Intelligent Transportation Systems Market Size, Share, Growth Analysis, By offering(Hardware, Software, and other), By system(Advanced Traffic Management Systems (ATMS), Advanced Traveler Information Systems (ATIS), ITS-enabled Transportation Pricing Systems (ITPS), Advanced Public Transportation Systems (APTS) and Commercial Vehicle Operation (CVO) Systems), By Region - Industry Forecast 2024-2031

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.

North America is expected to grow steadily in this market over the forecast period, owing to Canada's slower implementation of ITS. Because of its FAST Act, use of advanced technology and rising adoption ratio, and overall government involvement in smart cities projects, the United States leads the region in contributing to regional growth. Latin America is also expected to grow rapidly, as Brazil and Mexico support ITS planning and deployment in their respective countries. The markets in the Middle East and the Rest of the World will expand rapidly. This is due to the early adoption of advanced technologies and government initiatives such as free trade zones in the UAE, which have identified opportunities in the automotive industry.