The study used four major activities to estimate the market size of the intelligent transportation system. Exhaustive secondary research was conducted to gather information on the market and its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. Finally, market breakdown and data triangulation methods were utilized to estimate the market size for different segments and subsegments.
Secondary Research
In the secondary research process, various sources were referred to identify and collect information on the intelligent transportation system market for this study. Secondary sources for this research study include corporate filings (such as annual reports, investor presentations, and financial statements), trade, business, and professional associations, white papers, certified publications, articles by recognized authors, directories, and databases. The secondary data was collected and analyzed to determine the overall market size, further validated through primary research.
List of key secondary sources
Source Name
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WebLink
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Intelligent Transportation Society of America
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https://itsa.org/
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Intelligent Transportation Society of Australia
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https://its-australia.com.au/
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Intelligent Transportation Society of Canada
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https://www.itscanada.ca/
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IEEE Intelligent Transportation Systems Society (ITSS)
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https://ieee-itss.org/
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Intelligent Transportation Society of Michigan (ITS Michigan)
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https://www.itsmichigan.org/
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Primary Research
Primary interviews were conducted to gather insights on market statistics, revenue data, market breakdowns, size estimations, and forecasting. Additionally, primary research was used to comprehend the various technology, application, vertical, and regional trends. Interviews with stakeholders from the demand side, including CIOs, CTOs, CSOs, and customers/end-users using intelligent transportation system, were also conducted to understand their perspective on suppliers, products, component providers, and their current and future use of intelligent transportation system, which will impact the overall market. Several primary interviews were conducted across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
To estimate and validate the size of the intelligent transportation system market and its submarkets, both top-down and bottom-up approaches were utilized. Secondary research was conducted to identify the key players in the market, and primary and secondary research was used to determine their market share in specific regions. The entire process involved studying top players' annual and financial reports and conducting extensive interviews with industry leaders such as CEOs, VPs, directors, and marketing executives. Secondary sources were used to determine all percentage shares and breakdowns, which were verified through primary sources. All parameters that could impact the markets covered in this research study were accounted for, analyzed in detail, verified through primary research, and consolidated to obtain the final quantitative and qualitative data.
Global Intelligent Transportation System Market Size: Botton Up Approach
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Companies offering intelligent transportation system have been identified, and their mapping with respect to different parameters, such as mode, offerings, system, and application has been carried out.
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The market size has been estimated based on the demand for different intelligent transportation system for different applications. The anticipated change in demand for intelligent transportation system offered by these companies in the recession and company revenues have been analyzed and estimated.
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Primary research has been conducted with a few major players operating in the intelligent transportation system market to validate the global market size. Discussions included the impact of the recession on the intelligent transportation system ecosystem.
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The size of the intelligent transportation system market has been validated through secondary sources, which include the International Trade Centre (ITC), the World Trade Organization, and the World Economic Forum.
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The CAGR of the intelligent transportation system market has been calculated considering the historical and future market trends and the impact of the recession by understanding the adoption rate of intelligent transportation system for different applications.
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The estimates at every level have been verified and cross-checked through discussions with key opinion leaders, such as corporate executives (CXOs), directors, and sales heads, and with the domain experts in MarketsandMarkets.
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Various paid and unpaid information sources, such as company websites, annual reports, press releases, research journals, magazines, white papers, and databases, have also been studied.
Global Intelligent Transportation System Market Size: Top Down Approach
The top-down approach has been used to estimate and validate the total size of the intelligent transportation system market.
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Focusing initially on R&D investments and expenditures being made in the ecosystem of the intelligent transportation system market; further splitting the market on the basis of mode, offerings, system, applications and region and listing key developments
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Identifying leading players in the intelligent transportation system market through secondary research and verifying them through brief discussions with industry experts
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Analyzing revenue, product mix, geographic presence, and key applications for which all identified players serve products to estimate and arrive at percentage splits for all key segments
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Discussing splits with industry experts to validate the information and identify key growth pockets across all key segments
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Breaking down the total market based on verified splits and key growth pockets across all segments.
Data Triangulation
Once the overall size of the intelligent transportation system market was determined using the methods described above, it was divided into multiple segments and subsegments. Market engineering was performed for each segment and subsegment using market breakdown and data triangulation methods, as applicable, to obtain accurate statistics. To triangulate the data, various factors and trends from the demand and supply sides were studied. The market was validated using both top-down and bottom-up approaches.
Market Definition
An Intelligent Transportation System (ITS) refers to the integrated application of advanced information and communication technologies to transportation infrastructure and vehicles to improve the efficiency, safety, and sustainability of transportation networks. ITS encompasses a broad range of systems and services designed to enhance the operation of transportation networks, including traffic management, public transportation, toll collection, and traveler information systems. These systems leverage real-time data, sensors, software, and connectivity to optimize traffic flow, reduce congestion, improve road safety, facilitate seamless multimodal transportation, and enhance the overall user experience.
Key Stakeholders
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Original equipment manufacturers (OEMs)
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Raw material suppliers
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Technology investors
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System integrators
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Electronic hardware equipment manufacturers
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Assembly and packaging vendors
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Software solution providers
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Distributors
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Research organizations
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Market research and consulting firms
Report Objectives
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To describe and forecast the intelligent transportation system market, by mode, offerings, system, application and region, in terms of value
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To describe and forecast the market for various segments across four central regions, namely, North America, Europe, Asia Pacific, and Rest of the World (RoW), in terms of value
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To strategically analyze the micromarkets with regard to the individual growth trends, prospects, and contribution to the market
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To provide detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the market
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To analyze opportunities for stakeholders by identifying high-growth segments in the market
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To provide a detailed overview of the value chain
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To strategically analyze the ecosystem, regulatory landscape, patent landscape, Porter’s five forces, import and export scenarios trade landscape, and case studies pertaining to the market under study
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To strategically profile key players in the intelligent transportation system market and comprehensively analyze their market shares and core competencies
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To strategically profile the key players and provide a detailed competitive landscape of the market
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To analyze competitive developments such as partnerships, acquisitions, expansions, collaborations, and product launches, along with research and development (R&D) in the intelligent transportation system market
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
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Detailed analysis and profiling of additional market players (up to 5)
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Additional country-level analysis of the intelligent transportation system market
Product Analysis
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Product matrix, which provides a detailed comparison of the product portfolio of each company in the intelligent transportation system market.
User
Sep, 2019
The deployment of intelligent transportation systems can help reduce the emission of greenhouse gases. It can also deliver environmental benefits by reducing traffic congestion. These factors has led to its high demand in the automotive sector. I'm interested in knowing the market for roadways..
User
Sep, 2019
I can see that the intelligent transportation systems market is witnessing significant growth in the APAC region. We are planning to expand our presence in this region, so would like to know if drivers, restraints, challenges, and opportunities specific to market in APAC available in the report?.
User
Sep, 2019
The intelligent transportation systems market is having huge potential for growth in the APAC region. I want to know if we can get ITS market revenue split by applications for Australia, Singapore, and Hong Kong..
Albin
Dec, 2022
Interested in Road Traffic Signal System Market - Global scope..
User
Nov, 2019
The growth of the intelligent transportation systems market is highly impacted by the rapid developments and advancements in the IoT industry. How will be the growth trend of the market for next 3-5 years owing to these advancements?.
User
Mar, 2019
Roadways is the largest application area for intelligent transportation systems. We want to get insights on other emerging application areas for intelligent transportation systems. Is this type of information covered in the report?.