The global market for intelligent transportation systems is anticipated to reach USD 53.25 Billion with a 8.10% CAGR.

MRFR Press Release/- Market Research Future published a half cooked research report on Intelligent Transportation System. The Global Market For Intelligent Transportation System is majorly driven by factors such as increasing need of road safety improvements and shift of freight industry from unorganized to organized sector.

Intelligent Transportation System Market Highlights

The Intelligent Transportation System market industry is projected to grow from USD 26.12 Billion in 2023 to USD 53.25 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.10% during the forecast period (2024 - 2032). The intelligent transportation system is a type of ground transportation that applies communication, analysis, sensing, and control technologies to increase efficiency, mobility, and safety. The market for intelligent transportation systems is expanding because of government initiatives, rising demands for increased road security, and growing public concern over various forms of traffic congestion. The transition of the freight industry from the unorganized to the organized sectors is another factor promoting the expansion of the market for intelligent transportation systems (ITS).

The market prognosis for intelligent transportation systems helps provide real-time traffic information that would aid in resolving the growing issues of traffic congestion.

Additionally, the intelligent signals regulate data collection from numerous sensors that quantify pre-emption alerts, vehicle speed, traffic-related data, traffic lights, etc.

The data is often processed using sophisticated algorithms and is then sent back to the various controllers by the sensors. To operate multiple traffic lights, real-time statistical information on traffic is gathered using the market forecast for intelligent transportation systems. The market prognosis for intelligent transportation systems (ITS) also helps drivers find quicker, less congested routes to increase mobility.

Regional Analysis

The major participants in the global intelligent transportation system market have been divided geographically into the following regions: Europe, Africa, the Middle East, North America, South America, and Asia-Pacific. The intelligent transportation system (ITS) industry is anticipated to develop at the most significant rate among all the major market participants in the North American area. The extensive use of market trends for intelligent transportation systems in this area is the cause of the ITS's rapid expansion. The US dominates the North American ITS market since it is the most technologically developed nation. Europe is also seeing the second-highest growth in the intelligent transportation system business. Because of the growing worry over various traffic congestions, the Asia-Pacific area is also anticipated to be a market for the rapidly expanding intelligent transportation system market size. The need to reduce accidents and facilities drives the market for intelligent transportation systems in several nations, including India, Australia, China, Singapore, and Japan.

Market Segmentation

The global intelligent transportation market is segmented into components, applications, regions/countries, and products. Based on components, the worldwide intelligence transport system has been classified into surveillance cameras, software, detection and monitoring system, sensor, and telecommunication network. Depending on the application, the intelligent transportation system market can be segmented into: Traffic management, Road user charging, Traffic signal control, Parking management, Environment protection, Automotive telematics, Traffic enforcement camera, Collision advance system, Road security and safety, Commercial freight management and Public transport. Depending on the product, the worldwide intelligent transportation market is segmented into APTS or Advanced Public Transportation Systems, ATIS or Advanced traveler information Systems, ATMS or Advanced Transportation Management Systems, and ATPS or Advanced Transportation Pricing Systems.

Key Players

The companies that are playing a vital role in the expansion of the intelligent transportation market:

• 
  

  Roper Technologies

  
  


• (US)


• Hitachi Ltd (Japan)


• Siemens AG (Germany)


• Thales Group (France)


• Xerox Corporation (US)


• BRISA (Portugal)


• Kapsch Trafficcom (Austria)


• Q Free (Norway)


• Efkon AG (Austria)


• Lanner Electronics Inc. (Taiwan)


• Denso Corporation (Japan)


• TomTom International BV (Netherlands)


• Savari Inc. (US)


• Nuance Communication Inc. (US) and


• Garmin Ltd (US)