Intelligent Transport System (ITS) Market to grow at a CAGR of 8.49% from 2022 to 2027, Driven by the growing traffic congestion and road accidents - Technavio

NEW YORK, March 2, 2023 /PRNewswire/ -- According to Technavio, the global intelligent management system (ITS) market size is estimated to grow by USD 33.39 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 8.49% during the forecast period. The increasing traffic congestion and road accidents are driving the demand for the global market. Growing urbanization and increasing disposable income among the middle-class population are leading to the rapid adoption of automobile usage across developing countries. This is a major driver for the demand for the ITS market. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027)  Request a sample report

What`s New for 2023?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial

Leading trends influencing the market 

• There is a growing number of smart cities across many countries in the world. Smart cities with interconnected technologies are a leading trend in the market during the forecast period.
• Some of the digital technologies in smart cities include ITS solutions such as traffic control and safe and intelligent transportation.
• Cutting-edge technologies like cell phones, GPS satellites, big data, 3D printers, and AI enable ITS solutions to optimize operations like advanced freight and route networks.
• Trends like these are expected to drive growth for the global market.

Major challenges hindering market growth

• The ITS solutions face an issue with system integration and interoperability, which can impede the growth of the market.
• The current operational technology systems lack integrational capability. Thus, it works in isolation but there is a huge need for a fully functional digital workflow. This requires effective data sharing between machines and end-user ITS systems.
• For ITS to be truly effective and widely accepted across industries, seamless connectivity, and interoperability between products and applications need to be established. Interoperability, thus, hampers the adoption of ITS solutions.

Know more about market dynamics, historic (2017 to 2021) and forecast market size (2023 to 2027)  find some insights from a sample report!

Intelligent Transport System (ITS) Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on application (traffic management, toll management, automotive and infotainment telematics, public transport, and others), type (advanced traffic management system, advanced public transportation system, advanced transportation pricing system, advanced traveler information system, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The traffic management segment is expected to be significant for the growth of the market during the forecast period. It is the largest contributing segment in the global market.
• ITS solutions like advanced traffic management systems (ATMS) are majorly used by government departments such as municipalities, government agencies, state, and regional governments.
• Innovative solutions developed under intelligent transport systems (ITS) projects in developing countries like China and India help authorities easily and efficiently manage traffic congestion.

Geography Overview
By geography, the global intelligent transport system (ITS) market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global intelligent transport system (ITS) market.

• APAC is projected to contribute to 33% of the market growth during the forecast period. Developing countries like China, India, and South Korea are the major contributors to the growth in the region.
• The increased government initiatives and the expansion of highways and expressways in many countries make APAC the most prominent market for vendors.
• Growth in automobile sales is a major factor driving the demand for the intelligent transport system market in the APAC region.
• The ITS market in North America and Europe is projected to have steady growth.

Get a glance of the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

What are the key data covered in this Intelligent Transport System (ITS) Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Intelligent Transport System (ITS) Market between 2023 and 2027
• Precise estimation of the size of the Intelligent Transport System (ITS) Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Intelligent Transport System (ITS) Market industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Intelligent Transport System (ITS) Market vendors

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Table of Contents

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2021
• Market outlook: Forecast for 2021 - 2026

Five Forces Analysis

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Type

• Market segments
• Comparison by Type
• Active packaging  - Market size and forecast 2021-2026
• Intelligent packaging - Market size and forecast 2021-2026
• Market opportunity by Type

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2021-2026
• Europe - Market size and forecast 2021-2026
• APAC - Market size and forecast 2021-2026
• South America - Market size and forecast 2021-2026
• MEA - Market size and forecast 2021-2026
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Amcor Plc
• Authena AG
• Avery Dennison Corp.
• DFP Holding BV
• DuPont de Nemours Inc.
• Korber Medipak Systems GmbH
• LOG Pharma Packaging
• Origin Pharma Packaging
• ProAmpac Intermediate Inc.
• West Pharmaceutical Services Inc.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio