Northbrook, IL -- (SBWIRE) -- 11/03/2021 -- According to the new research report "Intelligent Transportation System Market with COVID-19 Impact Analysis, by Offering, System (Advanced Traffic Management Systems, ITS-enabled Transportation Pricing Systems, and Others), Application, and Geography - Global Forecast to 2026", published by MarketsandMarkets™, the market is expected to grow from USD 42.2 billion in 2021 to USD 68.0 billion by 2026, at a CAGR of 10.0% from 2021 to 2026. The key factors driving the growth of the ITS market include government efforts to ensure road and public safety, increased need to reduce traffic congestion, favorable government initiatives for effective traffic management, high adoption of ecofriendly automobile technology, and rapid development of smart cities globally, and others.
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Hardware segment to account for the largest size of ITS market during the forecast period
On the basis of offering, the ITS market has been segmented into hardware, software, and services. The hardware segment of the ITS market is projected to account for the largest size owing to the implementation of numerous heterogeneous devices, including cameras, sensors, intelligent traffic management systems, and advanced traveler information systems, across the global ITS infrastructure.
Advanced traffic management systems application to account for the largest size of ITS market during the forecast period
On the basis of system, the ITS market is categorized into five different systems—Advanced Traffic Management Systems (ATMS), Advanced Traveler Information Systems (ATIS), ITS-enabled Transportation Pricing Systems, Advanced Public Transportation Systems (APTS), and Commercial Vehicle Operations (CVO) Systems. The advanced traffic management systems segment is projected to account for the largest size of the ITS market from 2021 to 2026. The largest market size of advanced traffic management systems is attributed to the increasing traffic congestion on roads across the world. In addition, the easy affordability of vehicles, due to favorable schemes and discounts offered by automobile manufacturers, is also resulting in traffic congestion. To address this concern, advanced traffic management systems will be adopted at a higher rate across the world.
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APAC to account for the highest growth of ITS market during the forecast period
Among all regions, APAC is expected to register the highest growth in the ITS market during the forecast period. The increasing number of megacities and growing population in developing countries have increased the deployment of ITS in countries such as China, Japan, Australia, and Rest of APAC. These countries are considering ITS as an ideal solution to tackle issues such as traffic congestion, air pollution, and greenhouse gas emissions. The region is expected to exhibit high growth potential for the ITS market during the forecast period attributed to strong economic growth, rise in population, and rapid urbanization.
Major players operating in the ITS market are Thales Group, Siemens, Kapsch TrafficCom, Conduent, Inc., Cubic Corporation, Garmin Ltd., TomTom International BV, Teledyne Flir Llc, Indra Sistemas, S.A., Denso Corporation, Q-Free ASA, Iteris, Inc., Daktronics, Sensys Gatso Group AB, Ricardo, Redflex Holdings, and so on.
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