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The global intelligent transport systems market exhibited moderate growth during 2015-2020. The Intelligent Transport System (ITS) refers to a system that utilizes visual, analytical, control and communication technologies to manage different modes of on-road transportation efficiently. It is not only embedded within a vehicle but also in the infrastructure facilities to enhance on-road safety and achieve traffic efficiency by minimizing traffic problems. It uses various equipment such as ramp meters, electronic toll collectors, traffic light cameras, traffic-signal coordinators, transit signal systems and traveler-information systems.
The increasing number of smart cities, along with unprecedented population growth leading to widespread traffic congestion, are the key factors driving the market growth. The ITS significantly aids in the effective management of on-road traffic through Global Positioning System (GPS), Dedicated Short Range Communication (DSRC) and Carrier Access for Land Mobiles (CALM). Additionally, increasing occurrence of deaths due to road accidents have driven the demand for ITS across the globe. Advanced features such as Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communication is creating a positive outlook for the market. These features provide real-time information to travelers about road conditions and construction zones, along with seat availability and timings of public modes of transport, thus enhancing the overall on-road safety and reducing the chances of fatalities while reducing the travel time. Moreover, increasing focus on research and development (R&D) in both the public and private sectors to incorporate more enhanced features is also contributing to the market growth. Looking forward, IMARC Group expects the global intelligent transport systems market to grow at a CAGR of around 5% during 2021-2026.
The report has also analysed the competitive landscape of the market with some of the key players being Siemens, Thales Group, Garmin, Cubic Corporation, FLIR Systems, Lanner Electronics, Denso Corporation, IBM Corporation, Addco, TomTom, Kapsch Trafficcom, Iteris, Q-Free, Efkon, GeoToll, Electricfeel, Doublemap, Bestmile, Nutonomy, etc.
We expect the global intelligent transport systems market to exhibit a CAGR of around 5% during 2021-2026.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in minimal traffic congestion and unavailability of public modes of transport, thereby limiting the overall demand for intelligent transport system.
The growing number of smart city projects, along with the increasing demand for effective management of on-road traffic through numerous technologies, such as GPS, DSRC, and CALM, represent some of the factors driving the global intelligent transport systems market.
Based on the transport, the global intelligent transport systems market can be segmented into roadways, railways, and airways. Currently, roadways hold the majority of the total market share.
Based on the product, the global intelligent transport systems market has been segregated into network management systems, freight and commercial systems, public transport systems, security and crime reduction systems, automotive and infotainment systems, road safety systems, and communications systems, where network management systems currently represent the largest segment.
Based on the end user, the global intelligent transport systems market can be categorized into supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others. Currently, supermarkets and hypermarkets exhibit a clear dominance in the market.
Based on the offering, the global intelligent transport systems market has been divided into hardware, software, and services. Amongst these, hardware accounts for the largest share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global intelligent transport systems market include Siemens, Thales Group, Garmin, Cubic Corporation, FLIR Systems, Lanner Electronics, Denso Corporation, IBM Corporation, Addco, TomTom, Kapsch Trafficcom, Iteris, Q-Free, Efkon, GeoToll, Electricfeel, Doublemap, Bestmile, Nutonomy, etc.
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