Intelligent Transportation System Companies - Siemens AG(Germany), Hitachi, Ltd. (Japan) and Conduent Incorporated (US) are the Key Players
The global intelligent transportation system (ITS) market is projected to reach USD 67.2 billion by 2028 from an estimated USD 47.8 billion in 2023, at a CAGR of 7.1% from 2023 to 2028The growth of the ITS market can be attributed to the rapid development of smart cities globally and the increasing demand for security and surveillance in the railways.
Siemens AG(Germany), Hitachi, Ltd. (Japan), Conduent Incorporated (US), Cubic Corporation (US), Kapsch TrafficCom AG (Austria), Teledyne Technologies Incorporated (US), DENSO Corporation (Japan), Indra Sistemas, S.A. (Spain), Garmin Ltd. (US), and TomTom International BV (Netherlands); are some of the key players in the ITS market. These players have adopted various strategies, such as contracts, collaborations, agreements, product launches, acquisitions, expansions, and partnerships, to expand their presence globally and increase their shares in the global ITS market. Contracts have been the key players most dominating strategy from January 2020 to December 2022 to help them broaden their customer base.
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SIEMENS AG
Siemens AG is among the key providers of ITS solutions. The company has a large order backlog that helps it attain revenue visibility. It offers products and solutions to a wide range of industries. Besides, the company diverts a large share of its resources toward R&D, which helps it to stay alongside the changes in the industry, provides it with a “first mover” advantage, and enables it to deliver advanced products and services to its customers.
Hitachi, Ltd. is a global leader in the manufacturing and distribution of electrical equipment. It is an established brand with a strong presence in all major regional markets. The company mainly operates through its subsidiaries. Hitachi Vantara; Hitachi High-Tech Europe GmbH; Hitachi High-Tech Korea Co., Ltd.; Hitachi High-Tech (Shanghai) Co., Ltd.; and Hitachi High-Tech America, Inc. are a few subsidiaries of Hitachi, Ltd.
Cubic Corporation is a technology-driven, market-leading global provider of innovative and mission-critical solutions for the transportation and defense sectors. It is one of the leading integrators of payment and information solutions and related services for intelligent travel applications. It delivers integrated systems for transportation and traffic management, provides tools for travelers to choose the smartest and easiest way to travel and pay for their journeys, and enables transportation authorities and agencies to manage demand across the entire transportation network. The company is continuously expanding its presence by signing new contracts, opening new subsidiaries and business units, and acquiring other companies.
Conduent Incorporated provides systems and support to transportation departments and agencies globally through its Transportation segment. The ITS solutions offered by the company help in reducing traffic congestion and improving overall mobility. The back-office systems enable account owners to interact with customers through different communication channels, such as voice, email, text, or chatbot and resolve their queries. These offerings are enabling the company to stand out from others.
KAPSCH TRAFFICCOM AG
Kapsch TrafficCom AG is a leading provider of transportation solutions for sustainable mobility. The company offers innovative solutions, superior technologies, and services for tolling and transportation management applications. Also, it offers information and communication technologies to support and optimize road transportation. The company is continuously expanding its operational footprint by signing new contracts, opening new subsidiaries and business units, and acquiring other companies.
Related Reports:
Intelligent Transportation System Market by Offering (Hardware, Software), System (Advanced Traffic Management System, ITS-enabled Transportation Pricing System), Application (Roadways, Railways, Aviation, Marine) and Region - Global Forecast to 2028
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