Global Intelligent Transportation System Market Highlights over 2022-2030
The global intelligent transportation system market is estimated to garner a sizeable revenue by growing at a ~6% CAGR over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the increasing cases of road accidents, traffic mismanagement, and lack of traffic data management, combined with the growing penetration of automation and artificial intelligence. As per the statistics by the World Health Organization, 1.3 million people die every year in road crashes. Moreover, most of the automobiles have inbuilt automatic security systems to curb the cases of mortality in road crashes. Further, traffic congestion is a major problem that aroused due to the increasing number of cars of road, which affects the economy negatively as it wastes fuel, time and productivity. According to the World Economic Forum, traffic congestion cost the economy of the US a loss of over USD 87 billion in 2018. This is why, traffic jams are a major concern for governments of various developed and developing countries, and governments are undertaking various initiatives involving the application of intelligent transportation systems. This is estimated to boost the market growth.
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The global intelligent transportation system market is segmented by system type into advanced traffic management system, advanced traveler information system, advanced public transportation system, and others, out of which, the advanced traffic management system segment is anticipated to hold a notable share in the market during the forecast period on account of increasing need for traffic management in order to curb the economic loss caused by congestion and road crashes. On the basis of application, the market is segmented into traffic management, parking management, passenger information management, and others. Out of these, the traffic management segment is anticipated to hold the major share throughout the forecast period, owing to the increasing traffic on roads, backed by rising disposable income and favorable deals provided by car dealers.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Intelligent Transportation System Market Regional Synopsis
Regionally, the global intelligent transportation system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of increasing number of automobiles actively running on roads, excessive traffic congestions, especially during the work hours, and high cases of road accidents. In the U.S., over 200 million vehicles were actively used daily, in 2018. On the other hand, around 10 million vehicles were involved in a road accident in the same year.
The market in the Europe region is estimated to witness highest CAGR over the forecast period, owing to the presence of major automobile manufacturers in the region, along with growing adoption of automation in the automotive industry.
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The global intelligent transportation system market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Our in-depth analysis of the global intelligent transportation system market includes the following segments:
By System Type
- Advanced Traffic Management System
- Advanced Traveler Information System
- Advanced Public Transportation System
- Traffic Management
- Parking Management
- Passenger Information Management
- Increasing Cases of Road Accidents
- Government Concerns Regarding the Economic Loss caused by Traffic Jams
- High Installation Cost
Top Featured Companies Dominating the Market
- Denso Corporation
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- Thales Group
- Cubic Corporation
- Teledyne FLIR LLC
- Garmin Ltd.
- IBM Corporation
- Siemens AG
- Kapsch AG
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- Hitachi Ltd.