Aviation & Maritime Intelligent Transportation Systems Market Scope
An intelligent transportation system (ITS) is a technology, application, or platform that improves the quality of transportation in order to achieve other outcomes based on applications that monitor, manage or enhance transportation systems. Furthermore, Intelligent Transportation System relies heavily on data collection and analysis. The main aim of the system is built to collect data and analyze it, the results are then used to control, manage and plan transportation. Sensors play an important role in data collection in the intelligent Transportation system. It has wide applications for monitoring speed alerts, Emergency notification systems,s, etc. The demand for the market is huge due wide application in various end-use industry
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Stantec (Canada), Serco Group plc (United Kingdom), Thales Group (France), Siemens (Germany), Intel Corporation (United States), TransCore (United States), Atkins Group (United Kingdom), Ricardo (United Kingdom), Republic ITS (United States), FUJITSU (Japan), Jacobs (United States, Steatite Ltd Steatite Ltd and Others |
CAGR | % |
The major and local companies are exploring the market by adopting new mergers & acquisitions, expansions, investments, new service and technology launches, and collaborations as their preferred strategies. The major and local players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. The market is expected to grow in various end-use industries. It has wide applications in traffic management and weather forecasting etc. Several companies Siemens, and Stantec are operating in the market to provide customers with better offers with various features & unique offerings. The market is a partially fragmented market with the presence of several market players and local players.
Stantec (Canada), Serco Group plc (United Kingdom), Thales Group (France), Siemens (Germany), Intel Corporation (United States), TransCore (United States), Atkins Group (United Kingdom), Ricardo (United Kingdom), Republic ITS (United States), FUJITSU (Japan), Jacobs (United States, Steatite Ltd Steatite Ltd and Others are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Aviation & Maritime Intelligent Transportation Systems market by Type and Region with country level break-up.
On the basis of geography, the market of Aviation & Maritime Intelligent Transportation Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
On March 2020 Siemens had acquired Republic ITS which is headquartered in Novato, California, United States. However, the company, which will be named Republic ITS, a Siemens Company, will become part of the Complete Transportation business of the Mobility Division of Siemens Industry, and be closely aligned with its ITS Solutions business.
On November 2021 vontas has announced a new product initiatives group inside the organization. The aim of launching a new product is to invest in customer-focused innovation of ITS products and also expand its product portfolio
Influencing Trend:
Rising favorable government initiatives for effective traffic management and high adoption of eco-friendly aviation and maritime technology
Market Growth Drivers:
Rising demand for smartphones as a device loaded with GPS and cloud services is a disruptive driving factor in the intelligent transport system market.. Similarly, such devices connected over the ITS can be used by individuals as well, by delivering real-time traffic, weather, and re-routing data via applications or direct messages.
Challenges:
Frequently Coordination with different stakeholders, adopting different countries' ITS systems, keeping up with the technology, integrating with existing systems, and budget constraints is another challenging factor in the market
Restraints:
The high cost of Intelligent Transportation Systems installation is another factor hampering the market growth due to high labor costs and technology implementation cost
Opportunities:
Rapidly increasing advancements in technology such as data monitoring the real-time information like travel time, travel speed, delay, accidents on roads, change in route, diversions, work zone conditions, etc are creating another opportunity for investor and job creation due to demand in the market for implementation
Key Target Audience
Regulatory Authorities, New Entrants/Investors, Strategic Business Planners, Governments /Council, OEM (Original Equipment Manufacturer) and End-use Industry