SAN FRANCISCO, January 30, 2023 /PRNewswire/ — The global intelligent transportation systems market size is expected to reach $52.24 billion by 2030 and is expected to grow at a CAGR of 8.3% from 2023 to 2030, according to a new study by Grand View Research, Inc. Continuous advancements in transportation network technologies have accelerated the demand for highly efficient transportation systems.
Key industry insights and findings from the report:
- The Advanced Public Transportation System (APTS) segment is expected to witness considerable growth at a CAGR of 10.2% during the forecast period. The various benefits of the APTS system, such as improved traffic congestion and community mobility, provide a fair transportation system and improve vehicle fuel efficiency, creating strong market opportunities.
- The automotive telematics segment is expected to register the highest CAGR of 9.9% through 2030. Advances in 5G connectivity, government initiatives to support the automotive sector and the growing role of smartphones in automotive applications are expected to boost segment growth, notable in the forecast period.
- The Asia Pacific The intelligent transportation systems market is expected to witness considerable growth with a CAGR of 11.0% from 2023 to 2030. The high demand for advanced telecommunications and automotive technologies and heavy investments in the development and adoption of ITS solutions to through Singapore, India, Chinaand Japan which stimulates the growth of the ITS industry in the region.
- The growing adoption of the fourth industrial revolution is likely to drive the growth of smart cities across Asia Pacific countries, which in turn will accelerate the demand for smart transport solutions, supporting new demand trends in the industry.
Read the 160-page Market Research Report, “Intelligent Transportation System Market Size, Share, and Trend Analysis Report by Type, by Application (Traffic Management, Road Safety & Security), by Region and Segment Forecast, 2023 – 2030”, published by Big View Research.
Intelligent Transportation Systems Market Growth and Trends
The latest technologies, such as electronic toll collection and blind spot detection, have led to constantly redefining perspectives and expectations for the sustainable management of traffic and transport networks. The growing need to present real-time traffic information equipped with artificial intelligence and virtual reality to improve driver and passenger safety is driving the growth of the Intelligent Transportation Systems (ITS) industry.
The evolution of computer systems and the increasing adoption of telecommunications technologies are expected to help reduce air pollution, traffic congestion and delays. Also, the implementation of modern traffic management systems that focus on the use of real-time data and simultaneously address impact criteria create positive market prospects.
Integrating energy distribution and charging systems such as smart grids into ITS helps distribution agencies use real-time data to plan and implement capacity expansion strategies for the future . This is expected to support the growth of the market over the forecast period. According to reports prepared by the Department of Transportation of the Republic of Korea on ITS development strategy, ITS can help reduce traffic jams, fuel consumption, greenhouse gas emissions and prevent road walking. idle cars.
The growing volumes of data involved in ITS create the need to drive demand for advanced data processing solutions across the globe. Market players are developing their Artificial Intelligence (AI) integrated ITS solutions and its applications to attract potential business customers. For example, in December 2020Lanner unveiled its Edge AI computing and connectivity services for multiple mobile applications.
Deployment of Edge AI computing and connectivity services across ferries, fleets, metros and trucks enabled fleet managers to digitize their tasks and monitor distributed vehicles remotely with a consolidated management solution accelerated growth of the ITS industry.
Segmentation of the intelligent transportation systems market
Grand View Research has segmented the global intelligent transportation systems market on the basis of type, application, and region
Intelligent Transportation Systems (ITS) Market – Type of Outlook (Revenue, USD Million, 2018-2030)
- Advanced Traveler Information System (ATIS)
- Advanced Traffic Management System (ATMS)
- Advanced Transport Pricing System (ATPS)
- Advanced Public Transit System (APTS)
- Emergency Medical System (EMS)
Intelligent Transportation Systems (ITS) Market – Application Outlook (Revenue, USD Million, 2018-2030)
- Road traffic management
- Road safety and security
- Freight management
- Public transport
- Environmental Protection
- Automotive Telematics
- Parking management
- Road toll systems
Intelligent Transportation Systems (ITS) Market – Regional Outlook (Revenue, USD Million, 2018-2030)
- North America
- Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- AEM
List of Intelligent Transportation System Market Key Players
- Agero, Inc.
- DENSO COMPANY
- EFKON GmbH
- Hitachi, Ltd.
- Garmin Ltd.
- Thales Group
- Xerox Corporation
- Ricardo
- Sensys Networks, Inc.
- Telenav, Inc.
- Iteris, Inc.
- Kapsch TrafficCom
- Lane
- Nuance Communications, Inc.
- ASA without Q
- Siemens AG
- TomTom International B.V.
- TransCore
Check out other related studies published by Grand View Research:
- Vehicle Tracking System Market – The global vehicle tracking system market size is expected to be worth $60.88 billion by 2030, according to a new report from Grand View Research, Inc. It is expected to grow at a CAGR of 13.9% from 2022 to 2030. Factors such as technology iterations and increasing digitalization within the automotive industry , coupled with the continued growth of the logistics and automotive industry across the globe, are driving the growth of the market. Soaring sales of heavy and light commercial vehicles are also expected to drive market growth.
- public transport market – The global public transport market size is expected to reach $309.1 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.9% from 2022 to 2028. The market is driven by economic growth of Asia Pacific and the Middle East and Africa and the growing number of megacities in the region. According to data from the World Economic Forum, by 2030, six cities will emerge as new megacities, including Dar es Salaam, Luandaand Chennai, as people continue to flock to urban areas. Increasing government initiatives and the development of smart cities are also facilitating the growth of public transportation.
- Smart transportation market – The global intelligent transportation market size is expected to reach $285.12 billion by 2030, with a CAGR of 12.6% from 2022 to 2030, according to a new study by Grand View Research, Inc. The need for an effective management system is expected to increase with the increasing number of cars on the road and the reducing the efficiency of existing transport infrastructure. Supportive government initiatives to build better infrastructure and keep existing transportation systems running smoothly are expected to boost the market growth.
Browse Grand View Research results Automotive and transport industry Research reports.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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