(PharmaNewsWire.Com, April 29, 2022 ) The 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", 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. Government efforts to ensure road safety, growing focus on improving airline operations, and improving maritime logistics infrastructures are among the key factors driving the growth of the ITS market.
Railway-running operation and collision avoidance railway application to account for the largest size of ITS market from 2021 to 2026
Rail-running operations include train movement management, maintenance work, real-time display systems, and on-train multimedia systems; whereas, the collision avoidance system includes GPS, signal control, and warning gates. The deployment of collision avoidance systems is likely to reduce train accidents and improve the overall operations across the rail network. It would also prevent and combat anti-social acts affecting railway infrastructure operators and the quality of rail services. Thus, the railway-running operations and collision avoidance application is projected to account for the largest size of the ITS market from 2021 to 2026.
Commercial vehicle operations (CVO) systems segment to register highest CAGR during the forecast period
Commercial vehicle operations (CVO) systems find applications in service and repair vehicles, private buses and taxis, and trucks. The monitoring and information systems in CVO help drivers find safe routes and track the total travel time, as well as enable them to monitor the vehicle. In addition, using these systems, vehicle owners can track their vehicles.thus, the CVO segment is expected to record highest CAGR during the forecast period.
North America accounted the largest share of the ITS market in 2020
Among all regions, North America accounted the largest size of the ITS market in 2020. The growth can be attributed to the presence of several ITS providing companies, such as TransCore (US), Cubic Corporation (US), and FLIR Systems (US) in the region. These companies are boosting their production capacities and expanding distribution networks across North America, as well as are trying to develop ITS components based on new technologies that would help them remain competitive in the market. In addition, the US Department of Transportation Research and Innovative Technology Administration (RITA) and ITS America are major organizations focusing on R&D related to ITS.
Key Market Players
Siemens (Germany); Thales Group (France); Kapsch TrafficCom (Austria); Cubic Corporation (US); Conduent, Inc. (US); Garmin Ltd. (US); TomTom International BV (Netherlands); Teledyne FLIR Systems, Inc. (US); Indra Sistemas (Spain); and Denso Corporation (Japan); are some of the key players in the ITS market.
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