The Global Intelligent Transportation System Market is projected to reach a value of over USD 48.7 billion by 2027 at a CAGR of around 15%.
The intelligent transportation system refers to an advanced application that helps to provides services to various mode of transport as well as traffic management. Also, it is combinations of leading edge information and communication technologies which is being used in transportation and traffic management system to enhance the efficiency, safety and sustainability of transportation network. Whereas, it is used to improve travel time, speed control, capacity management as well as for incident management.
Hence, the intelligent transportation system is majorly deployed in various applications such as in parking availability system, collision avoidance system, and traffic enforcement camera. These will lead to increase the demand of the market in the forecast period.
Market Driver:
With the rising traffic jam is witness to boost the growth of the market in the forecast period. Whereas, the deployment of the intelligent transportation system will helps to offers a real time data which is used to improve the traffic jam problem. Also, it helps to provides electronic toll collection, emergency vehicle notification systems, speed alerts, variable speed limits, collision avoidance systems and automated road speed enforcement. Moreover, it also offers ramp metering to control the flow of vehicles which is combining on an expressway and co-ordination of traffic control.
Hence, ITS also helps the drivers to find out the shorter routes and traffic-free routes to enhance the mobility. Also, the collecting of the real-time traffic statistics benefit in controlling traffic signals. These may boost the demand of the intelligent transportation system market in the projected period.
Market Restraints:
One of the major key concern of the intelligent transportation system market is high costs of installation which may restraining factor for the growth of the market. Whereas, the deployment of the intelligence transportation system contain microwave detectors, dynamic message signs, cameras, highway advisory radio and various other which lead to need a high cost of investment.
Hence, the ongoing covid-19 pandemic also create a major challenges for the market growth as the manufacturing sector are majorly hampered with the lockdown as well as with the shortage of labor and raw material availability. This is projected to delay in ongoing transport project in various extent.
The report on the intelligent transportation system market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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Report Features |
Specifics |
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Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
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Base Year for Market Calculation |
2020 |
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Forecasted Period |
2021-2027 (2021 estimated year, forecasted up to 2027) |
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Measured Units |
Value (USD Million) |
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Segments Included |
Type, Offering, Application, and Region |
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Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Intelligent Transportation System Market, by Type
Intelligent Transportation System Market, by Offering
Intelligent Transportation System Market, by Application
Intelligent Transportation System Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE INTELLIGENT TRANSPORTATION SYSTEM MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY
