Intelligent Transportation Systems (Its) Market, By System (Advanced Traveler Information System, Vehicle-to-Vehicle Interaction and Vehicle-to-Infrastructure Interaction, Advanced Traffic Management System, Advanced Public Transportation System (APTS)), By Application (Traffic Monitoring, Collision Avoidance Systems, Fleet Management & Asset Monitoring, Traffic Signal Control Systems, Parking Availability Systems), By Region Analysis - Global Analysis and Industry Forecast Report Till 2030.

Intelligent Transportation Systems (Its) Market is projected to grow from $23.93 billion to $45.80 billion, at a CAGR of 7.48% during the forecast period.

Road traffic congestion is a serious problem globally, causing huge losses in economic productivity. This is primarily due to lack of infrastructure growth relative to the growing number of vehicles due to cost and space constraints. Many countries are implementing strategic plans for intelligent transport systems to reduce road traffic congestion and accidents through advanced safety systems via wireless communication. The same goes for automatic electronic toll collection systems, pedestrian safety systems, traffic signals, automated vehicle systems and wireless devices.

The government's role in the introduction of new technologies and intelligent transportation systems in each country is also important. The environmental impact of increasing traffic congestion is harsh. Implementing intelligent transport systems leads to ultimate benefits such as robust and widespread mobility, safety and the environment. Implementation of these systems also provides better transportation commuting. It also increases the vehicle's efficiency by reducing the vehicle's fuel burn at traffic lights. These systems also help countries lower air pollution and avoid economic losses. The increasing development of e-toll collection centers in many countries is driving the growth of this segment in intelligent transportation systems (its) market. 

Intelligent Transport Systems (ITS) revolutionize the transportation industry by incorporating advanced technologies to enhance efficiency, safety, and sustainability. These systems, also known as smart transport systems or intellectual transport systems, employ cutting-edge innovations to optimize the flow of vehicles and improve overall traffic management. ITS enables seamless communication between vehicles, infrastructure, and travelers, facilitating real-time data exchange and intelligent decision-making. By harnessing the power of data analytics, artificial intelligence, and connectivity, the ITS transport system paves the way for intelligent transportation solutions that not only alleviate congestion but also reduce carbon emissions and promote a more sustainable future.

Market Dynamics:

Drivers:

The evolution of the Intelligent Transportation Systems (Its) market forecast will help provide real-time traffic statistics that will help address the growing traffic congestion problem. Intelligent signals also control the collection of information from various sensors that quantify preemptive alerts, vehicle speed, traffic-related data, and traffic signals.

Information received from multiple sensors is usually executed according to a refined algorithm, and the sensors send this data back to the various controllers. Therefore, the collection of real-time traffic statistics information using the intelligent transportation system market forecast is helpful in controlling various traffic signals. In addition, the Intelligent Transportation Systems (ITS) market outlook helps drivers identify traffic-free and shorter routes for improved mobility.

Intelligent Transportation System (ITS) consists of a web-based information system and database, supporting ICT systems and IP communications computer systems. ITS enables the collection and dissemination of real-time traffic information on the Scottish Highway and Motorway network.

Restraints:

A major restraint for the growth of the intelligent transportation systems (Its) market is the huge cost required to install intelligent transportation systems. A centralized, sophisticated TMC or traffic management center that can process real-time traffic information and help reduce traffic congestion is needed. This TMC must be deployable with system operators, response agencies, transport managers and dispatchers.

Furthermore, another factor that may restrain intelligent transportation systems (Its) market growth is the need for proper implementation of intelligent transportation systems such as microwave detectors, advanced tourist information systems, CCTV cameras, or Highway Advisory Radio, dynamic message signs, etc. Additionally, MDT or mobile data terminals are required for fleet management systems. Leveraging all these components requires huge investments, which could be a major restraint to the growth of the intelligent transportation systems (Its) market.

Opportunities:

New programs of CCAM or Cooperative, Connective, and Automated Mobility are transforming the Intelligent Transportation Systems (Its) market opportunities globally. Traffic managers and users can seamlessly coordinate and share traffic-related data. In addition, the cooperation element will help establish the connection between vehicles and between transportation infrastructure and vehicles, i.e. V2I, like V2V, and will strengthen the intelligent transportation system (Its) market. The full implementation of collaborative, connected and automated mobility programs is likely to improve traffic efficiency, driving comfort and road safety by helping drivers make the right decisions and adapt easily to any traffic situation. The program will also result in stimulating the growing for intelligent transportation systems (Its) market.

Key Players:

• Agero, Inc.

• DENSO CORPORATION

• EFKON GmbH

• Hitachi, Ltd.

• Garmin Ltd.

• Thales Group

• Xerox Corporation

• Ricardo

• Sensys Networks, Inc.

• Telenav, Inc.

• Iteris, Inc.

• Kapsch TrafficCom

• Lanner

Market Segmentation:

Intelligent Transportation Systems (Its) Market, By Application

• Traffic Monitoring

• Collision Avoidance Systems

• Fleet Management & Asset Monitoring

• Traffic Signal Control Systems

• Parking Availability Systems

Intelligent Transportation Systems (Its) Market, By System

• Advanced Traveler Information System

• Vehicle-to-Vehicle Interaction and Vehicle-to-Infrastructure Interaction

• Advanced Traffic Management System

• Advanced Public Transportation System (APTS)

Intelligent Transportation Systems (Its) Market, By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa (MEA)

Regional Analysis:

Korea is the leading country providing the most funding in the region for ITS deployment.

The Asia Pacific region currently dominates the global intelligent transportation systems (Its) market and is expected to make a significant contribution to this market during the forecast period. China is the second market leader in the region, owing to Chinese government funding for the implementation of intelligent transportation systems in the region.

Europe is expected to witness significant growth in the intelligent transportation systems (Its) market during the forecast period. The UK is a leader due to the practical deployment of domestic intelligent transportation systems for public transport. Other European countries are also contributing to the development of this market.

North America is expected to witness steady growth in intelligent transportation systems (Its) market over the forecast period, owing to Canada's ITS implementation at a slower pace. The US region is leading the way in contributing to regional growth due to the FAST Act, increasing rates of use and adoption of advanced technologies, and overall government involvement in smart city projects.

Intelligent transportation systems (Its) markets in the Middle East and other regions will experience rapid growth. This may be due to the early adoption of advanced technology and government initiatives such as the UAE's free trade zone that have detected opportunities in the automotive industry.

Scope of the report:

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