Global $42.93 Billion Intelligent Transportation System Market to 2028: Growing Need to Present Real-time Traffic Information to Drivers and Passengers

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Aug 11, 2021, 11:30 ET

DUBLIN, Aug. 11, 2021 /PRNewswire/ -- The "Intelligent Transportation System Market Size, Share & Trends Analysis Report by Type (ATIS, ATMS, ATPS, APTS, EMS), by Application, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global intelligent transportation system market size is expected to reach USD 42,936.1 million by 2028, registering a CAGR of 7.0%

Continued advances in the development of transportation networks have triggered the need for an efficient transportation system. At the same time, advances in the latest technologies, such as blind-spot detection and electronic toll collection, are continuously redefining the expectations and prospects for sustainable management of transportation networks and traffic.

At this juncture, the growing need to present real-time traffic information to drivers and passengers is emerging as one of the key factors driving the demand for intelligent transportation system (ITS).

Advances in telecommunications technologies and the evolution of IT systems are expected to help in reducing traffic congestions. Given that modern traffic control strategies focus more on utilizing real-time data while simultaneously addressing impact criteria, such as emission control; the integration of ITS with smart grid and other energy distribution and charging systems can potentially help distribution agencies in utilizing the real-time data to draft capacity expansion strategies for the future.

According to the ITS Development Strategy drafted by the Department of Transport of the Republic of Korea, intelligent transportation systems can help significantly in reducing traffic congestion, preventing automobile idling, and subsequently in reducing fuel consumption and hence greenhouse gas emissions.

The growing volumes of data involved in transportation management are driving the need for more sophisticated data processing solutions. As such, intelligent transportation systems are leveraging AI to track data in real-time and optimize efficiency.

International Business Machine's Watson is an example of the implementation of artificial intelligence (AI) in transportation management to identify damages to logistics assets leveraging cognitive visual recognition capabilities and to manage the network and optimize routes leveraging predictive analysis.

Intelligent Transportation System Market Report Highlights

The Advanced Traveler Information System (ATMS) segment is anticipated to register considerable growth over the forecast period. ATMS provides traffic management solutions that can potentially improve road safety while enhancing traffic flows and mobility. Traffic management solutions offer real-time data that can help in analyzing and responding to emergencies immediately.
The traffic management segment accounted for the largest market share of over 30% in 2020 and is expected to continue dominating the market over the forecast period. The increase in travel time and hence the fuel consumption and the subsequent monetary losses stemming from traffic congestions are driving the necessity for implementing efficient traffic management systems. Traffic management systems also help in enhancing the operational performance and reliability of road networks.
The North America regional market is anticipated to reach USD 16.13 billion by 2028. The regional market is expected to continue dominating the global market over the forecast period leveraging the advances in telecommunications technology and the aggressive investments in research and development, deployment, and adoption of intelligent transportation systems across the U.S..

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary
2.1 Intelligent Transportation System Market - Industry Snapshot & Key Buying Criteria, 2018 - 2028
2.2 Global Intelligent Transportation System Market, 2018 - 2028

Chapter 3 Intelligent Transportation System Industry Outlook
3.1 Market Segmentation and Scope
3.2 Market Size and Growth Prospects
3.3 Intelligent Transportation System Market - Value Chain Analysis
3.4 Intelligent Transportation System Market Dynamics
3.5 Penetration and Growth Prospect Mapping

Chapter 4 Intelligent Transportation System Type Outlook
4.1 Intelligent Transportation System Market Share By Type, 2020
4.2 ATIS
4.3 ATMS
4.4 ATPS
4.5 APTS
4.6 EMS

Chapter 5 Intelligent Transportation System Application Outlook
5.1 Intelligent Transportation System Market Share By Application, 2020
5.2 Traffic Management
5.3 Road Safety & Security
5.4 Freight Management
5.5 Public Transport
5.6 Environment Protection
5.7 Automotive Telematics
5.8 Parking Management
5.9 Road Tolling Systems

Chapter 6 Intelligent Transportation System Regional Outlook
6.1 Intelligent Transportation System Market Share by Region, 2020

Chapter 7 Competitive Landscape

Addco
Agero, Inc.
Denso Corporation
EFKON GmbH
Hitachi, Ltd.
Garmin Ltd.
Thales Group
Xerox Corporation
Ricardo
Sensys Networks, Inc.
Telenav, Inc.
Iteris, Inc.
Kapsch TrafficCom
Lanner
Nuance Communications, Inc.
Q-Free ASA
Siemens AG
TomTom International BV
TransCore

For more information about this report visit https://www.researchandmarkets.com/r/fn0z73

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