Intelligent Transportation Systems Market size worth $ 96.68 Billion, Globally, by 2030 at 6.7% CAGR: Verified Market Research®

Increase in accidents worldwide, concerns related to road safety, vehicle theft, and increasing government initiative to mandate the ITS applications are some of the factors to lead the Intelligent Transportation Systems Market growth

JERSEY CITY, N.J., May 17, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Intelligent Transportation Systems Market" By System (Commercial Vehicle Operation, Advanced Traffic Management System), By Application (Automotive Telematics, Collision Avoidance), and By Geography. According to Verified Market Research, the Global Intelligent Transportation Systems Market size was valued at USD 52.59 Billion in 2021 and is projected to reach USD 96.68 Billion by 2030, growing at a CAGR of 6.7% from 2022 to 2030.

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Browse in-depth TOC on "Intelligent Transportation Systems Market"

202 - Pages

126 – Tables

37 – Figures

Global Intelligent Transportation Systems Market Overview

Deployment of Intelligent Transport Systems helps in providing real-time traffic statistics which help in resolving increased traffic congestion. Intelligent signals are used to control and gather information from sensors that quantify the speed of vehicles, pre-emption alarms, traffic signals, and other information related to traffic. This is a collection of real-time traffic statistics which helps in the signal controlling at the time of traffic. Thus growing congestion of traffic is boosting the demand for Intelligent Transportation Systems and thereby increases the growth of the overall market.

High costs associated with the installation of Intelligent Transport Systems and the requirement of a centralized traffic management center along with various devices such as CCTV cameras, microwave detectors, highway advisory radio (HAR), dynamic message signs (DMS), and advanced traveler information systems (ATISs) is anticipated to restrict the growth of the Intelligent Transportation Systems Market. In addition, the industry is also facing the challenge of a lack of standard intelligent transport systems infrastructure as the use of heterogeneous devices may cause an error in many of the stages during implementation and which reduces efficiency. Nonetheless, the introduction of automated mobility (CCAM) programs and the implementation of the C-ITS program are expected to provide huge opportunities for Intelligent Transportation Systems Market in the forecasted period.

Key Developments

• In August 2021, Siemens Mobility has signed a contract with the National Authority for Tunnels (NAT) to deliver a comprehensive rail system that will feature the first-ever high-speed line. The contract aims on transforming transportation in the Arab Republic of Egypt.
• In June 2021, Kapsch TrafficCom announced that Plenary Infrastructure Group (Plenary) has awarded the company project to implement a new toll collection system for the Louisiana Highway (LA-1) for the Louisiana Department of Transportation and Development (LADOTD).
• In January 2019, Siemens has signed a four-year contract with The Department for Infrastructure (DFI) in Northern Ireland for the maintenance and development of the existing traffic management systems, which are largely located in Belfast.

Key Players

The major players in the market are TomTom International B.V., Cubic Corporation, Garmin Ltd., Siemens AG, Thales Group, Kapsch TrafficCom, Q-Free ASA, EFKON GmbH, FLIR Systems, Inc., and Denso Corporation.

Verified Market Research has segmented the Global Intelligent Transportation Systems Market On the basis of System, Application, and Geography.

• Intelligent Transportation Systems Market, By System
• Commercial Vehicle Operation
• Advanced Traffic Management System
• Advanced Traveler Information System
• Advanced Public Transportation System
• Others
• Intelligent Transportation Systems Market, By Application
• Automotive Telematics
• Collision Avoidance
• Fleet Management and Asset Monitoring
• Intelligent Traffic Control
• Others
• Intelligent Transportation Systems Market, by Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

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