Global Intelligent Transport Systems Market 2020 Research Analysis, Innovative Services And Advanced Applications, Future Growth Till 2024March 6, 2021
The Intelligent Transport Systems Market was valued at USD 21.77 billion in 2018, and is expected to reach a value of USD 29.16 billion by 2024, at a CAGR of 5.11% over the forecast period (2019 – 2024).
Some of the players in the market are Siemens AG, Thales Group, IBM Corporation, Cubic Corporation, among others.
– Intelligent transport systems refer to the advanced technologies that are being applied to vehicles, infrastructure, and operating systems, which make the vehicles intelligent. As ITS technologies are being used in various industries beyond transportation and logistics, the demand for such systems is increasing rapidly.
– Government regulations and initiatives are the most important drivers for the growth and development of the intelligent transportation system market. With growing road safety concerns and increasing vehicle theft, governments across the world, especially in the United States, Europe, China, and Brazil among others are mandating the installation of factory-fitted telematics and safety devices in vehicles.
– Although such applications are increasing the demand for ITS across the world, the high cost of these systems is making it difficult for many manufacturers to keep the prices of the end-product low, leading to slow market penetration.
Scope of the Report
Intelligent transportation system (ITS) is the application of sensing, analysis, control, and communications technologies in transportation in order to improve safety, mobility, and efficiency. They can be applied to different modes of transport like roadways, railways, airways.
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Key Market Trends
Applications in Roadways are Becoming very Popular
– Roadways is the fastest-growing sector in the intelligent transport systems market. The increasing number of commercial fleets all over the world due to the increasing e-commerce activities and manufacturing activities is encouraging many logistics players to deploy proper asset monitoring and management systems.
– Companies, like GE Capital and AT&T have adopted telematics fleet solutions for continuous monitoring of fleet and real-time location status, which helps these companies schedule trips that would reduce the cost of maintenance and increase the driver’s productivity.
– Countries like the United States, Germany, and India, have increased their investments in the intelligent transport systems and have established laws that make telematics installations mandatory in many of the vehicle segment. The major concern for road safety, as these countries face high accident mortality rates, is driving the growth of the ITS market.
North America Holds the Largest Market Share
– North America is the most advanced market for ITS. The region is equipped with several ITS systems in place, in order to manage the increasing traffic and public transportation system.
– The region is witnessing exponential growth in the sales of commercial drones, along with countries like the United States imposing strong laws on drone pilots and registrations. Hence it is expected to create a huge demand for ITS systems in the airways sector over the forecast period.
– In the case of passenger and commercial road vehicles, North America has a strong demand for dedicated short-range communication devices that prevent traffic jams, which is ultimately driving the demand for ITS systems in the region.
The intelligent transport systems market is highly competitive and moving toward a fragmented stage due to the presence of many large and small players in the market. Players in the market are focusing on technological innovation and compatibility of their products and services as well as using strategies, such as acquisitions and collaborations to strengthen their presence in the market.
– January 2019 – The Department for Infrastructure (DfI) in Northern Ireland awarded Siemens a four-year contract. The contract covers both the maintenance and development of the existing traffic management systems, which are largely located in Belfast.
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