INTELLIGENT TRANSPORTATION SYSTEMS MARKET ANALYSIS

Intelligent Transportation Systems MarketSize and Trends

The global intelligent transportation systems market size was valued at US$ 21.57 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 9.1% from 2023 to 2030. The global Intelligent Transportation Systems market is forecast to grow at a high pace in the projected time period. This growth can be attributed to the active funding by the governments for planning, designing, and implementing ITS. Governments are collaborating with private partners to take active measures towards minimizing traffic congestion. This in turn drives the market growth.

Figure 1: Global Intelligent Transportation Systems Market Share (%), By Region, 2022

Global Intelligent Transportation Systems Market Trends:

Growing popularity of Roadways applications is a recent trend

Roadways segment is growing rapidly in the intelligent transport systems market. The number of commercial fleet is growing across the globe, owing to the rise in e-commerce activities and growing manufacturing activities that are encouraging several logistics players to use appropriate asset monitoring and management systems. Thus, demand for intelligent transportation systems is increasing. This trend is likely to continue in the global intelligent transportation systems market over the forecast period.

Arrival of connected and autonomous cars is a new trend

The transportation infrastructure will be future-ready with growing number of connected and automated cars on the roads. Thus, transportation agencies have to prepare for the future. Several ITS service providers are delivering their expertise in designing, planning, implementing, and tasks for improving solution and system performance. With increasing number of these advanced vehicles, the need for intelligent transportation systems is also growing. This trend is further expected to support growth of the market in the coming future.