Sustainable transportation as the most important value proposition offered will be ITS & Smart Mobility’s Growth Champion
The global market for Intelligent Transportation Systems (ITS) is projected to reach US$50.4 billion by 2025, driven by the growing importance of smart technologies in managing heavy vehicular traffic in densely populated modern cites with road infrastructure creaking under the strain of rapid urbanization and expanding vehicle PARC.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Intelligent Transportation Systems market. Report segmentation type includes ATMS, ETC Systems, and Other Types.
21 June 1:58 A.M., California/Marketwire/ - According to the new market research report, the global market for Intelligent Transportation Systems (ITS) is projected to reach US$50.4 billion by 2025, driven by the growing importance of smart technologies in managing heavy vehicular traffic in densely populated modern cites with road infrastructure creaking under the strain of rapid urbanization and expanding vehicle PARC. The market also stands to benefit from the growing focus shed on ITS, as an important tool to reduce carbon footprint of the transportation industry. With 27% share in global CO2 emissions, transportation remains a major area for reductions. Intelligent Transportation Systems (ITS) through higher efficiency hold the promise to reduce CO2 emissions. Smart traffic lights and optimized traffic flow mean lower emissions due to congestions. Smart and shared mobility results in higher utilization per vehicle and lower volumes of vehicles on road.
Automated and connected driving significantly enhances fuel efficiency and reduces tailpipe emissions. Eco-driving support; eco-routing; truck platooning; smart parking, all enabled by ITS have the potential to reduce emissions. Electronic toll collection systems (ETC), a part of ITS, will also help bring in sizable improvements in automotive emissions and fuel consumption. ITS will play a key role in the safety of autonomous vehicles in the coming decade. Several factors will drive artificial intelligence's (AI) adoption in ITS including the ability to solve several challenges that currently elude answers. Smart mobile applications will emerge to revolutionize ITS. 5G will finally provide the building blocks needed to create a reliable vehicular Ad Hoc network and delivery of collaborative vehicular network services. Growing investments by governments across the world for building smart cities is poised to benefit the market as intelligent transportation network forms the building block of smart city projects.
Benefits of ITS enabled well planned and efficiently managed transport network include improved quality of urban life; reduced fuel usage; reduction in travel time; reduced congestion; economic benefits associated with proper movement of people, goods and services; greater adherence and compliance to traffic regulations; effective management of parking spaces; reduced infrastructure damage; improved traffic safety and reduced risk of collisions; improved air quality and reduced emissions; ability to accommodate more motor vehicles per kilometer of road; and ability to provide accurate passenger information in real-time for a more satisfying travel experience.
The United States represents the largest market worldwide supported by robust plans for the deployment of ITS enabled electronic toll collection (ETC) systems in the country as a tool for funding transportation projects. China ranks as the fastest growing market led by the country's unwavering focus on developing and modernizing the domestic transportation sector; rapid rise of connected transport and internet-based travel services and the resulting developments in V2V and V2I technologies. The country continues to invest millions of dollars each year in ITS to battle carbon emissions and vehicle population growth.
Key Competitors Covered in the Report
FLIR Systems Inc.
Image Sensing Systems Inc.
INIT Innovation in Traffic Systems SE
ItraMAS Corporation Sdn Bhd
Kapsch TrafficCom AG
SWARCO TRAFFIC SYSTEMS GmbH
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, and Rest of Europe)
Rest of World
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 28212. Among this pool, 2539 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 564 unique participations, a total of 254 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
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