Intelligent Transportation System Market to exceed US$ 66.33 Billion by 2031

Published on 02-Dec-2024

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Report : Intelligent Transportation System Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Hardware, Software, and Services), System (Advanced Traffic Management System, Advanced Traveler Information System, ITS-enabled Transportation Pricing System, Advanced Public Transportation System, Commercial Vehicle Operation, and Others), Application (Fleet Management and Asset Monitoring, Intelligent Traffic Control, Smart Ticketing, Variable Traffic Message Sign, Collision Avoidance, and Others), and Geography

According to our latest study on "Intelligent Transportation System (ITS) Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type, System, Application,” the Intelligent Transportation System (ITS) market size was valued at US$ 35.93 billion in 2023 and is expected to reach US$ 66.33 billion by 2031; it is estimated to record a CAGR of 7.9% from 2023 to 2031.

The Intelligent Transportation System (ITS) market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and Asia Pacific respectively. The Europe Intelligent Transportation System (ITS) market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. In terms of revenue, Germany dominated the Intelligent Transportation System (ITS) market share.

Intelligent transportation systems provide information related to real-time flow conditions, actual incidents and recommended diversions, planned road construction and maintenance projects, transport routes, schedules, fares, transfers, and parking facilities. For instance, in June 2024, the Federal Association of Medium-Sized Construction Companies (BVMB), the German Construction Industry Association (ZDB), the German Construction Industry Association (HDB), the Association of Consulting Engineers (VBI), the DVLV - German Association for Noise Protection on Transport Routes, Pro Mobility – Initiative for Transport Infrastructure, the Steel Crash Barriers Quality Association, and the German Asphalt Association (DAV) issued a joint statement condemning the German federal government's approach. More than 4,000 motorway bridges in Germany require urgent renovation or must be rebuilt, according to the joint statement by these organizations. Thus, rapid adoption of digital technologies for urban development and road infrastructure planning, growing need to renovate existing infrastructure, implementation of emission control initiatives, and increasing focus on the government on improving transportation infrastructure propel the Intelligent Transportation System (ITS) market growth in Germany

The ITS is a sophisticated suite of applications designed to offer cutting-edge services related to various forms of transportation and traffic control, empowering users to make safer, more intelligent, and more coordinated use of transportation networks. Traffic congestion is one of the persistent issues faced in Asia Pacific caused by economic growth and overcrowding in several capital cities. According to a survey by the Asian Development Bank (ADB), road congestion costs Asian economies between 2% and 5% of GDP each year because of wasted time and transportation expenses. Further, globally, transportation-related carbon dioxide emissions are predicted to rise by 57% between 2005 and 2030, with developing nations' transportation systems, especially those in Asia, accounting for almost 80% of this growth. Transportation is one of the sectors registering high levels of GHG emissions globally due to the burning of fuels. Thus, the government is recognizing the need for ITS, as traffic congestion and pollution skyrocket.

Key Findings of Intelligent Transportation System (ITS) Market Study:

Based on offering, the market is divided into hardware, software, and services. By system, the market is segmented into advanced traffic management system (ATMS), advanced traveler information system (ATIS), ITS-enabled transportation pricing system (ITPS), advanced public transportation system (APTS), commercial vehicle operation (CVO), and others. In terms of application, the market is divided into fleet management and asset monitoring, intelligent traffic control, traffic signal control, variable traffic message sign, collision avoidance, and others. By geography, the Intelligent Transportation System (ITS) market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America.

Based on Application, the global intelligent transportation system is segmented into Fleet Management and Asset Monitoring, Intelligent Traffic Control, Smart Ticketing, Variable Traffic Message Sign, Collision Avoidance and Others. The intelligent traffic control segment held the largest Intelligent Transportation System (ITS) market share in 2023. Intelligent traffic control systems utilize advanced algorithms and technologies to manage and optimize traffic flow at intersections and along corridors. These systems allow real-time adaptive signal controlling and traffic predictions. The surging need for improved traffic efficiency and safety necessitates the adoption of intelligent traffic control. Players such as TomTom and Siemens are at the forefront, with Microsoft launching a new intelligent traffic management software that integrates with existing infrastructure to provide predictive analytics for traffic patterns. For instance, in July 2024, TomTom (TOM2), the location technology specialist, announced its collaboration with Microsoft. TomTom's maps and traffic data are anticipated to power location-based services across Microsoft's solutions.

Based on System, the global intelligent transportation system (ITS) market is segmented into Advanced Traffic Management System, Advanced Traveler Information System, ITS-Enabled Transportation Pricing System, Advanced Public Transportation System, Commercial Vehicle Operation, and Others. The advanced traffic management system (atms) segment held the largest intelligent transportation system (ITS) market share in the 2023. The advanced traffic management system (ATMS) is a comprehensive technology designed to improve traffic flow and enhance safety on roadways. The ATMS offers real-time traffic monitor, adaptive signal control, and incident management. Factors driving the ATMS include increasing incidences of traffic congestion, rising need for improved road safety, and growing demand for efficient transportation systems.

Hitachi; Siemens; DENSO; Cisco Systems, Inc.; INDRA SISTEMAS; SA; EFKON GmbH; Cubic Transportation Systems, Inc.; Kapsch TrafficCom AG; TomTom International BV.; and Teledyne FLIR LLC are among the key players profiled in the Intelligent Transportation System (ITS) market report. Several other major players were studied and analyzed during the Intelligent Transportation System (ITS) market analysis to get a holistic view of the market and its ecosystem. The Intelligent Transportation System (ITS) market also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current Intelligent Transportation System (ITS) market trends and their foreseeable impact during the forecast period.

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