Intelligent Transportation System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Intelligent Transportation System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Intelligent Transportation Systems Market

The intelligent transportation system market size was valued at USD 26.18 billion in 2023, and the market is now projected to grow from USD 28.36 billion in 2024 to USD 66.64 billion by 2032, exhibiting a CAGR of 11.3% during the forecast period of 2024-2032.

The COVID-19 pandemic enhanced the implementation of Intelligent Transportation Systems (ITS) universally. With the necessity for contactless facilities and reduced dependence on public transport, there's keen demand for ITS solutions to boost traffic management, augment road security, and ease remote procedures.

Active funding by the individual governments for forecasting, planning, and executing ITS is likely to motivate the intelligent transportation system market growth during the estimated period. Governments in many nations work together with private partners to take dynamic measures towards reducing traffic congestion. Intelligent transport service workers also support the government by providing proficiency on executing ITS in the transportation infrastructure.

The growing number of programmed and connected cars on the roads makes the transportation infrastructure future-ready. Also, transportation agencies need to be organised for the forthcoming. Many ITS service workers provide their expertise in design, forecasting, execution, and responsibilities to develop solution and system presentation. The growing urbanization, mounting disposable incomes, and necessity for progressive automobiles to comfort the motivating experience have forced numerous transportation service workers to demand a well-connected transportation system, enhanced infrastructure, and better-quality road safety.

Comprehensive Analysis of Intelligent Transportation Systems Market

The market can be segmented in various ways, depending on the focus of analysis such as by type. Based on type, the market is segmented into the advanced traffic management system (ATMS), advanced traveler information system (ATIS), advanced public transportation system (APTS), advanced transportation pricing system (ATPS), and others.

Asia Pacific region is dominating the intelligent transportation system market share due to execution of ITS by Canada at a slower rate.

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include DENSO CORPORATION (Kariya, Aichi, Japan), Siemens AG (Munich, Germany), Hitachi, Ltd. (Chiyoda City, Tokyo, Japan), Kapsch TrafficCom AG (Vienna, Austria), EFKON GmbH (Raaba, Austria), Lanner Inc.(New Taipei City, Taiwan), Thales Group (Paris, France), Cubic Corporation (San Diego, U.S.), Q-Free ASA (Trondheim, Norway), Garmin (Olathe, U.S.) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In January 2023, Minima and MobilityXlab prolonged a partnership to fuel the forthcoming of associated flexibility and smart transportation systems. Minima's cutting-edge technology and its partnership with MobilityXlab will play a vital role in modelling the future of connected mobility and intelligent transportation systems, letting the idea of smart connected infrastructure to develop a certainty.

Segmentation Table

ATTRIBUTE

DETAILS

Study Period

2019-2032

Base Year

2023

Estimated Year

2024

Forecast Period

2024-2032

Historical Period

2019-2022

Growth Rate

CAGR of 11.3% from 2024 to 2032

Unit

Value (USD Billion)

Segmentation

By Type

Advanced Traffic Management System (ATMS)

Advanced Traveler Information System (ATIS)

Advanced Public Transportation System (APTS)

Advanced Transportation Pricing System (ATPS)

Others

By Geography

North America (By Type)

• U.S. ( By Type)
• Canada (By Type)

Europe (By Type)

• UK (By Type)
• Germany (By Type)
• France (By Type)
• Rest of Europe (By Type)

Asia Pacific (By Type)

• Japan(By Type)
• China(By Type)
• India (By Type)
• South Korea (By Type)
• Rest of Asia Pacific (By Type)

Latin America (By Type)

• Mexico (By Type)
• Brazil (By Type)
• Argentina (By Type)

The Middle East (By Type)

• UAE (By Type)

Rest of the World (By Type)Please Note: It will take 5-6 business days to complete the report upon order confirmation.