NEW YORK, Oct. 19, 2022 /PRNewswire/ — According to the latest market research report published by P&S Intelligence, in 2021, the intelligent transportation system market accounted for revenue of $42,780.0 million, which is predicted to hit $102,617.3 million, progressing at a 10.2% compound annual growth rate from 2021 to 2030. This is because of the growing requirement to improve traffic flow and safety and the surging population worldwide, which is influencing the sale of automobiles.
During the forecast period, aviation is predicted to have the highest CAGR in the industry, because more aircraft are being moved. Thus, a higher need for efficient airline operations, improved surveillance and security measures, and usage of smart ticketing systems, due to the growing number of passengers, are arising.
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Key Points of Intelligent Transportation System Market Report
- APAC is predicted to grow at a CAGR of almost 8% in the coming years. This rapid rise may be attributed to the fast urbanization in developing countries, primarily India and China, growing disposable income and bettering lifestyles, burgeoning automotive industry, and development of road infrastructure at a rapid pace.
- Moreover, China holds the biggest share in the intelligent transportation system market of the region, and it will maintain its spot in the future. This will be due to the surging acceptance of innovative technologies, increasing count of daily commuters, and the initiatives of the government to decrease emissions.
- In 2021, the services category had the biggest share, and it is expected to hold that position throughout this decade. This is a result of the rising need to improve the surface transportation efficiency and connectivity, which demands the appropriate upkeep of ITS equipment.
- Additionally, in the coming years, the software category will grow at a high rate in the intelligent transportation system market. This is due to the rising demand for data processing, increasing pace of technological development, and growing popularity of ITS software and visualization software.
- With a CAGR of 9%, the advanced public transportation system (APTS) category is predicted to advance at the highest rate throughout the forecast period. The increasing demand for APTS is due to the growing investment in real-time information collection and analysis for highways.
- Advanced traffic management systems (ATMS) have the largest revenue share, and they will continue to dominate the intelligent transportation system market till 2030. This would be due to their extensive use on roads, rise in commuter and automobile numbers in cities, and growth in the public concern about pollution and traffic jams.
Browse detailed report on Intelligent Transportation System Market Size, Trends and Future Growth Study 2022-2030
There are numerous key players in the market, such as:
- Teledyne FLIR LLC
- DENSO Corporation
- Garmin Ltd.
- Indra Sistemas S.A.
- Conduent Inc.
- TomTom International BV
- Cubic Corporation
- Kapsch TrafficCom AG
- Thales Group
- Siemens AG
Intelligent Transportation System Market Report Coverage
By System
- Advanced Traffic Management System
- Cooperative Vehicle System
- Advanced Public Transportation System
- Advanced Traveler Information System
- Advanced Transportation Pricing Systems
By Offering
- Hardware
- Interface boards
- Sensors
- Surveillance cameras
- Telecommunication networks
- Monitoring and detection systems
- Software
- Visualization software
- Video detection management software
- Transit management software
- Services
- Business and cloud services
- Support and maintenance services
By Application
- Roadways
- Intelligent traffic control
- Collision avoidance
- Parking management
- Passenger information management
- Ticketing management
- Emergency vehicle notification
- Automotive telematics
- Fleet management and asset monitoring
- Railways
- Rail-running operation and collision avoidance
- Passenger information management
- Smart ticketing
- Security and surveillance
- Emergency notification
- Aviation
- Security and surveillance
- Shuttle bus tracking
- Traveler information management
- Smart ticketing
- Aircraft management
- Emergency notification
- Maritime
- Freight arrival and transit
- Real-time weather information tracking
- Container movement scheduling
- Emergency notification
Regional Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
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