Intelligent transport system (ITS) has become more indispensable in the current digital society than ever before, aiding in improved traffic management and offering beneficial transportation to the user. IndustryARC opinions that the global intelligent transport system market value was at $21.33 billion in 2018 and is estimated to grow at a healthy CAGR of 6.01% throughout the forecast period 2019-2025, according to the recent report titled Intelligent Transport System Market. This report covers Intelligent Transport System Market Size by Components and market size by applications, Intelligent Transport System Market share by top 5 companies and also the market share by start-ups during the forecast period.
Global Intelligent Transport System Market: Demand Analysis
Intelligent transport system leveraging the Internet of Things (IoT) concepts and includes vehicle-to-vehicle (V2V) and vehicle to infrastructure (V2I) technology employment in traffic management and mobility management. Advanced traffic management system, advanced traveler information system, advanced vehicle control system, commercial vehicle the operation, and advanced public transportation system are the highly preferred ITS systems. According to the United Nations, the world population expected to touch 9.8 billion by 2050. Which results in a rise in the number of residents that increases the mass urbanization movement. The ultimate outcome of these consequences is an increment in traffic congestion across urban areas and cities. ITS application varies based on different technologies which include an automatic number plate recognition to monitor applications such as security CCTV systems, and advanced applications such as information systems, parking guidance, weather information, and bridge de-icing (US deicing) systems.
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Global Intelligent Transport System Market: Leading Segments
Advanced traffic management system and advanced public transportation systems are noted as the fastest growing applications of ITS market which projects with a CAGR of 5.25% during the aforementioned period. As advanced traffic management is a tangible aspect of ITS. Smart parking technology and route planning are the major factors which are shaping ITS. Accelerating software innovations and technology advancements such as CCTV cameras, passenger information systems, GPS, in-vehicle audio system and onboard ticketing machines are augmenting the growth and the necessity of advanced traffic management system.
Based on the regional analysis, North America held a dominating share of 33.35% among other regions in the global intelligent transport system market as of 2018. In 2018, The U.S. Department of Transportation (DOT’s) states that the Federal Transit Administration (FTA) has funded $366,162,440 for 107 projects through buses and bus facilities infrastructure investment program. Out of which $7,000,000 fund was received for the Pennsylvania Fixed Route Intelligent Transportation System (FRITS) Project.
Global Intelligent Transport System Market: Disruptive Trends
An intelligent transport system is an ideal choice of leveraging citizens to enrich mobility and also to save the time of travel in a smarter city. Increased traffic efficiency and update of traffic, seat availability, local convenience real-time running information enhancing the safety and comfort of users.This system not only improves road safety but also support efficient infrastructure usage. In addition to this, it provides clean and CO2 neutral mobility.Growing adoption of ITS in transportation pricing, telematics, fleet monitoring, ticket management, tolling management, and traffic monitoring applications.
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Global Intelligent Transport System Market: Competitive Landscape
Garmin, Thales, KapschTrafficcom, Tomtom International, Denso Corporation,Flir Systems, Ricardo, Tomtom International, KapschTrafficcom, and Ricardo are some of the key companies identified in the report which are currently holding majority shares in the global intelligent transport system market.
A. Smart Cities Market
B. Smart Transportation Market
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