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The global intelligent transport systems market was valued at US$ 37.1 Billion in 2021.
We expect the global intelligent transport systems market to exhibit a CAGR of 9.4% during 2022-2027.
The 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 negatively impacting the global market for intelligent transport systems.
The rising occurrence of deaths due to road accidents, the growing number of smart city projects, and the increasing demand for effective management of on-road traffic through numerous technologies, such as GPS, DSRC, CALM, etc., are primarily driving the global intelligent transport systems market.
Based on the mode of transport, the global intelligent transport systems market has been 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 can be categorized 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. Among these, network management systems account for the largest market share.
Based on the offering, the global intelligent transport systems market has been divided into hardware, software, and services, where hardware currently exhibits a clear dominance in the market.
Based on the application, the global intelligent transport systems market can be bifurcated into fleet management and asset monitoring, intelligent traffic control, collision avoidance, parking management, passenger information management, ticketing management, emergency vehicle notification, and automotive telematics. Currently, intelligent traffic control holds the majority of the global market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global intelligent transport systems market include 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, Aptiv PLC (nuTonomy), etc.
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