Intelligent Transportation System Market Size, Share & Trends Analysis Report By Type, By Application (Traffic Management, Road Safety and Security, Freight Management, Public Transport), By Region, And Segment Forecasts, 2022 - 2030

Intelligent Transportation System Market Size, Share & Trends Analysis Report By Type, By Application (Traffic Management, Road Safety and Security, Freight Management, Public Transport), By Region, And Segment Forecasts, 2022 - 2030

Intelligent Transportation System Market Growth & Trends

The global intelligent transportation system market size is expected to reach USD 51.29 billion by 2030 expanding at a significant CAGR of 7.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The continuous advancements in technologies of transportation networks have triggered the need for an efficient transportation system. The latest technologies, such as blind-spot detection and electronic toll collection lead to continuously redefining the expectations and prospects for sustainable management of transportation networks and traffic. At this juncture, the growing need to present real-time traffic information, including artificial intelligence and virtual reality, to drivers and passengers is emerging as one of the key factors driving the demand for intelligent transportation system solutions.

The growing adoption of telecommunications technologies and the evolution of IT systems are expected to help reduce traffic congestion, delays, and air pollution. Furthermore, the implementation of modern traffic control strategies that focus on utilizing real-time data and simultaneously address the impact criteria, such as emission control; the integration of intelligent transportation systems with smart grid and other energy distribution and charging systems can potentially help distribution agencies in utilizing the real-time data to draft capacity expansion strategies for the future. According to the reports of the Intelligent Transportation System Development Strategy prepared by the Department of Transport of the Republic of Korea, intelligent transportation systems can help in reducing traffic congestion, fuel consumption, and greenhouse emissions, and prevent automobile idling.

The growing volumes of data in transportation management are driving the need for more sophisticated data processing solutions. As such, intelligent transportation systems are implementing AI and its applications to track data in real-time and optimize efficiency. For instance, in November 2021, TomTom International BV introduced TomTom IndiGo, an open digital cockpit software platform. The platform unifies all passenger and driver displays through a common user interface that gives access to climate control, an audio system, extensive vehicle settings, and the latest apps & services.

Intelligent Transportation System Market Report Highlights

• The Advanced Traveler Information System (ATMS) segment is expected to witness considerable growth of CAGR at 6.9% over the forecast period. The system acquires, analyzes, and presents information with the help of traffic management solutions and offers real-time data, which includes the location of incidents, weather and road conditions, optimal routes, and lane restrictions
• The traffic management segment accounted for the largest market share of over 30% in 2021. The technology is primarily to improve the flow of vehicle traffic and the huge losses from traffic congestion. Traffic management systems also help in enhancing the operational performance and reliability of road networks
• The North American regional market is expected to reach USD 18,586.7 million by 2030. The region has a strong demand for advanced telecommunications technology and aggressive investments in research and development, deployment, and adoption of ITS across the U.S., which gives a stronghold over the global market