The intelligent transportation system (ITS) market is expected to showcase robust growth by 2027 due to soaring technology deployment across the globe. Moreover, advancements in the technology are also set to bolster market growth over the forecast timeline.
Recently, industry players have been adopting various strategic initiatives to expand their presence in leading regions, which has been favorable for the global business landscape. For instance, in July 2021, Velodyne Lidar, the Silicon Valley lidar tech company, announced that it had joined the NVIDIA Metropolis program, wherein it would leverage its intelligent infrastructure solution for traffic monitoring and analytics.
NVIDIA Metropolis has been devised to bring a new generation of solutions and applications to improve the safety and efficiency of the world's most crucial spaces and operations through advancements in AI vision. Velodyne's solution would integrate the potent capabilities of NVIDIA's Jetson AGX Xavier embedded module into its edge AI computing system.
This would allow Velodyne to operate the solution's 3D perception software to detect all road users, including automobiles, cyclists, and pedestrians, in real time. The company's intelligent infrastructure solution pilot project is slated to deploy in Austin, Texas, where it would evaluate traffic conditions and identify proactive safety measures that could save lives.
Furthermore, governments are increasingly investing in modernization of regions, thereby facilitating business expansion. To cite an instance, in July 2021, Cary, North Carolina, introduced a ??2 million (~USD 2.7 million) project to support the upgradation of its traffic control system with the latest IoT and smart cities technology to enhance safety and optimize efficacy and responsiveness of traffic for all users. One of the technology providers in the project is Applied Information, a developer of smart cities, intelligent transportation system (ITS), and connected vehicle solutions that are designed to save lives, drive commerce, improve traffic, and help the environment.
The intelligent transportation system (ITS) market has been categorized in terms of mode of transport and region. With respect to mode of transport, the market has further been categorized into roadways, railway, marine, and airways.
The intelligent transportation system (ITS) market from the marine sub-segment is estimated to grow at a considerable pace to reach a sizable valuation by the end of 2027. Mounting demand for connected solutions that help in obtaining the precise location of vessels to avoid collisions is projected to contribute to segmental growth over the following years.
In the regional landscape, the Europe intelligent transportation system (ITS) market garnered a notable revenue in 2020 and is calculated to expand at a steady pace over 2021-2027. The modernizing railway infrastructure in Europe is speculated to foster regional market growth in the coming years.
In 2020, Middle East & Africa held a significant share in the overall market revenue and is anticipated to progress at a substantial pace through the assessment timeframe. Surging prevalence of transportation infrastructure development projects is promoting the adoption of smart solutions in the region, which is likely to boost MEA intelligent transportation system (ITS) market expansion in the future.