According to the latest report by IMARC Group, titled “Intelligent Transport System Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global intelligent transport system market was worth US$ 22.5 Billion in 2019. Intelligent transport system (ITS) refers to a system that provides real-time traffic information to drivers and passengers to manage different modes of on-road transportation efficiently. It is used to improve safety and mobility while reducing the environmental impact of vehicles. ITS forms a network system by combining various kinds of advanced communications and technologies that assist in providing advanced solutions like smart parking assistance, fleet management, smart ticketing services, security and surveillance, and mobility services.
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The development of smart cities has led to the adoption of ITS as it helps in reducing the problems related to traffic congestion and greenhouse emissions. Besides this, a significant rise in the number of public transport users has also increased the demand for ITS as it provides information to commuters about road conditions, seat availability and timings. These systems also aid in enhancing the overall on-road safety and reducing the chances of fatalities while reducing the travel time. Furthermore, governments of several countries are taking initiatives to promote the adoption of smart transport systems. Along with this, extensive research and development (R&D) activities in both the public and private sectors to incorporate enhanced features, such as Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communication, are contributing to the market growth. Looking forward, IMARC Group expects the market to exhibit moderate growth during 2020-2025.
Market Breakup by Mode of Transport:
- Roadways
- Railways
- Airways
- Network Management Systems
- Advanced Traffic Management Systems (ATMS)
- Road User Charging
- Congestion Charging
- Other
- Freight and Commercial Systems
- Public Transport Systems
- Security and Crime Reduction Systems
- Automotive and Infotainment Systems
- Road Safety Systems
- Communications Systems
- Short Range
- Wave (IEEE 802.11)
- Wpan (IEEE 802.15)
- Long Range
- Wimax (IEEE 802.11)
- Ofdm
- IEEE 1512
- Traffic Management Data Dictionary (TMDD)
- Others
- Hardware
- Interface Board
- Sensor
- Surveillance Camera
- Telecommunication Network
- Monitoring and Detection System
- Others
- Software
- Visualization Software
- Video Detection Management Software
- Transit Management System
- Others
- Services
- Business and Cloud Services
- Support and Maintenance Services
- Fleet Management and Asset Monitoring
- Intelligent Traffic Control
- Collision Avoidance
- Parking Management
- Passenger Information Management
- Ticketing Management
- Emergency Vehicle Notification
- Automotive Telematics
- Siemens
- Thales Group
- Garmin
- Cubic Corporation
- FLIR Systems
- Lanner Electronics
- Denso Corporation
- IBM Corporation
- Addco
- TomTom
- Kapsch Trafficcom
- Iteris
- Q-Free
- Efkon
- GeoToll
- Electricfeel
- Doublemap
- Bestmile
- Nutonomy
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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