Berg Insight, which happens to be the world’s leading IoT market research provider, has gone on to release new findings pertaining to the market for Intelligent Transport Systems- ITS.
The forecasted market value when it comes to ITS deployed within the public transport operations across Europe happened to be € 2.15 billion in 2022. Rising at a CAGR of 6.3%, this number is most likely to reach €2.92 billion by 2027. The North American market in terms of public transport ITS is forecast to grow similarly, at a CAGR of 8.8%, from € 0.88 billion in 2022 so as to reach €1.34 billion in 2027.
It is well to be noted that Berg Insight is of the opinion that market when it comes to ITS within public transport is indeed in a growing phase, that will go on to continue all throughout the forecast period. Considerable investment happens to be going toward electrification when it comes to the public transport fleet, which will go on to need more sophisticated ITS solutions so as to operate smoothly. In addition, the rising demands from travelers, considering convenience as well as accessible real-time information, go on to contribute to a positive market situation. Governments across both Europe as well as North America happen to view public transport as a prioritized area in terms of investment. The Canadian government has, for example, gone on to announce CAD 2.75 billion or € 2.0 billion in funding pertaining to electric buses, school buses, and related charging infrastructure between 2021 and 2026.
It is well to be noted that a group of international aftermarket solution providers has gone on to come up as leaders on the market when it comes to public transport ITS. Apparently, major providers throughout Europe as well as North America include Trapeze Group, which is based out of Canada, and Germany-based INIT, which happen to be having quite significant installed bases across both regions. Clever Devices as well as Conduent go on to hold leading positions as far as the North American public transport ITS market is concerned. The former has gone ahead and expanded into Europe with an acquisition, whereas the latter is a global provider of fare collection systems. Additional companies having notable market shares across North America are Cubic Transportation Systems as well as Avail Technologies. Siemens Mobility happens to be a prominent vendor in terms of software across both Europe and North America.
Instances of prominent vendors on national markets throughout Europe go on to include EQUANS as well as RATP Smart Systems, which go on to hold leading positions in France. IVU, too, happens to be an important player, especially in the German-speaking part of Europe. Vix Technology, Flowbird, and Ticketer happen to be major providers in the UK market.
Other prominent players are GMV, Indra, and Grupo ETRA from Spain, Germany’s French Thales and Atron, FARA, Pilotfish, as well as Consat Telematics from Scandinavia and Swarco, as well as Kontron Transportation from Austria. Volvo Group as well as Daimler happen to be prominent players as far as the vehicle OEM segment is concerned, whereas companies like Iveco, Scania, Gillig, and New Flyer also go on to offer some conventional OEM telematics traits for their buses.
