Global Intelligent Transport Systems Market to Reach US$ 29.2 Billion by 2024

According to the latest report by IMARC Group, titled “Intelligent Transport Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global intelligent transport systems market size reached US$ 21.2 Billion in 2018. An intelligent transport system (ITS) refers to an integrated platform that implements various technologies to provide optimum technical equipment for vehicles in order to enable the efficient use of the transportation infrastructure. These systems provide real-time information to road users and operators to improve safety and mobility while reducing the environmental impact of transportation. In recent years, several authorities and operators around the globe have adopted technologies, such as ITS, which allow them to manage transport networks and achieve more sustainable land mobility.

Global Intelligent Transport Systems Market Trends:

ITS provides prior information to passengers and law enforcement agencies about traffic congestion, ongoing road works and the timing of traffic lights. The system also facilitates remote access to pre-paid accounts and electronic payments for buying tickets. This, in turn, reduces the travel time and improves the safety and comfort of commuters. ITS further aids in minimizing traffic congestion, lowering the air pollution level, decreasing accident rates, increasing energy efficiency and enhancing the driving experience. Along with this, the growing number of smart city projects has accelerated the implementation of ITS. For instance, the European Commission’s action plan for the deployment of ITS in Europe aims to make road transportation and its interaction with other transport modes safer and more efficient, secure and environment-friendly. Moreover, the rapid proliferation of the Internet of Things (IoT), big data analytics and mobile technology has provided a positive thrust to the ITS market globally. The data collected via these technologies forms a crucial resource for automotive manufacturers, enabling them to get detailed insights about vehicle performance in different environments. Looking forward, the market value is projected to reach US$ 29.2 Billion by 2024, registering a CAGR of 5.5% during 2019-2024.

Market Summary:

• Based on the mode of transport, the market has been segmented into roadways, railways and airways.
• On the basis of the product, network management systems dominate the market. This segment further includes advanced traffic management systems (ATMS), and road user and congestion charging. Other major segments are freight and commercial, public transport, security and crime reduction, automotive and infotainment, road safety and communications systems.
• The market has been categorized based on the protocol into short range, long range, IEEE 1512, traffic management data dictionary (TMDD) and others.
• On the basis of the offering, the market has been classified into hardware, software and services.
• The market has been segregated based on the application into fleet management and asset monitoring, intelligent traffic control, collision avoidance, parking management, passenger information management, ticketing management, emergency vehicle notification and automotive telematics.
• Region-wise, North America enjoys the leading position in the market. Other major regions include Asia Pacific, Europe, Middle East and Africa, and Latin America.
• The competitive landscape of the market has also been examined with some of the key players being Siemens AG, Thales Group, Garmin Ltd., Cubic Corporation, FLIR Systems, Lanner Electronics, DENSO Corporation, International Business Machines (IBM) Corporation, ADDCO Acquisition, LLC, TomTom N.V., Kapsch TrafficCom AG, Iteris, Inc., Q-Free ASA, Efkon GmbH, GeoToll , Inc., ElectricFeel AG, Doublemap, LLC, BestMile Sarl and Aptiv PLC (nuTonomy).

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