Intelligent Transportation System (ITS) Market Size, Share, Growth and Forecast 2032

Intelligent Transportation System (ITS) Market Insights

Market Research Store has published a report on the global Intelligent Transportation System (ITS) Market, estimating its value at USD 13.31 Billion in 2023, with projections indicating that it will reach USD 23.07 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 6.3% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Intelligent Transportation System (ITS) Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Intelligent Transportation System (ITS) Market: Overview

An intelligent transportation system is a key application that offers new solutions pertaining to myriad transport modes & traffic management. It assists end-users in getting informed about safe as well as smart use of transportation network tools. Emergency services are one of the best examples of intelligent transportation systems. 

According to EU, Intelligent transportation systems make utilization of information & communicating tools and find lucrative applications in road transportation and traffic management. Moreover, an intelligent transportation system improves transportation efficiency and helps in reducing traffic jams along with preventing vehicle collisions.

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Intelligent Transportation System (ITS) Market: Growth Drivers

Escalating popularity of smart automotive embedded with modern telecom systems and enhanced surveillance due to innovative cameras will drive growth of intelligent transportation system (ITS) market size. Need for renovating aging infrastructure facility, increase in vehicles on roadways, and need for systematic as well as integrated traffic management activities will steer industry trends. In addition to this, many governments are enacting laws and schemes for implementing intelligent transportation systems, thereby spearheading expansion of intelligent transportation system (ITS) industry over assessment period.

With traffic congestion due to rising population is projected to result in rise in fuel emissions as well as accidents. This has resulted in growing demand for intelligent transportation systems in recent years. Nevertheless, outbreak of COVID-19 pandemic has hindered expansion of intelligent transportation system (ITS) industry.

Intelligent Transportation System (ITS) Market: Report Scope

Intelligent Transportation System (ITS) Market Regional Landscape

North America To Make Notable Contributions To Overall Market Size By 2032

The expansion of Intelligent Transportation Systems (ITS) industry in North America during 2023-2032 is subject to increase in pay-as-you-go ticketing solutions among commuters in countries of North America. Apart from this, supportive government guidelines favoring efficient traffic management activities in countries such as Canada and the U.S. will expedite regional market size. Onset of new technologies including machine learning, cloud computing, big data, and IoT will further add towards size of intelligent transportation systems (ITS) market in North America during anticipated timeline. Presence of key players in countries such as the U.S. will steer expansion of regional market.

Intelligent Transportation System (ITS) Market Competitive Landscape

Key players profiled in study and leveraging business growth are

• Northrop Grumman Corporation
• Alstom SA
• Siemens AG
• Cisco Systems Inc.
• Garmin Limited
• Raytheon Technologies
• Indra Sistemas S.A
• Kapsch Group
• Thales Group.

The global Intelligent Transportation System (ITS) Market is segmented as follows:

By Type

• ATIS
• ATPS
• EMS
• ATMS
• APTS

By Application

• Traffic Management
• Freight Management
• Road Safety & Security
• Public Transport
• Automotive Telematics
• Road Tolling Systems
• Parking Management

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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