What is the global market size of Intelligent Transportation Systems Market?

Intelligent Transportation Systems Market size was valued at USD 47.8 billion in 2021 and is poised to grow from USD 51.19 billion in 2022 to USD 88.62 billion by 2030, growing at a CAGR of 7.1% in the forecast period (2023-2030).

Intelligent Transportation Systems Market Analysis, Size, Share & Trends

Intelligent Transportation Systems Market Competitive Landscape

Top Player's Company Profiles

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

FAQs

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 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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