Intelligent Transportation Management System Market Size, Share, Growth, and Industry Analysis, By Type (Advanced Traffic Management System, ITS-Enabled Transportation Pricing System, Advanced Public Transportation System, Commercial Vehicle Operation and Other Types), By Application (Fleet Management and Asset Monitoring, Intelligent Traffic Control, Parking Management, Passenger Information), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

INTELLIGENT TRANSPORTATION MANAGEMENT SYSTEM MARKET REPORT OVERVIEW

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global intelligent transportation management system market size was USD 28610 million in 2021 and to touch USD 41615.18 million in 2031 at CAGR 3.8%

during the forecasting period. The global COVID-19 pandemic has been unprecedented, staggering, as the intelligent transportation management system market are experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

The intelligent transportation management system is a network of devices powered by the Internet of Things (IoT) that supervises people and vehicles in real-time and records vehicle numbers to show analytics about which vehicles are more numerous, which parts of the road become more congested, and when. An intelligent transportation system (ITS) is a sophisticated application that strives to provide innovative products and services related to various modes of transportation and traffic management in order to better inform users and assist them in making safer, more coordinated, and 'smarter' use of transportation networks.  Among these technologies includes alerting emergency personnel in the event of an accident, utilising cameras to police traffic laws, and signs that indicate speed limit changes based on conditions.

COVID-19 Impact: Lockdown Multiplied the Users and Escalated the Market Growth

The  COVID-19 outbreak had a very optimistic effect on the intelligent transportation management system market share. The pandemic gave rise to the unfavourable circumstances for people to stopover at home but the intelligent transportation management system  services got benefited by the circumstances and it created a favourable environment for people at their own home,and controlling the flow of the transportation activities and supervise them. Henceforth the COVID-19 turned out to be a major breakthrough in the intelligent transportation management system market growth.

LATEST TRENDS

"The Artificial Intelligence and Real Time Data Sharing to Escalate the Market Demand"

One of the primary elements driving ITMS demand is the increasing demand for displaying real-time traffic data to drivers and passengers. Increased traffic efficiency allows transportation authority to react to emergencies faster. These innovative systems are expected to improve traffic control efficacy while also reducing travel time. Increased use of public transportation can actually reduce CO2 emissions and airborne pollutants. Furthermore, the usage of intelligent transportation management system is expected to reduce greenhouse gas emissions and fuel consumption.

INTELLIGENT TRANSPORTATION MANAGEMENT SYSTEM MARKET SEGMENTATION

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• By Type Analysis

Based on type, the market is subdivided into advanced traffic management system, advanced traveler information system, its-enabled transportation pricing system, advanced public transportation system, commercial vehicle operation and other types.

Advanced traffic management system is the leading part of the type segment.

• By Application Analysis

Based on the applications, the market is subdivided into fleet management and asset monitoring, intelligent traffic control, collision avoidance, parking management, passenger information management, ticketing management, emergency vehicle notification, automotive telematics  and other applications.

Fleet management and asset monitoring is the leading type of the application segment.

DRIVING FACTORS

"Increase in Number of Vehicles and Urbanization to Accelerate the Market Growth"

The growing urban population and rapid industrialization have increased the number of vehicles on the road, causing considerable traffic congestion. As a result, huge volumes of CO2 emissions and safety concerns for urban planners are expected to have an impact on market growth. According to the European Joint Research Centre (JRC), for example, road congestion in Europe costs roughly 1% of the region's GDP. Most urban infrastructure development and management authorities in the region have made mitigation their top goal. The ITMS also necessitates smart mobility solutions that may play an important role in addressing all of these concerns and solutions while also promoting intelligent transportation management system market growth.

"Efficient Traffic Management and Road Safety to Ensure the Market Growth"

An intelligent traffic management system provides traffic flow, safety, and mobility. It also delivers real-time data for fast analysis and response to emergencies. Various countries are working to improve their traffic management infrastructure in order to alleviate traffic congestion. The use of telematics services in vehicles can improve security and safety dramatically. These services increase driver safety, reduce fuel usage, improve driver behaviour, and allow for cost savings. Telematics tracking systems are commonly used in automobiles and involve remote access and activation of vehicles via radio frequency identification.

RESTRAINING FACTORS

"Slow Development in Infrastructure Sector to Impede the Market Growth"

The intelligent transportation management system demands high data speed for real-time data processing. As a result of this data-speed need, the infrastructure needed to integrate new technologies is not improving at the same time and rate. The high costs of updating existing equipment as well as major capital expenditures. However, the slow developemnt in the infrastructure sector can be a factor in restraining the growth of intelligent transportation management system market share.

INTELLIGENT TRANSPORTATION MANAGEMENT SYSTEM MARKET REGIONAL INSIGHTS

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"North America to Lead the Market With the Presence of Technological Advancements"

In 2021, North America had a significant revenue share of more than a quarter. The U.S.A Department of Transportation (DOT) has made significant investments in intelligent transportation management system R&D, implementation, and adoption. Regional governments' considerable emphasis on developing transportation infrastructure drives adoption even further. Advances in communication technology and addressing vehicular congestion for enhanced efficiency of transportation through real-time interchange are predicting a revolution in the region's transportation network. The rapid introduction of mobile and radio devices with short-range specialised technology enables drivers throughout the region, creating need for ITMS solutions.

KEY INDUSTRY PLAYERS

"Notable Players to Contribute in the Market Globally"

The report analyzes different market players in the industry. The information is published after proper research, analysis of trends, key developments, the introduction of new initiatives, and technological developments and innovations. Other aspects of the report include a study on the companies, regions, automation, technological developments, and the impact of newly emerging industries along with their risks. The facts in the report may be subject to change, given the situation of market players from time to time.

List of Market Players Profiled

• Cubic Corporation (U.S.A)
• SNC-Lavalin Group (Atkins) (Canada).
• Thales Group (France)
• International Business Machines Corporation (U.S.A)
• General Electric Company (U.S.A)
• Siemens AG (Germany)
• Kapsch TrafficCom (Austria)
• TomTom International BV (Netherlands)
• Q-Free ASA (Norway)
• TransCore (U.S.A).

INDUSTRY DEVELOPMENT:

• November 2021: In the city of Vienna, Kapsch TrafficCom unveiled climate-friendly Traffic Management 2.0. The implementation of this approach sets the path for defining air quality improvements. This solution will help to reduce traffic congestion and switch streetcars to green, as well as to an intelligent navigation system that anticipates severe traffic scenarios in real time and helps to proactively avoid traffic jams and protect sensitive places such as schools.

REPORT COVERAGE

The report examines elements affecting the demand and supply sides and estimates dynamic market forces for the forecast period. The report offers drivers, restraints, and future trends. After evaluating governmental, financial, and technical market factors, the report provides exhaustive PEST and SWOT analysis for regions. The research is subject to alteration if the key players and probable analysis of market dynamics change. The information is an approximate estimate of the factors mentioned, taken into consideration after thorough research.