Intelligent Transport System (ITS) Market is expected to reach 132.93 Billion by 2032

From 2022 to 2032, the sales of intelligent transport systems are expected to grow at a CAGR of 13.4%. The global intelligent transport system (ITS) market is expected to be worth US$ 37.8 billion in 2022, rising to US$ 132.93 billion by 2032.

The increasing demand for traffic control systems, smart autos linked to cutting-edge telecommunications technology, and greater safety and surveillance provided by sophisticated cameras and License Plate Recognition (LPRs) are expected to boost the intelligent transport system (ITS) market share. Growth in the number of vehicles on the road, aging infrastructure, and potential scarcity of traffic data management are all expected to drive up demand for intelligent transport systems.

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Intelligent Transport Systems (ITS) refer to the integration of advanced technologies such as sensors, communication systems, and data analytics to improve the safety, efficiency, and sustainability of transportation systems. ITS technologies can be used for a wide range of applications, such as traffic management, public transportation, and vehicle navigation. Some examples of ITS include:

• traffic management systems that use cameras and sensors to monitor traffic flow and adjust traffic signals to reduce congestion.
• electronic toll collection systems that use RFID technology or license plate recognition to automatically charge tolls to vehicles as they pass through a tollbooth.
• advanced traveler information systems that use real-time data to provide drivers with information about traffic conditions, road closures, and other relevant information.

The increasing demand for cutting-edge traffic congestion solutions is one of the primary reasons driving the intelligent transport (ITS) market growth. As urbanisation and travel times increase, the demand for intelligent transport systems (ITS) grows. It provides a seamless digital solution for traffic control while removing the need for a worker to manually run it. Furthermore, the rise in single-occupant car commuting, particularly in suburbs and big cities, is propelling sales of intelligent transport systems.

Transportation infrastructure is becoming increasingly future-ready as the number of automated and connected cars on the road grows. Furthermore, transportation authorities must plan for the future. Many intelligent transport service providers offer expertise in solution and system design, planning, implementation, and tasks.

The intelligent transportation systems (ITS) market is expected to grow as it collects real-time data via a network of sensors, video surveillance devices, navigation systems, and vehicle probes, which is then evaluated and communicated to the user via the internet, mobile telephony, or dynamic signboards.

Key Takeaways from Intelligent Transport System (ITS) Market

· North America accounts for 28.1%, in terms of the global intelligent transport system (ITS) market share.

· Modern technologies like machine learning, big data, cloud computing, and the Internet of Things are developed and used most frequently in North America.

· The Asia Pacific intelligent transport system (ITS) market is expected to rise as a result of technological developments and ongoing network expansion.

· Europe accounts for 24.7% of the global intelligent transportation systems (ITS) market.

· The adoption of intelligent road systems is anticipated to rise across Europe as a result of increasing traffic on transportation corridors and measures to reduce automobile emissions in support of climate change legislation.

· The intelligent transport system (its) market is likely to be dominated by the segment for intelligent urban traffic management systems (2022-2032)

· The software segment is anticipated to grow at the fastest CAGR throughout the course of the projection period.

“Due to the need to decrease traffic accidents, the market share for intelligent transportation systems (ITS) is anticipated to grow globally. Intelligent transportation systems’ sophisticated security and safety solutions could be crucial for adoption rates in both developing and developed countries.” – FMI Analyst

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Competition Landscape in the Intelligent Transport System (ITS) Market

The major corporations in the intelligent transportation systems (ITS) market are working with qualified ITS companies on design and product development. In order to offer better service, they are also developing advanced things. In addition, a lot of small companies are working with the government to enhance transportation services.

Currently, a number of small businesses dominate the intelligent transportation systems (ITS) market and control a considerable share of it. The dominance of the top players is a result of their availability of sophisticated and developed items.

Thales Group AD, Siemens AG, Garmin Ltd., Kapsch Trafficcom, Tomtom International BV, Q-Free ASA, Denso Corporation, Atkins Group, Iteris Inc., Ricardo PLC, Efkon AG, Savari Inc., Transcore LP, Lanner Electronics Inc, are some of the key players in the intelligent transport system (ITS) market.

Recent Developments in the Intelligent Transport System (ITS) Market:

· In September 2021, Siemens launched the first-ever high-speed, electrified main and freight train rail line using ITS in collaboration with the National Authority for Tunnels (NAT).

· In October 2020, Hitachi, Ltd. unveiled the heavy-duty automatic parking brake (APB HD) for pickup trucks, vans, SUVs, and light commercial vehicles. The new system permits greater use of this technology while also enhancing APB security and system administration.

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