San Francisco, January 30, 2023 /PRNewswire/ — The global intelligent transportation system market size is expected to reach USD 52.24 billion by 2030 and is expected to expand at a CAGR of 8.3% from 2023 to 2030, according to New Grand View Research, Inc. Continuous advances in the technology of transportation networks have accelerated the demand for highly efficient transportation systems..
Key industry insights and findings from the report:
- The advanced public transportation system (APTS) segment is expected to witness significant growth at a CAGR of 10.2% during the forecast period. Various benefits of the APTS system such as improvement in road congestion and community mobility, offer a uniform transportation system and improve fuel efficiency of vehicles, creating strong market opportunities.
- The automotive telematics segment is expected to register the highest CAGR of 9.9% till 2030. Advances in 5G connectivity, supportive government initiatives for the automobile sector, and the growing role of smartphones in automotive applications are expected to drive the growth of the sector significantly. Forecast period.
- The Asia Pacific The Intelligent Transportation Systems market is expected to witness significant growth with a CAGR of 11.0% from 2023 to 2030. High demand for advanced telecommunication and automotive technologies and heavy investment in development and adoption of ITS solutions. Singapore, India, Chinaand Japan which is driving the growth of the ITS industry in the region.
- The growing adoption of the Fourth Industrial Revolution is likely to fuel the development of smart cities Asia Pacific countries, which, in turn, will accelerate the demand for intelligent transportation solutions, supporting new demand trends in the industry.
Read the 160-page market research report, “Intelligent Transportation Systems Market Size, Share and Trend Analysis Report by Type, by Application (Traffic Management, Road Safety and Security), by Region, and Segment Forecast, 2023 – 2030”, published by Grand . Look at the research.
Intelligent Transportation Systems Market Growth and Trends
The latest technologies, such as electronic toll collection and blind spot detection, have led to a continuous redefining of the possibilities and expectations for the sustainable management of traffic and transport networks. The growing need to present real-time traffic information equipped with artificial intelligence and virtual reality to enhance driver and passenger safety is driving the growth of the Intelligent Transportation System (ITS) industry.
The development of IT systems and increasing adoption of telecommunication technologies are expected to help reduce air pollution, traffic congestion, and delays. Furthermore, the implementation of modern traffic management systems that focus on the use of real-time data and address impact criteria is creating a positive market outlook.
Integration of smart grids into energy distribution and charging systems such as ITS helps distribution agencies plan and implement capacity expansion strategies for the future using real-time data. This is expected to support the growth of the market during the forecast period. According to a report on ITS Development Strategy prepared by the Department of Transportation of the Republic of Korea, ITS can help prevent traffic congestion, fuel consumption, greenhouse emissions, and automobile idling.
The growing data volume involved in ITS is creating a need for driving demand for advanced data processing solutions globally. Market players are developing their ITS solutions integrated with Artificial Intelligence (AI) and its applications to attract potential business customers. For example, in December 2020Lanner unveiled its Edge AI computing and connectivity services for multiple mobile applications.
The deployment of edge AI computing and connectivity services across ferries, fleets, subways and trucks has enabled fleet managers to digitize their operations and monitor distributed vehicles remotely with a unified management solution.
Intelligent Transportation System Market Segmentation
Grand View Research has segmented the global intelligent transportation systems market on the basis of type, application, and region
Intelligent Transportation Systems (ITS) Market – Type Outlook (Revenue, USD Million, 2018 – 2030)
- Advanced Passenger Information System (ATIS)
- Advanced Traffic Management System (ATMS)
- Advanced Transport Pricing System (ATPS)
- Advanced Public Transport System (APTS)
- emergency medical system (EMS)
Intelligent Transportation Systems (ITS) Market – Application Outlook (Revenue, USD Million, 2018 – 2030)
- Traffic management
- Road safety and security
- Shipping Management
- Public transport
- Environmental protection
- Automotive Telematics
- Parking management
- Road Tolling System
Intelligent Transportation System (ITS) Market – Regional Outlook (Revenue, USD Million, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
List of Major Players in Intelligent Transportation Systems Market
- Agero, Inc.
- Denso Corporation
- EFKON GmbH
- Hitachi, Ltd.
- Garmin Limited
- Thales Group
- Xerox Corporation
- Sensys Networks, Inc.
- Telenav, Inc.
- Iteris, Inc.
- Kapsch TrafficCom
- Nuance Communications, Inc.
- Q-free ASA
- Siemens AG
- Tomtum International BV
See more related studies published by Grand View Research:
- Vehicle Tracking System Market – The global vehicle tracking system market size is estimated to be worth USD 60.88 billion By 2030, according to a new report by Grand View Research, Inc. It is expected to grow at a CAGR of 13.9% from 2022 to 2030. Factors such as technological innovation and increasing digitization within the automotive industry, coupled with continued growth. Logistics and the automobile industry are encouraging the growth of the global market. Increase in sales of heavy and light commercial vehicles is also expected to drive the growth of the market.
- Public transport market – The global public transportation market size is expected to reach USD 309.1 billion By 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.9% from 2022 to 2028. The market is driven by economic growth. Asia Pacific and Middle Eastern and Africa and the growing number of megacities in the region. According to World Economic Forum statistics, six cities including Dar es Salaam will emerge as new megacities by 2030. Luandaand ChennaiAs the population is shrinking in urban areas. Increasing government initiatives and the development of smart cities also facilitate the development of public transport.
- Smart Transportation Market – The global smart transportation market size is estimated to reach USD 285.12 billion By 2030, growing at a CAGR of 12.6% from 2022 to 2030, according to a new study by Grand View Research, Inc. The need for an efficient management system is predicted to increase as the number of on-road cars increases and decreases. Efficiency of existing transport infrastructure. Favorable government initiatives for building better infrastructure and smooth operation of existing transport systems are expected to boost market growth.
Browse through Grand View Research Automotive and Transportation Industry Research reports.
About grand visual research
Grand View Research, a US-based market research and consulting company, offers syndicated as well as customized research reports and consulting services. registered in California and headquarters in San Francisco, the company includes more than 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports provide in-depth analysis of 46 industries in 25 major countries worldwide. Through an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutions understand the global and regional business environment and gauge opportunities ahead.
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