Intelligent Transportation System (ITS) Market Analysis

Intelligent Transportation System Market Analysis

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The roadways segment held over 40% of the intelligent transportation system market share in 2022. High-budget tenders for roadway improvements aimed at meeting growing traffic demands are driving substantial growth in the roadways segment. For instance, in June 2023, The Kenya Urban Roads Authority (KURA) has released a worldwide tender for the initial phase of the Nairobi Intelligent Transport System (ITC) project, valued at USD 57.1 million.

The project's scope, as outlined by the authority, encompasses the execution of a comprehensive design and the undertaking of civil works aimed at rehabilitating and enhancing key intersections to accommodate the traffic demand adequately. Such projects are expected to alleviate congestion and enhance traffic flow but also boost demand for ITS technologies like traffic management systems and real-time monitoring, creating a fertile ground for significant expansion in the ITS Roadways sector.

The passenger information management segment accounted for 27% of the intelligent transportation system market share in 2022. Modernizing the passenger experience is a focal point in transportation systems. Passenger information management systems play a pivotal role in achieving this by providing real-time, accurate information about routes, schedules, delays, and service changes.

For instance, in July 2023, Stadler has granted WABTEC a contract to provide passenger information systems and a redesigned pantograph for 200+ CityLink tram-trains, which are part of the tram-train procurement initiative led by six German and Austrian operators under the German Transport Association (VDV). This contract, spanning a decade, also incorporates a provision to furnish equipment for an additional 258 vehicles if required.

North America intelligent transportation system market recorded more than 25% of revenue share in 2022. The U.S. faces escalating traffic congestion, particularly in its densely populated urban centers. This challenge is a significant driver for the market growth. In response, intelligent transportation system technologies are being widely implemented across the country. These solutions, such as real-time traffic monitoring and adaptive signal control systems, are instrumental in mitigating congestion, reducing travel times, and enhancing overall traffic management, resulting in smoother and more efficient transportation networks.