Intelligent Transportation System Market by Offering (Hardware, Software), System (Advanced Traffic Management System, ITS-enabled Transportation Pricing System), Application (Roadways, Railways, Aviation, Marine) and Region - Global Forecast to 2028

Intelligent Transportation System Market by Offering (Hardware, Software), System (Advanced Traffic Management System, ITS-enabled Transportation Pricing System), Application (Roadways, Railways, Aviation, Marine) and Region - Global Forecast to 2028

The global intelligent transportation system (ITS) market is projected to reach USD 67.2 billion by 2028 from an estimated USD 47.8 billion in 2023, at a CAGR of 7.1% from 2023 to 2028Factors such as government efforts to ensure road and public safety, increased need to reduce traffic congestion, favorable government policies for effective traffic management, high adoption of ecofriendly automobile technology, and rapid development of smart cities globally have proved to be the major driving forces for the ITS market for roadways.

Freight arrival & transit segment is expected to lead the maritime application of the ITS market in 2028

The increasing number of freights in sea transport operations has led to complex distribution setups with an increased need for information flow, especially electronic messages among participants in distribution setups. This trend has been an initiative to shape a new intelligent transportation management system (ITS) that provides data and information more effectively to partner companies. ITS help monitor the arrival of freight, loading and unloading of goods, tracking the geographic location of freight, tracing shipment information, and others. Owing to this, the freight arrival & transit segment is expected to lead the maritime application of the ITS market in 2028.

Asia Pacific to account for the highest growth of ITS market during the forecast period

Among all regions, Asia Pacific is expected to register the highest growth in the ITS market during the forecast period. The region houses numerous ITS solution providers, such as Hitachi, Ltd.; DENSO Corporation, ST Engineering, and Lanner Electronics Inc., as well as end users. China, Japan, and South Korea mainly dominate the ITS market for the roadways segment in the region. These countries are densely populated and have a huge demand for vehicles, which leads to urban traffic congestion and an increase in CO2 emissions.

Some of the key companies operating in the ITS market are Siemens AG(Germany), Hitachi, Ltd. (Japan), Conduent Incorporated (US), Cubic Corporation (US), Kapsch TrafficCom AG (Austria), and so on.

Research Coverage:

In this report, the ITS market has been segmented on the basis of Offering; System; By Application – Roadways, Railways, Aviation, Maritime; and Region. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions—North America, Europe, APAC, and RoW. Value chain analysis has been included in the report, along with the key players and their competitive analysis in the ITS ecosystem.

Key Benefits to Buy the Report:

This report includes statistics for the ITS market based on Offering, System, By Application – Roadways, Railways, Aviation, Maritime; and Region, along with their respective market sizes.

Value chain analysis and key industry trends have been provided for the market.

Major drivers, restraints, opportunities, and challenges for the ITS market have been provided in detail in this report.

This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the market. The competitive landscape section includes the competitor ecosystem and the recent development strategies adopted by the key players in the market, such as contracts, collaborations, agreements, product launches, acquisitions, expansions, and partnerships.