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Titanium is the base material for a number of technologically important alloys for energy conversion and structural applications. Atomic-scale studies of Ti-based metals employing first-principles methods, such as density functional theory, are limited to ensembles of a few hundred atoms. To perform large-scale and/or finite temperature simulations, computationally more efficient interatomic potentials are required. In this work, we coarse grain the tight-binding (TB) approximation to the electronic structure and develop an analytic bond-order potential (BOP) for Ti by fitting to the energies and forces of elementary deformations of simple structures. The BOP predicts the structural properties of the stable and defective phases of Ti with a quality comparable to previous TB parameterizations at a much lower computational cost. The predictive power of the model is demonstrated for simulations of martensitic transformations.