Global Intelligent Transportation Systems Market

Global Intelligent Transportation Systems Market Size, Share, Growth Analysis, By offering(Hardware, Software), By system(Advanced Traffic Management Systems (ATMS), Advanced Traveler Information Systems (ATIS)) - Industry Forecast 2024-2031

Report ID: SQMIG20X2005 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 64 | Figures: 75

Global Intelligent Transportation Systems Market Insights

Intelligent Transportation Systems Market size was valued at USD 51.19 billion in 2022 and is poised to grow from USD 54.82 billion in 2023 to USD 94.91 billion by 2031, growing at a CAGR of 7.10% during the forecast period (2024-2031).

The intelligent transportation systems Industry market makes use of new information and communication technologies to improve driving. ITS refers to any mode of transportation that makes use of intelligent communication systems. ITS has information on both wireless and wired connections for the Internet of Things. ITS alters the way Traffic Management Centers (TMC) operate and manage road networks by addressing three major transportation issues. There are issues when there is insufficient information, when the information is incorrect, or when there is insufficient coordination. Information technology assists TMCs in making better network decisions by providing them with up-to-date and accurate data.

The market is expected to expand because there is a growing demand for traffic control systems, smart vehicles that are linked to cutting-edge latest telecommunications technology, and modern cameras and licence plate readers that keep an eye on people. The industry is likely to be driven by an increasing number of vehicles, ageing infrastructure, and a lack of traffic data management. Because city streets and highways need to be managed more efficiently, a new traffic management system was developed. To deal with the increasing volume of traffic, the transportation authority intends to employ modern data analytics.

US Intelligent Transportation Systems Market is poised to grow at a sustainable CAGR for the next forecast year.

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Intelligent Transportation Systems Market size was valued at USD 51.19 billion in 2022 and is poised to grow from USD 54.82 billion in 2023 to USD 94.91 billion by 2031, growing at a CAGR of 7.10% during the forecast period (2024-2031).

The intelligent transportation systems Industry is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Thales Group', 'Siemens AG', 'Garmin Ltd.', 'TomTom NV', 'Cubic Corporation', 'Kapsch TrafficCom AG', 'Q-Free ASA', 'TransCore LP', 'Savari Inc.', 'Iteris Inc.', 'Denso Corporation', 'Hitachi Ltd.', 'Ricardo plc', 'Atkins Global', 'Swarco AG', 'Indra Sistemas SA', 'Lanner Electronics Inc.', 'EFKON AG', 'Xerox Corporation', 'Addco LLC'

Government initiatives for effective traffic management are driving the market. Governments around the world are implementing intelligent transportation systems Industry (ITS) to improve road safety and operational performance of the transportation system, as well as to reduce the environmental impact of transportation. Significant funds are required to implement ITS. Countries such as the United States, Dubai, and Japan are heavily investing in various ITS projects. The UK government, for example, invested USD 1.9 million in three projects to test innovative technologies and new ways to improve driving conditions, reduce traffic congestion, and reduce time spent stuck in traffic. Furthermore, the government hopes that the deployment of next-generation AI-powered intelligent transportation systems will give drivers the confidence to plan their trips without being concerned about getting stuck in traffic. These systems also reduce traffic congestion, delays, and air pollution. Innovators in the United Kingdom are being supported in their efforts to create a cleaner, greener, and more sustainable transportation network.

Advancement in AI and VR can bring revolutionary change in intelligent transportation systems Industry.Artificial intelligence and virtual reality advancements show promise in improving global transportation networks. These technologies include vehicle head-up displays and visualisation creation. They assist drivers and other users of the transportation system. Al has the ability to change the system's modelling. Providers of traffic management solutions are embracing Al. In March 2020, Lilin, a Taiwanese manufacturer of IP video-based systems, unveiled the Aida ALPR series, an Al-based traffic management system, as well as a variety of surveillance cameras and other innovative city equipment. This comprehensive system detects objects accurately for plate recognition, vehicle speed detection, parking spot detection, truck, motorcycle, and pedestrian violations, among other things.

The Asia-Pacific region currently dominates the intelligent transportation systems Industry (ITS) market and is expected to contribute significantly to this market during the forecast period. China is the second largest market in this region, owing to government funding for ITS implementation in the country. South Korea is the region's leading ITS deployment country, with the most substantial funding. Over the forecast period, Europe is expected to show significant market growth. The United Kingdom is a leader in the deployment of ITS for public transportation in the country. Other European countries are also contributing to the growth of this market.

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