Intelligent Transportation System (ITS) Market size worth $70 BN by 2027

Intelligent Transportation System (ITS) Market size is set to exceed USD 70 billion by 2027, according to a new research report by Global Market Insights Inc.
 

The rise in the number of road accidents coupled with traffic congestion issues in highly urbanized areas has prompted government authorities to deploy advanced traffic management solutions. This will foster the intelligent transportation system market growth in both developing and developed economies. According to the World Health Organization, around 1.3 million people die every year due to road traffic crashes. The United Nations General Assembly has put forth a target of reducing the global number of deaths and injuries from road traffic crashes by 50% by 2030.
 

The need to organize traffic and reduce congestion will spur the adoption of advanced traffic management systems (ATMS), fueling the ITS industry growth. The market will gain traction with the increasing implementation of collision avoidance and real-time data analytics systems.
 

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The coronavirus (COVID-19) pandemic hampered the ITS market in the first half of 2020 led by the stringent lockdowns imposed by government organizations globally. Restrictions imposed on both domestic and international travel negatively impacted the demand for intelligent transportation systems from airways and railways and public transportation systems such as trams and metros. New transportation development projects were delayed owing to the disruptions in supply chains. However, with the relaxations in lockdowns in the second half of 2020, the market gained traction. With the rise in the number of people using public transport systems, following the roll-out of vaccines, the industry will observe growth in 2021.
 

Increasing adoption of digital technologies across the transportation industry to boost APAC intelligent transportation system market growth

According to the India Brand Equity Foundation, railway infrastructure in the region will witness an investment of USD 715 billion by 2030. In March 2019, the government launched smart cards to connect all modes of public transport in the country such as booking tickets, usage in metros in any city or pay for parking. Similarly, the ITS Operations Control Center (OCC) in Singapore monitors traffic and manages incidents on road tunnels and expressways through i-Transport, a unified and integrated platform, that collects and analyses the information for traffic monitoring and incident management.
 

Browse key industry insights spread across 500 pages with 983 market data tables and 35 figures & charts from the report, “Intelligent Transportation System (ITS) Market Size By Mode of Transport (Roadways [System {Advanced Traffic Management System (ATMS), Advanced Traveler Information System (ATIS), Advanced Transportation Pricing System (ATPS), Advanced Public Transport System (APTS), Advanced Rural Transportation System (ARTS), Commercial Vehicle Operation}, Component {Hardware (Telecommunication Networks, Interface Boards, Sensors, Monitoring and Detection System, Surveillance Camera), Software (Visualization Software, Video Detection Management Software, Transit Management System), Service (Professional Services, Installation, Maintenance and Operation)}, Application {Traffic Management, Road Safety, Freight Management, Parking Management, Road-User Charging/ETC, Telematics}], Railways [Component {Solution (Rail Traffic Management, Asset Management Software, Rail Communication and Networking, Real-time Passenger Information System (Freight Management), Rail Analytics), Service (Professional Services, Installation, Maintenance and Operation)}, Application {Smart Ticketing, Passenger Information Management, Operation and Collision Avoidance, Security, Emergency Notification}], Airways [System {Information Display System, Tracking and Monitoring System, Self-Service Baggage System, Kiosks, Communication and Networking, Smart Gate System}, Application {Security, Smart Ticketing, Bus Tracking, Fleet Management (Aircraft Management), Emergency Notification, Passenger Information}], Marine [System {Maritime Navigation and Information System, Tracking and Monitoring System, Vessel Traffic Management System}, Application {Freight Movement (Container), Security and Emergency Notification, Weather Information, Marine Arrival and Transit}]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/intelligent-transportation-system-ITS-market
 

Rise in the number of transportation infrastructure development projects to drive Latin America intelligent transportation system market

Government organizations in the region are supporting the development and upgrade of transportation infrastructures. For instance, in August 2020, the government of Argentina announced that it will invest USD 1.4 billion over the coming four years to improve the airport infrastructures. Similarly, Brazil government is accelerating public-private partnership to create safer, reliable, and greener road structure. Modernizing roadway and airway infrastructures will augment the adoption of intelligent transportation systems.
 

The expanding tourism industry has encouraged government organizations to upgrade the airport infrastructures. For instance, New Bogota (El Dorado II) Airport is a development project in Colombia that will be built to compliment Bogota’s El Dorado International Airport. The New Bogota (El Dorado II) Airport is scheduled for completion by 2023. Such projects will enhance the demand for intelligent transportation systems such as information display, communication & networking, and tracking & monitoring systems.
 

Launching new innovative solutions to strengthen the product portfolio forms a key strategy amongst market players

The intelligent transportation system market players aim to develop differentiated solutions in response to the increasing demand for digital solutions from the transportation sector. For instance, in March 2021, Q-Free ASA launched the he HI-TRAC TMU4X, a multimodal, high-speed weigh-in-motion (WIM) and data collection solution that offers automatic vehicle classification (AVC) with cyclist and pedestrian data counts, all in a consolidated unit. Companies will increasingly focus on innovating their offerings to sustain the increasing competition.
 

Key players in the ITS market include Alstom SA, Cisco Systems Inc., Garmin Limited, Indra Sistemas, S.A, Kapsch Group, Northrop Grumman Corporation, Raytheon Technologies, Siemens AG, and Thales Group.