Global Intelligent Transportation System (ITS) Market Size Is Expected to Reach USD 42,936.1 Million by 2028

Auguest 16, 2021, New York, USA – The Global Intelligent Transportation System (ITS) Market Size Is Expected To Reach USD 42,936.1 Million by 2028 and Expected To Expand at a Compound Annual Growth Rate (CAGR) of 7.0% from 2021 to 2028.

An Intelligent Transportation System (ITS) is an advanced application that is designed for the transport network. The primary goal of Intelligent Transportation System (ITS) is to offer innovative services that are related to traffic management and different modes of transportation. This advanced application empowers users to be more informed, highly coordinated, safer, and smarter for using the transport network.

Intelligent Transportation System is the key component of the smart city transformation, transforming cities into digital societies that make life easier for its citizens. Mobility is a major concern in every city. Citizens use the transport system to get around the city, whether they are going to school, college or work. Intelligent Transportation System (ITS) can help citizens save time and make their cities smarter.

Intelligent Transportation System (ITS) is a traffic management system that aims to reduce traffic congestion. It provides users with information such as traffic information, real-time running information, and seat availability. This reduces commute time and improves safety and comfort.

How does an Intelligent Transportation System (ITS) Work?

The vital unit of the Intelligent Transportation System (ITS) is Traffic Management Centre (TMC). It is primarily a technical system that is managed by the transportation authority. All data collected is analyzed for further operations, information about local transport vehicles, or traffic control management of traffic in real-time.

Traffic Management Centers can only function well if they have automated data collection, including precise location information. Then, the data is analyzed to produce accurate information and transmitted back to travelers.

Utilizations of the Intelligent Transportation System (ITS):

City roads are breaking down due to the pressure of uncontrollable urban populations. One of the primary applications of an Intelligent Transportation System is smart Traffic Management. Besides this, other applications are mentioned below:

• Electronic toll collection
• Emergency vehicle notification systems
• Collision avoidance systems
• Real-time parking management
• Speed alerts
• RFID in freight transportation
• Automated road speed enforcement
• Variable speed limits
• Dynamic traffic light sequence

Annual Global Road Crash Statistics:

• Each year, approximately 1.35 million people are killed in road accidents. On average, 3,700 people die each day on the roads.
• Another 20-50 million are subject to non-fatal injuries that can lead to long-term disabilities.
• More than half the road traffic fatalities involve vulnerable road users, such as cyclists, pedestrians, and motorcyclists.
• Young people between the ages of 5 and 29 are most likely to die from road traffic injuries. More than half of all road fatalities are caused by young adults between 15 and 44.
• More than 90% of road fatalities are caused by accidents in low- or middle-income countries. However, these countries own approximately 60% of the world's vehicles.
• Road accidents can cost countries up to 2-8% of their gross national product.

Annual United States Road Crash Statistics:

• Every year, more than 38,000 people are killed in traffic accidents on U.S. roads. Traffic fatality rates in the United States are 12.4 per 100,000 people.
• Additional 4.4 million people are also seriously injured and require medical attention.
• For people aged 1 to 54, road crashes are the leading cause of death in the United States.
• U.S. citizens are burdened by road accidents that have a devastating economic and social impact totaling $871 billion.
• The direct medical costs of road accidents in the United States exceed $380 million.
• The U.S. is the country with the highest number of road crash deaths among high-income countries, approximately 50% more than comparable countries in Australia, Canada, Japan, and Western Europe.

The Global Intelligent Transportation System (ITS) Market Forecast:

In 2020, The Global Intelligent Transportation System market was valued at USD 25,378.2 Million. It is expected to grow at a compound annual rate (CAGR of 7.0%) between 2021 and 2028.

Market growth is expected to be driven by the growing demand for traffic control solutions and smart vehicles integrated with the latest telecommunications technology. The improved safety and Surveillance and License Plate Recognition (LPRs) offered by modern cameras are predicted to drive the growth of the market. 

Other factors expected to drive the market growth include an increasing number of vehicles on the road, aging infrastructure, and a lack of traffic data management.

An alternative technology for managing traffic on highways and city streets has been developed because of the urgent need to manage traffic efficiently.

Transportation authorities are eager to use innovative and advanced data analytics technologies to tackle the problem of growing traffic.

The top companies in the Global Intelligent Transportation System (ITS) market are-

Top companies are investing generously in research and development, new products developments, internal process improvements, and improving their existing products in order to increase their respective market share. They also focus on strategic partnerships and mergers and acquisitions in order to develop technologically advanced products and gain a competitive advantage in the market.

These are some of the major players in the global Intelligent Transportation System (ITS) market:

• Addco
• Agero, Inc.
• DENSO CORPORATION
• EFKON GmbH
• Hitachi, Ltd.
• Garmin Ltd.
• Thales Group
• Xerox Corporation
• Recardo
• Sensys Networks, Inc.
• Telenav, Inc.
• Iteris, Inc.
• Kapsch TrafficCom
• Lanner
• Nuance Communications, Inc.
• Q-Free ASA
• Siemens AG
• TomTom International BV
• TransCore

Intelligent Transportation System Market Report Highlights:

It is expected that the market size of the Global Intelligent Transportation System (ITS) will reach USD 42,936.1 million by 2028, at a CAGR of 7.0% from 2021 to 2028.

Over the forecast period, significant growth is expected in the Advanced Traveller Information System (ATMS) segment.

The traffic management segment held the largest market share at over 30% in 2020. It is expected to continue dominating this market for the remainder of the forecast period.

By 2028, the North American regional market is expected to reach USD 16.13 billion.

The regional market is expected to continue to dominate the global market over the forecast period. It has been leveraging the advancements in telecommunications technology, aggressive investments in R&D, and adoption of Intelligent Transportation Systems throughout the U.S.