Intelligent Transportation System Market Projected to Exhibit Growth at 14.5% CAGR by 2031- TMR Study

Wilmington,USA,2024-Mar-12 — /EPR Network/ —In the year 2022, the global Intelligent Transportation System (ITS) market exhibited a valuation of US$ 26.4 billion, projected to experience an impressive Compound Annual Growth Rate (CAGR) of 14.5% from 2023 to 2031. Analysts foresee a surge in demand for smart and connected technologies, propelling the market towards an estimated value of US$ 85.5 billion by the end of 2031.

Insights into Market Dynamics:

Driving Forces: The catalyst for the projected growth lies in the escalating demand for smart technologies, including sensor-based detection systems and infrared sensors. Key players in the market are focusing on innovative, technologically advanced, and cost-effective product portfolios. Robust spending on comprehensive research & development activities is geared towards creating highly advanced products.

The surge in demand for military light utility vehicles, armored utility vehicles, sports utility vehicles (SUVs), multi utility vehicles (MUVs), and utility task vehicles is a driving force behind market progress. Additionally, the rise in individual buying power and the global development of artificial intelligence present lucrative opportunities for market expansion.

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Understanding the Market Landscape:

Introduction to ITS: Intelligent Transportation System (ITS) encompasses advanced technologies that provide innovative services related to various modes of transport and traffic management. It enables users to be informed and make safer, more coordinated, and smarter use of transport networks. Utilizing computers, sensors, and electronics, ITS improves the safety and efficiency of transportation systems, impacting car parking, toll booths, traffic lights, and bridges.

Rapid Urbanization and Traffic Management Systems: As the world experiences unprecedented urban growth, ITS plays a vital role in managing transportation in densely populated areas. Advanced transportation management systems (ATMS) control traffic, allowing drivers to move seamlessly. ITS, with its subsystems like Pedestrian Information and Communication Systems (PICS) and Driving Safety Support Systems (DSSS), is expected to eradicate traffic congestion and reduce road accidents.

Technological Trends Shaping the Future:

Role of IoT: The emergence of the Internet of Things (IoT) is empowering the implementation of ITS. IoT facilitates the networking of physical items through embedded sensors and devices, enhancing data collection and communication for improved travel experiences, safety, decreased traffic, reduced energy consumption, and enhanced operational efficiency. The next generation of ITS is anticipated to focus on the automation of roadways, railways, and airways, creating substantial opportunities for solution providers.

Adoption of Advanced Transportation Management Systems: In 2022, the advanced transportation management system (ATMS) segment held a significant share in the market, rapidly being adopted to detect traffic congestions and accidents. ATMS maximizes roadway network capacity, minimizes the impact of incidents, proactively manages traffic, and maintains public confidence.

Impact of Autonomous Vehicles: The rise of autonomous vehicles necessitates advanced traffic management systems, highlighting the critical role of ITS. The traffic management segment is expected to maintain its dominance, ensuring a smooth and advanced traffic management system to accommodate autonomous vehicles.

Regional Outlook:

North America Leading the Way: In terms of value, North America dominated the global ITS market in 2022, attributed to highly advanced road infrastructure and the adoption of tech-enabled vehicles. Asia Pacific and Europe also contribute significantly to the market, with advanced transportation management systems leading the segments.

Growth Potential in Emerging Markets: While Middle East & Africa currently holds a large market share compared to Latin America, the latter is expected to experience higher growth rates. Latin America’s market expansion is attributed to the growth in the pre-owned vehicles market and the presence of prominent players in the automotive industry.

Key Players and Developments:

Market Consolidation and Strategic Moves: The global ITS market is fairly consolidated, with major players controlling a majority of the share. Key strategies include the expansion of product portfolios and mergers & acquisitions. Thales Group, Aeon Software, CUBIC CORPORATION, Garmin International Inc., KAPSCH TRAFFICCOM, and Tom-Tom NV are among the prominent entities driving the market.

Recent Developments: In August 2023, NEC Corporation was selected as the master system integrator by Uttar Pradesh State Road Transport Corporation (UPSRTC) for the Vehicle Location Tracking-Passenger Information System (VLT-PSIS) project. In July 2022, Indra secured a contract with Transurban in the United States for the automatic scanning and detection of high occupancy vehicles (HOV) in express lanes.

Conclusion and Recommendations:

Promising Future and Strategic Considerations: The global ITS market is on a trajectory of significant growth, driven by technological advancements and increasing demand for smart transportation solutions. Stakeholders aiming to enter, expand, or optimize their presence in this dynamic market should consider the following recommendations:

Invest in Innovation: Focus on innovative and technologically advanced products to stay competitive in the market.

Strategic Partnerships: Explore partnerships and collaborations to expand product portfolios and enhance market presence.

Adapt to Regional Dynamics: Tailor strategies based on regional variations, recognizing the diverse needs and growth potentials of different markets.

Leverage IoT and Automation: Embrace the opportunities presented by IoT and automation, considering their pivotal role in the future of ITS.

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