Intelligent Transportation System Market

Key Revenue Pockets - Intelligent Transportation System Market

The Intelligent Transportation System (ITS) market for roadways is expected to grow from USD 17.9 billion in 2020 to USD 36.5 billion by 2025, at a CAGR of 15.3%. The factors such as increasing concerns toward public safety, growing traffic congestion problems, rising favorable government initiatives for effective traffic management, increasing adoption of eco-friendly automobile technologies, and development of smart cities across the world have proved to be the major driving forces for ITS market for roadways.

Based on the offering, the ITS market for roadways has been divided into hardware, software, and services. The high growth rate of the software segment is attributed to the deployment of various advanced software solutions and complex algorithms to strengthen the overall information and communication systems.

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Based on system, the market is categorized into advanced traffic management system, advanced traveler information system, its-enabled transportation pricing system, advanced public transportation system, commercial vehicle operation. The high growth rate of commercial vehicle operation systems is attributed to its wide range of applications in private busses, taxis, and trucks. In addition, these systems are also used during the service and repair of vehicles. The CVO systems are equipped with monitoring and information systems that can facilitate a driver in finding safe routes and calculating the total travel time. In addition, using these systems, owners can track their vehicles.

On the basis of roadways application, ITS market has been segmented into fleet management and asset monitoring, intelligent traffic control, collision avoidance, parking management, passenger information management, ticketing management, emergency vehicle notification, and automotive telematics. The automotive telematics application is expected to register the highest CAGR during the forecast period. The need to reduce traffic congestion and increasing funding by various governments for the implementation of ITS in automobile telematics systems are the major growth drivers for the market. Also, the growing demand for driving assistance systems and automatic driving systems is supporting market growth.

The ITS market for roadways based on geography has been broadly classified into North America, Europe, APAC, and RoW. The market in APAC is expected to grow at the highest CAGR during the forecast period. in APAC, countries such as Japan, China, and Australia have installed ITS in various applications such as toll collection and vehicle navigation. The demand for ITS in APAC is significantly driven by the high economic growth, rise in population, and rapid urbanization.

Related Reports:

Intelligent Transportation System Market with COVID-19 Impact Analysis, by Offering, System (Advanced Traffic Management System, ITS-Enabled Transportation Pricing System, and Others), Application, and Geography - Global Forecast to 2025

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Report Code
SE 2415
RI Published ON
7/2/2020
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