Global intelligent transportation systems market analysis and insights
The global Intelligent Transportation Systems market estimated at US$31.5 billion in the year 2023 is now projected to grow at a CAGR of 7.5% and reach US$56.1 billion by 2030.
Intelligent transportation systems (ITS) use technologies like IoT and AI/ML algorithms to make transportation and traffic systems work more efficiently through optimization and automation. On the hardware side, video and LiDAR cameras and a variety of sensor technologies can collect information on traffic flow, people counts and traffic light efficiency. When this data is normalized, contextualized, and connected to a backend analytics platform, intelligent transportation technologies have enormous potential to improve driver and pedestrian experiences by reducing congestion, improving safety, and limiting associated emissions.
ITS companies generally approach transportation with three main goals—innovating traditional approaches, improving rider safety, and decarbonizing transit networks. The first, updating legacy systems and optimizing rider experience, can be done by shortening wait times for busses, searching for parking spots, or waiting at red lights. As cities look to reach zero-traffic related deaths, often called vision-zero, connected vehicle data and ITS can identify areas of frequent crashes or speeding occurrences to optimize enforcement and mitigate future accidents. Decarbonization and reducing the transportation sectors associated emissions is the last goal and is a central tenet in many vendor approaches.
Truly intelligent transportation systems can integrate public transportation optimization, traffic management, and multimodal assets like scooters and bikes to multiply the impact of smart transportation efforts. As vendors look to break into the sector – both specialists delivering intelligent transportation applications and IT/cloud vendors providing supporting data infrastructure –factoring in citizen opinion and equity should be central in planning and deployments.
Intelligent transportation systems market insights
North American intelligent transportation systems market is expected to grow significantly over the forecast period 2023-2030. Strong government support, research activities, and public-private partnerships aimed at improving the transportation network are key factors driving the intelligent transportation system market. U.S. contributed around 78% of the total North American intelligent transportation systems market and is estimated to have a market value of US$9.8 billion in the year 2023. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 6.8% and 5.5% respectively over the forecast period.
Asia-Pacific intelligent transportation systems market is anticipated to witness an upsurge owing to the rapid urbanization and industrialization in the region. Technological advancements and ongoing expansion of transportation networks in countries like China, Japan and India will further drive the regional market growth. China is expected to dominate the Asia-Pacific market and reach a market size of US$8.3 billion by 2030.
Within Europe, Germany, Italy, Spain and France are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 7.1% over the forecast period.
Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing nations such as Qatar, U.A.E, Saudi Arabia and Oman due to a similar growth pattern as the Asia Pacific.
Key players
Key players profiled in the report include Accenture; Citilog SA; Conduent Business Services, LLC; Cubic Corporation; Denso Corporation; EFKON AG; emovis; FLIR Systems, Inc.; Hitachi Vantara Corporation; IBM Corporation; Image Sensing Systems Inc.; INIT Innovation in Traffic Systems SE; Intelight Inc.; Iteris, Inc.; ItraMAS Corporation Sdn Bhd; Kapsch TrafficCom AG; LeddarTech Inc.; Q-Free ASA; Siemens AG; SpeedInfo, Inc.; SWARCO AG; Telenav, Inc.; TransCore Holdings, Inc., among others.
Competitive Landscape
August 09, 2024 – Iteris, Inc., the world’s trusted technology ecosystem for smart mobility infrastructure management, announced that it has entered into a definitive merger agreement to be acquired by Almaviva S.p.A., a private Italian digital innovation group, in an all-cash transaction valuing Iteris at approximately $335 million equity value.
April 24, 2024 – Hyundai Motor Group (the Group) and the Dutch government have agreed to collaborate on facilitating the deployment of smart mobility and connectivity services and features for Hyundai and Kia vehicles. The collaborative project between the Group’s Advanced Vehicle Platform (AVP) Division, Kia Connect GmbH, and the Netherlands will enable the infotainment systems of Hyundai and Kia vehicles to connect with Dutch infrastructure systems to receive smart traffic and safety information.
Intelligent transportation systems market scope
- By system type
- Advanced Transportation Management Systems (ATMS)
- Advanced Traffic Management Systems (ATMS)
- Advanced Traveller Information Systems (ATIS)
- Advanced Public Transportation Systems (APTS)
- Commercial Vehicle Operations Systems (CVOS)
- Others
- By component
- Hardware
- Software
- Services
- By application
- Intelligent traffic management
- Parking management
- Travel and traveller information
- Public transport
- Road tolling systems
- Road safety & surveillance
- Bridge monitoring and safety
- Others
- By end-use segments
- Roadways
- Railway
- Airways
- Marineways
- By region
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
| Report Attribute | Details |
| No. of Pages | 284 |
| Published | August-2024 |
| Forecast Period | 2023-2030 |
| Estimated Market Size in 2023 | US$31.5 billion |
| Forecasted Market Size by 2030 | US$56.1 billion |
| CAGR | 7.5% |
| Regions Covered | North America, South America, Europe, Asia Pacific, Middle East and Africa |
| Companies Mentioned | Accenture; Citilog SA; Conduent Business Services, LLC; Cubic Corporation; Denso Corporation; EFKON AG; emovis; FLIR Systems, Inc.; Hitachi Vantara Corporation; IBM Corporation; Image Sensing Systems Inc.; INIT Innovation in Traffic Systems SE; Intelight Inc.; Iteris, Inc.; ItraMAS Corporation Sdn Bhd; Kapsch TrafficCom AG; LeddarTech Inc.; Q-Free ASA; Siemens AG; SpeedInfo, Inc.; SWARCO AG; Telenav, Inc.; TransCore Holdings, Inc., among others. |
The research report provides a comprehensive review of market trends (Technology, Product and Application analysis), market growth drivers, PEST Analysis (Political, Economic, Social and Technological Analysis) Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market. The report provides market estimates and forecast for geographic markets such as the North America (United States, Canada, Mexico and Rest of North America), South America (Brazil, Argentina Chile Colombia Peru Venezuela Ecuador and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Belgium, Finland, Norway, Switzerland, Denmark, Czech Republic, Portugal and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia, Indonesia, Philippines, Malaysia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel, Oman, Bahrain, Saudi Arabia, Qatar, Egypt and Rest of Middle East) & Africa.
Research Methodology
