A three-pronged approach was followed for deducing the intelligent transportation system market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for intelligent transportation system market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of intelligent transportation system market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The intelligent transportation system market was categorized into fifteen segments, namely transportation mode (Roadway, Railway, Airway, Maritime), roadway offering (Hardware, Software, Services), roadway system type (Advanced Traveler Information System, Advanced Traffic Management System, Advanced Transportation Pricing System, Advanced Public Transportation System, Emergency Medical System), roadway application (Traffic Management, Road Safety and Security, Freight Management, Public Transport, Environment Protection, Automotive Telematics, Parking Management, Road Tolling Systems), railway offering (Hardware, Software, Services), railway system type (Advanced Traveler Information System, Advanced Traffic Management System, Advanced Transportation Pricing System, Advanced Public Transportation System), railway application (Rail-running Operation and Collision Avoidance, Passenger Information Management, Smart Ticketing, Security Surveillance, Emergency Notification), airway offering (Hardware, Software, Services), airway system type (Advanced Traveler Information System, Advanced Traffic Management System, Advanced Transportation Pricing System, Advanced Public Transportation System, Emergency Medical System), airway application (Security Surveillance, Shuttle Bus Tracking, Traveler Information Management, Aircraft Traffic Management, Smart Ticketing, Emergency Notification), maritime offering (Hardware, Software, Services), maritime system type (Advanced Traveler Information System, Advanced Traffic Management System, Advanced Transportation Pricing System, Advanced Public Transportation System, Emergency Medical System), maritime application (Freight Arrival & Transit, Real-time Weather Information Tracking, Container Movement Scheduling, Emergency Notification), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)
The intelligent transportation system market was segmented into transportation mode, roadway offering, roadway system type, roadway application, railway offering, railway system type, railway application, airway offering, airway system type, airway application, maritime offering, maritime system type, maritime application, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The intelligent transportation system market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into ninteen countries, namely, the U.S., Canada, Germany, the UK, France, Italy, Spain, China, India, Japan, Australia, South Korea, Brazil, Mexico, Argentina, UAE, Saudi Arabia, and South Africa.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The intelligent transportation system market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Cubic Transportation Systems, Inc. - Agero, Inc., a subsidiary of Cross-Country Group LLC, provides a variety of services including navigation, location-based content, and vehicle release to roadside assistance, auto manufacturers, and drivers across North America and Europe. The company also provides a range of products and services such as accident management, consumer affairs, dispatch management, connected vehicle services, and tow management software. In addition, Agero, Inc. offers roadside assistance plans, effective claims management solutions, and comprehensive connected vehicle services. With a broad partner network, the company provides numerous technological solutions that foster a connection between commuters and drivers.
EFKON GmbH - EFKON GmbH is a supplier of electronic toll systems, smart transportation systems, enforcement and traffic telemetric solutions, and toll monitoring systems. The firm delivers electronic tolling technologies and bespoke turnkey solutions. It provides e-payment solutions for multi-applications based on smart cards and fleet management and derivatives. The company provides custom solutions, enhanced customer focus, and service readiness, reliability, security, and precision. It provides solutions for vehicle enforcement, toll collection systems, in-vehicle units, traffic management systems, and parking & access. The company offers a wide array of services such as system integration, operations services, technical services, and support tailored to the specific requirements and needs of the customers.
Hitachi, Ltd. - Hitachi, Ltd. is a supplier of information and telecommunication systems, electronic systems and equipment, social infrastructure and industrial systems, construction machinery, automotive systems, materials and components, and smart life systems. The company's main products encompass water treatment systems, manufacturing and logistics systems, industrial machinery, transmission and distribution systems, escalators, elevators, and power generation. In addition, the company provides consulting services, systems integration services, cloud services, storage products, servers, telecommunications and network systems, software solutions, and ATM services worldwide. The company operates through business segments such as Green Energy and Mobility, Connectivity Industries, and Digital Systems and Services.
