storage accessibility.
Intelligent Transportation Systems Market by Application
The traffic management segment dominates the application part of the industry throughout the forecast period owing to the increasing number of cars in the current scenario.
Intelligent Transportation Systems Market by Region
The automobile market in the U.S. is one of the largest in terms of volume in 2020 and is expected to increase exponentially. The vehicle sector in the U.S. sold around 14.5 million light vehicle units in 2020. Consequently, ITS use for traffic management and road safety in the U.S. increases. It also has ample resources to set up the prolific number of ITS ecosystems for better managing the congestion problem in the North America region.
Key Market Players and Competition Synopsis
The companies profiled in the report have been selected post-in-depth interviews with experts and understanding details around companies such as product portfolios, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the intelligent transportation systems market.
Companies Profiled
- Aecom Technology Corporation
- Agero, Inc.
- Citilog
- EFKON GmbH
- Garmin Ltd.
- Indra Sistemas, SA
- Kapsch TrafficCom AG
- Redflex Holdings
- Ricardo
- Siemens AG
- Swarco Holding
- Teledyne FLIR LLC
- Thales SA
- TransCore
- Transmax Pty. Ltd.
Recent Developments
- In August 2021, Renfe, Spain's national railway corporation, gave Siemens Mobility and Everis a five-year contract to create and run a statewide intelligent Mobility-as-a-Service (MaaS) platform. The complete digital platform would connect multiple modes of shared and public transportation, including rail, bicycle, metro, bus, car sharing, and scooter services, allowing users to simply discover and book the journey choice that best matches their needs.
- In October 2021, PT Jakarta Lingko Indonesia awarded an eight-year contract to a consortium led by PT Jatelindo Perkasa Abadi and including Thales, Lyko, and PT Aino Indonesia to implement, run, and maintain a ticketing platform and a Mobility-as-a-Service (MaaS) solution for Indonesia's capital, Jakarta. Thales' new ticketing infrastructure will allow two million travels each day.
Key Questions Answered in the Report
- For a new company looking to enter the intelligent transportation systems market, which areas could it focus upon to stay ahead of the competition?
- How do the existing market players function to improve their market positioning?
- Which are the promising companies that have obtained financial support to develop their services and markets?
- How does the supply chain function in the intelligent transportation systems market?
- Which companies have been actively involved in innovation through patent applications, and which products have witnessed maximum patent applications during the period 2019-2021?
- Which product segment is expected to witness the maximum demand growth in the intelligent transportation systems market during the forecast period 2021-2031?
For more information about this report visit https://www.researchandmarkets.com/r/bqhn4z
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