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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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