Iteris, Inc - Iteris, Inc. is a supplier of smart information solutions for traffic management and control. The firm operates through two business divisions, specifically Roadway Sensors and Transportation Systems. The firm provides solutions and services under four main categories, namely intelligent sensors, mobility intelligence, managed services, and mobility consulting services. Its solutions are extensively applied by state and federal governments, local agencies, and the public. The solutions provided by the company enable end-to-end visualization, monitoring, and optimization of mobility infrastructure, ensuring that roads are safe and efficient for travel.
Kapsch TrafficCom - Kapsch TrafficCom is an IT and telecommunications firm that offers services in areas such as urban access management, traffic safety and security, and toll collection. The company's reportable business divisions include Tolling and Traffic Management. It has several major subsidiaries, including Kapsch Components GmbH (Vienna), and Kapsch TrafficCom d.o.o (Slovenia), Kapsch Components GmbH & Co KG, and Kapsch TrafficCom AG (Vienna). The company's smart mobility solutions are extensively used for tolling systems, traffic management, safety & security, smart urban mobility, and connected vehicles. The company is involved in the design, development, and manufacture of core technology components across three product families, namely in-vehicle products, RF field products, and video & sensor products.
Lanner - Lanner is a company that offers services in engineering, design, and manufacturing of advanced network appliances and robust applied computing platforms. The primary operations of the company and its subsidiaries involve the creation and sale of computer peripheral devices, computer software, and associated information processing and trading businesses. Lanner's range of products encompasses network appliances, telecom datacenter appliances, intelligent edge appliances, and extension modules. The company's offerings cater to the transportation sector, including systems for urban traffic management, AI-based traffic management, autonomous driving, and digital transformation technologies for metro systems, among others.
Siemens AG - Siemens AG is a provider of solutions and products for power generation, transmission, and medical diagnostics. The company is structured into six segments: Digital Industries, Mobility, Smart Infrastructure, Siemens Financial Services, Siemens Healthineers, and Portfolio Companies. The Mobility division of the company provides products for electric vehicle charging infrastructure. This division is divided into four key areas: mobility management (which includes rail technology and intelligent traffic systems), rolling stock, railway electrification, and customer service. Additionally, the division provides solutions for traffic in cities and between them, as well as smart road infrastructure. These solutions encompass traffic management and simulation, tunnel management, and AI-driven digital services.
Thales Group - Thales Group is a comprehensive technology and services firm offering analytics, AI, cloud computing solutions, and IT infrastructure. The company serves key players in the defense & aerospace, space research, ground transportation, and security industries. It functions through four operational segments: Digital Identity and Security, Aerospace, Defense and Security and Ground Transport
TransCore - TransCore is a manufacturer of Intelligent Transportation Systems (ITS), solutions for open road tolling, and radio frequency identification (RFID) solutions tailored for transportation use cases. The company is a fully owned subsidiary of Roper Technologies, Inc. It provides a wide range of tolling solutions and services, including the Infinity Digital Lane System, Integrity Toll System Maintenance, RFID, Back Office, and Maintenance. The company is engaged in key application areas such as GPS and satellite communication technologies. TransCore's RFID tags facilitate smooth transit at locations like railways, hospitals, parking garages, border patrols, airports, and trucking fleets.
Telenav, Inc. - Telenav, Inc. is a firm that specializes in automotive software and services, offering solutions for both cloud-based and in-vehicle applications. Its range of products encompasses platforms for connected cars, vibrant connected infotainment systems, in-car commerce, safety and ADAS, systems for road intelligence, and systems for autonomous driving. The company places a strong emphasis on navigation and Location Based Services (LBS) to cater to the growing need for services related to connected cars. Telenav's connected car platform, known as VIVID, provides a blend of in-vehicle infotainment, navigation, and integrated voice solutions and services.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
revenue/volume
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.