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

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 market makes use of new information and communication technologies to improve driving. ITS refers to any mode of transportation that makes use of intelligent communication systems. ITS has information on both wireless and wired connections for the Internet of Things. ITS alters the way Traffic Management Centers (TMC) operate and manage road networks by addressing three major transportation issues. There are issues when there is insufficient information, when the information is incorrect, or when there is insufficient coordination. Information technology assists TMCs in making better network decisions by providing them with up-to-date and accurate data.

The market is expected to expand because there is a growing demand for traffic control systems, smart vehicles that are linked to cutting-edge latest telecommunications technology, and modern cameras and licence plate readers that keep an eye on people. The industry is likely to be driven by an increasing number of vehicles, ageing infrastructure, and a lack of traffic data management. Because city streets and highways need to be managed more efficiently, a new traffic management system was developed. To deal with the increasing volume of traffic, the transportation authority intends to employ modern data analytics.

US Intelligent Transportation Systems Market is poised to grow at a sustainable CAGR for the next forecast year.