Intelligent Transport System Market
Intelligent Transport System Market By Product (Hardware, Software, Services), By System (Advanced Traffic Management Systems, Advanced Traveler Information Systems), By Application (Intelligent Traffic Control, Collision Avoidance) & By Region - Global Insights 2022 to 2032
Intelligent Transport System Market Outlook (2022-2032)
The global intelligent transport system market is estimated at US$ 26.47 billion in 2022 and is expected to reach a revenue of US$ 53.06 billion by 2032, increasing at a noteworthy CAGR of 7.2% from 2022 to 2032.
Advanced traffic management systems (ATMS) are the talk of the town as authorities and public safety organisations can respond to accidents and emergencies more quickly and effectively with these systems at their disposal.
Market Report Attributes
Intelligent Transport System Market Size (2022)
US$ 26.47 Billion
Projected Market Value (2032)
US$ 53.06 Billion
Global Market Growth Rate (2022-2032)
Europe Market Share (2022)
Key Companies Profiled
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Demand Analysis of Intelligent Transport Systems from 2017-2021 Vs Market Outlook for 2022-2032
“Rising Initiatives for Road Infrastructure & Network Improvement Driving Demand for Intelligent Transport Systems”
According to Fact.MR, a market research and competitive intelligence provider, the intelligent transport system market is expected to surge at a CAGR of 7.2% between 2022 and 2032.
The global intelligent transport system market is envisaged to see its expansion rising on the back of the need to reduce road fatalities. Sophisticated security and safety solutions offered through intelligent transport systems could prove to be extremely critical for the adoption rate in emerging as well as developed economies.
Such solutions are used to improve road infrastructure and networks. The Intelligent transport network helps to improve the competence of the overall transport process and also passenger safety as it combines communication and IT with transportation infrastructure. The availability of competent transportation systems helps to reduce travel time besides road accidents.
New solutions integrating electronic and communication technologies are being deployed in several economies to effectively deal with traffic concerns. There could be a massive demand for intelligent transportation system management as it helps to gain better access to transportation and improve passenger and freight mobility.
Intelligent transportation systems make a strong contribution to the reduction in greenhouse gas emissions and fuel consumption by decreasing the level of traffic congestion.
Intelligent transport technology typically applies to management systems such as traffic control systems, automatic recognition of number plates, weather information, CCTV cameras, and car navigation. Governments of various regions are spending on transportation management systems, which is expected to be a good opportunity for vendors associated with the market for intelligent transport systems to extract business, especially from emerging economies.
What’s Driving Intelligent Transport System Market Growth?
“Rising Penetration of Intelligent Transportation Technologies across Geographies”
The increasing need for cutting-edge traffic congestion solutions is one of the significant factors which is fueling the growth of the smart transport system market. As these days more and more people are preferring to migrate to urban areas, intelligent transport systems are necessary for more infrastructure such as highways, roads, and other public transport options.
Intelligent transport systems are applied to transport and infrastructure to transfer information between systems to improve safety, productivity, and environment-friendly transportation. This includes standalone applications such as systems for traffic management, information, and warning systems installed in vehicles, as well as cooperative intelligent transport system applications providing vehicles with IT infrastructure communication and vehicles-to-vehicle communication.
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How are Start-ups Standing Out in the Intelligent Transport Systems Space?
“Start-ups Prioritizing Advanced Technologies & Compatibility of Products for Transport Management”
For product development and design, new companies are working with knowledgeable intelligent transport system companies. They are also creating cutting-edge products for easier and better service. Many small businesses are currently strong competitors with a notable market share in intelligent transport systems.
- Lanner Electronics Inc. partnered with Creanord to assist the service and carrier provider with a wide range of advanced solutions in access networks for performance insurance.
- For the purpose of designing, organizing, and executing an electronic toll collection service, Kapsch TrafficCom AG and Axxes SAS entered into a partnership.
Which Regional Markets Leads the Intelligent Transport System Industry?
“Rapid Development of Intelligent Transport Systems across North America & Europe”
North America accounts for 28.1% share of the global intelligent transport system market. North America is a technology hotspot for the development and use of cutting-edge technologies such as machine learning, big data, cloud computing, and IoT.
Demand for intelligent transport systems is being fueled by the significant emphasis that various government organizations in the region are placing on enhancing the regional transportation network.
Rising traffic and the subsequent congestion and numerous public-private collaboration attempts to implement intelligent vehicle systems are driving the market growth in the region.
Europe holds 24.7% share of the global market. The use of intelligent road systems is anticipated to increase across Europe due to increased traffic on transport routes and measures to reduce car emissions in support of the climate change policy.
Development of the ITS market in Asia Pacific is anticipated to be fueled by technological advancements and the ongoing expansion of transportation networks.
Why is Demand for Advanced Traffic Management Systems (ATMS) Surging?
“Advanced Traffic Management Systems More Preferred to Increase Efficiency of Transportation Systems”
Based on system, the market is classified into advanced traffic management systems, advanced traveler information systems, advanced transportation pricing systems, advanced public transportation systems, and emergency medical systems.
Advanced traffic management systems are maintaining the lead in the market. The rising investments by governments in such systems, the use of high-end technology to ensure safe and comfortable commutes, and the penetration of advanced infrastructure by the regional transportation department due to less traffic congestion are the factors driving the demand for intelligent traffic management systems.
Vehicle drivers can get real-time messages regarding traffic or road conditions thanks to advanced traffic management systems. These systems continuously monitor expressways and provide useful feedback and data to the central traffic control room, allowing it to respond promptly to traffic congestion.
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Significant partnerships with governments are expected to open new avenues for key players in the market. Such collaborations have a positive response from both, the people and government, towards intelligent transport systems, which is driving market expansion.
For instance :
- Siemens collaborated with the government of Germany for the completion of the digital Autobahn test field project. Germany’s first intelligent bridge is a prominent feature of this project.
Key Segments Covered in Intelligent Transport System Industry Research
Intelligent Transport System Market by Product Offering :
- Intelligent Transport Hardware
- Intelligent Transport Software
- Intelligent Transport Services
Intelligent Transport System Market by System :
- Advanced Traffic Management Systems (ATMS)
- Advanced Traveler Information Systems (ATIS)
- Advanced Transportation Pricing Systems (ATPS)
- Advanced Public Transportation Systems (APTS)
- Emergency Medical Systems (EMS)
Intelligent Transport System Market by Application :
- Intelligent Traffic Control
- Collision Avoidance
- Parking Management
- Ticketing Management
- Automotive Telematics
- Fleet Management & Asset Monitoring
Intelligent Transport System Market by Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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