Intelligent Transportation System Market Size to Hit USD 42.80 Billion by 2028 | Industry Trends, Share, Value, And Growth Forecast Analysis
Fortune Business Insights
5 min read
According to Fortune Business Insights, the global Intelligent Transportation System market size is projected to grow from USD 22.91 billion in 2021 to USD 42.80 billion in 2028, at CAGR of 9.34% during forecast period; Increasing government initiatives to foster growth.
Intelligent Transportation System (ITS) Market
Intelligent Transportation System (ITS) Market
Pune, India, May 02, 2022 (GLOBE NEWSWIRE) -- The global intelligent transportation system (ITS) market size is slated to hit USD 42.80 billion by 2028, expanding at a CAGR of 9.34% during the forecast period. The market valuation amounted to USD 21.82 billion in 2020 and reached USD 22.91 billion in 2021. The market growth is influenced by increasing government initiatives for smart city development. Fortune Business Insights offers this information in a report, titled “Intelligent Transportation System (ITS) Market, 2021-2028.”
Collaboration of Major Companies and Governments to Intensify Competition
For design and product development, the important corporations work with companies specializing in intelligent transportation systems. They're also working on cutting-edge items for better service and less bother. In addition, a number of small businesses are collaborating with the government to improve transportation services.
Advanced Traffic Management System, Advanced Traveler Information System, Advanced Public Transportation System, Advanced Transportation Pricing System, and Others
Growth Drivers
Rising Government Funding for Intelligent Transportation System to Drive Market
Rising Deployment of ITS in Public Transportation to Propel Market in North America
COVID-19-Induced Disruptions to Impact Market Dynamics
The rapid outbreak of COVID-19, or coronavirus viral illness, has had an extraordinary impact on many countries across the world. The sudden surge in the number of cases of Severe Acute Respiratory Syndrome Coronavirus 2 has had a significant impact on the economics of many countries (SARS-CoV-2). In addition, reduced interaction to prevent the coronavirus from spreading across the population has disrupted global supply chains and logistics. However, the ITS demand will be counterbalanced by economic stimulus packages offered by the respective governments.
Rising Government Funding for Intelligent Transportation System to Drive Market
The government's support and funding for intelligent transportation system planning, design, and implementation are projected to promote intelligent transportation system (ITS) market growth. Many countries' governments are working with business partners and investing in ITS to construct transportation infrastructure that will reduce traffic congestion. Intelligent transportation service providers also assist the government by offering advice on integrating ITS into the transportation system.
Market Segmentation:
Based on type, the market is classified into the advanced traffic management system (ATMS), advanced traveller information system (ATIS), advanced public transportation system (APTS), advanced transportation pricing system (ATPS), and others. The advanced traffic management system (ATMS) segment is expected to dominate the intelligent transportation system (ITS) market share owing to government investments in in cutting-edge technology to ensure safe and smooth travels. By region, the market has been segmented into Europe, North America, Latin America, Asia-Pacific, the Middle East, and the Rest of the World.
Regional Insights:
Rising Deployment of ITS in Public Transportation to Propel Market in North America
The Asia-Pacific region presently dominates the global market, with a market value of USD 15.07 billion. Europe predicted to grow at the fastest rate during the projection period. Due to support provided by the Chinese government to implement ITS throughout the country, China is the second-largest market in this region. In this region, South Korea is the leading country with the most significant funding for ITS deployment. Europe is the ITS market's second-largest market holder. Over the projection period, this area is also expected to see considerable market expansion. The United Kingdom is a leader thanks to a large-scale deployment of ITS for public transportation. Because Canada is implementing ITS at a slower pace, the ITS market in North America is expected to increase steadily throughout the projection period. Latin America is also expected to grow rapidly, as Brazil and Mexico support ITS planning and deployment in their respective countries.
February 2020: Lanner Electronics, Inc. signed a partnership agreement with Creanord,- a service assurance expert. This collaboration will assist the service and carriers’ providers with a wide range of segmented, advanced, and distributed solutions in Metro and access networks for performance assurance.
January 2021: The Ray, a Georgia-based collaborative initiative focusing on developing connected-vehicle infrastructure along an 18-mile stretch of I-85. The Ray's development will now include seven new dual-active roadside radios and ten Kia C-V2X (cellular vehicle-to-everything) connected vehicles, nearly increasing the scale of the interoperable infrastructure project.
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