The Business Research Company’s report on the Intelligent Transportation Systems Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the intelligent transportation systems market in recent years?
An increasing number of road fatalities is expected to propel the intelligent transportation systems market. A road fatality is defined as any person killed instantly or dying within 30 days as a result of a road injury or accident. An intelligent transportation system is a system that assists drivers in avoiding accidents by detecting surrounding automobiles, motorcycles, and pedestrians and adjusting driving speed and distance from other vehicles. Additionally, rising road traffic congestion has also favored the demand for intelligent transportation systems. For instance, in August 2022, according to a report published by the National Highway Traffic Safety Administration (NHTSA), a US-based agency for the Department of Transportation, in the first quarter of 2022, 9,560 persons were killed in road accidents, this indicates a 7% increase over the 8,935 fatalities predicted for the same period in 2021. Therefore, the increasing number of road fatalities will drive the market for intelligent transportation systems.
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What is the projected market size of the intelligent transportation systems industry, and how is it expected to grow?
The intelligent transportation systems market size has grown strongly in recent years. It will grow from $34.72 billion in 2024 to $37.75 billion in 2025 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to traffic congestion mitigation, safety improvement measures, environmental sustainability goals, emergency response and incident management, public transportation integration, efficiency in freight and logistics, traffic signal control optimization.
The intelligent transportation systems market size is expected to see rapid growth in the next few years. It will grow to $58.78 billion in 2029 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to rapid growth of connected vehicles, smart infrastructure investments, data analytics for traffic prediction, dynamic road pricing systems, focus on last-mile connectivity, smart mobility as a service (maas), urban air mobility integration. Major trends in the forecast period include IoT integration, advanced driver assistance systems (ADAS), smart parking solutions, cybersecurity measures, augmented reality (AR) in navigation, 5g connectivity, blockchain for transportation security, public-private partnerships.
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Who are the key players driving competition in the intelligent transportation systems market?
Major companies operating in the intelligent transportation systems market are Denso Corporation, EFKON GmbH, Garmin Ltd., Thales Group, Kapsch TrafficCom AG, Lanner Electronic Inc., Siemens Aktiengesellschaft, Cubic Corporation, TomTom International B.V., Indra Sistemas S.A., Q-Free ASA, Iteris Inc., Hitachi Ltd., Nuance Communications Inc., Teledyne FLIR LLC, The International Business Machines Corporation, Advantech Co. Ltd., TransCore Holdings Inc., Savari Inc., Addco LLC, Ricardo PLC, Xerox Corporation, Traffic Tech Inc., Alstom SA, Cisco Systems Inc., Intel Corporation, Omnitracs LLC, Panasonic Corporation, Qualcomm Technologies Inc., Trimble Inc.
What key trends are expected to drive the intelligent process automation market during the forecast period?
Product innovations have emerged as key trends gaining popularity in the intelligent transportation systems market. Major companies operating in the market are developing innovative products such as sustainable and automatic transportation systems to sustain their position in the market. For instance, in August 2024, Equans, a US-based provider of technical services collaborated with Optibus Ltd., a US-based provider of transportation management software to launch an intelligent transportation system to enhance public transportation services in the Greater Portland region. This collaboration focuses on deploying a modern Computer-Aided Dispatch and Automatic Vehicle Location (CAD/AVL) system, along with Automatic Passenger Counting (APC) and scheduling solutions. The partnership aims to modernize GPTD’s public transportation infrastructure, enhancing efficiency, responsiveness, and user-friendliness.
Which key geographies are driving the growth of the intelligent transportation systems market?
North America was the largest region in the intelligent transportation system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global intelligent transportation systems optical components market share during the forecast period. The regions covered in the intelligent transportation systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the key segments driving growth in the intelligent transportation systems market?
The intelligent transportation systems market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By System: Advanced Traffic Management System, Cooperative Vehicle System, Advanced Public Transportation System, Advanced Traveler Information System, Advanced Transportation Pricing Systems
3) By Application: Roadways, Aviation, Railways, Maritime
Subsegments:
1) By Hardware: Traffic Management Devices, Communication Equipment, Onboard Units (OBUs) For Vehicles, Electronic Toll Collection (ETC) Devices
2) By Software: Traffic Management Software, Fleet Management Software, Advanced Traveler Information Systems (ATIS), Incident Management Software, Data Analytics Software
3) By Services: Consulting Services, System Integration Services, Maintenance And Support Services, Training And Education Services
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How is the intelligent transportation systems market defined?
Intelligent transportation systems (ITS) are ground transportation systems that use sensors, analytics, controller, and communications technology to increase safety, mobility, and efficiency. Intelligent transportation systems encompass diverse applications that collect and communicate data to reduce traffic congestion, enhance traffic management, reduce environmental impact, and boost transportation advantages for business customers and the general public.
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