Home > Automotive > Automotive Logistics > Logistics Technology > Intelligent Transportation System (ITS) Market

Intelligent Transportation System (ITS) Market Size

Report ID: GMI178
Published Date: Sep 2023
Report Format: PDF

Download Free Sample

Intelligent Transportation System Market Size

Intelligent Transportation System Market size was valued at USD 43.7 billion in 2022 and is estimated to register a CAGR of 8.8% between 2023 and 2032. The ongoing global trend toward urbanization necessitates efficient transportation systems within cities. ITS plays a pivotal role in this scenario by offering smart solutions to manage and streamline urban mobility. By integrating technologies like traffic management system, public transit coordination, and real-time data analysis, ITS helps cities accommodate growing populations while minimizing the associated congestion and environmental challenges.

To get key market trends

Download Free Sample

The concept of smart cities envisions urban areas that leverage technology to enhance the quality of life for their residents. Intelligent transportation systems (ITS) are a cornerstone of this vision. ITS enables cities to optimize transportation by integrating data from various sources, such as traffic sensors and public transit systems. This integration facilitates real-time traffic management, reduces congestion, improves air quality, and promotes sustainable mobility options, aligning with the broader goal of creating more livable, efficient, and environmentally friendly urban environments.

Intelligent Transportation System Market Report Attributes
Report Attribute	Details
Base Year:	2022
Intelligent Transportation System Market Size in 2022:	USD 43.7 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	8.8%
2032 Value Projection:	USD 97.6 Billion
Historical Data for:	2018 - 2022
No. of Pages:	200
Tables, Charts & Figures:	1,024
Segments covered:	Mode of Transport, Roadways, Railways, Airways, Maritime
Growth Drivers:	Government funding and PPP models Demand for Pay-as-you-go ticketing service among commuters in Europe and North America Rise in favorable government initiatives for effective traffic management in North America and Asia Pacific Growing investment in railway infrastructure in Europe Rapidly growing urbanization and rising smart city projects in Asia Pacific
Pitfalls & Challenges:	Integration complexities with legacy systems High cost of maritime equipment

Learn more about the key segments shaping this market

Download Free Sample

Integration complexities with legacy systems pose a significant challenge to the growth of the intelligent transportation system market. Many transportation systems still rely on outdated infrastructure and technologies, making it challenging to seamlessly incorporate advanced intelligent transportation system solutions. Legacy systems often lack the necessary compatibility and interoperability, requiring costly upgrades or replacements. This hinders the swift adoption of modern intelligent transportation system technologies and limits the realization of their full potential in improving transportation efficiency and sustainability.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of intelligent transportation system reached USD 43.7 billion in 2022 and is set to register a CAGR of 8.8% between 2023 and 2032, owing to the government funding and PPP models.

The passenger information management segment held over 27% of the market share in 2022, as these systems play a pivotal role in modernization by providing real-time, accurate information about routes, schedules, delays, and service changes.

North America market with a share of over 25% in 2022, owing to the escalating traffic congestion, particularly in its densely populated urban centers.

Alstom SA, Cisco Systems Inc., Garmin Ltd., Indra Sistemas, S.A., Kapsch Group, Northrop Grumman Corporation, Raytheon Technologies, Siemens AG, and Thales Group.