Global Intelligent Transportation System Market Size on Top Gear at Accelerating CAGR of 7.75% to Cross Milestone of USD 52 Billion by 2030

Published | 24 June 2024

Global Intelligent Transportation System (ITS) Market is booming due to rapid urbanization, rising traffic congestions, advancements in technology, governments’ initiatives for smart cities, a spurring demand for efficient traffic management, and safety improvements.

BlueWeave Consulting, a leading strategic consulting and Market research firm, in its recent study, estimated Global Intelligent Transportation System (ITS) Market size by value at USD 35.27 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Global Intelligent Transportation System Market size to expand at a CAGR of 7.75% reaching a value of USD 52.19 billion by 2030. Global Intelligent Transportation System (ITS) Market is driven by increasing urbanization, the need for efficient traffic management, and rising concerns over road safety. Technological advancements in AI, IoT, and big data analytics enhance system capabilities, while government initiatives and funding boost infrastructure development. The growing adoption of smart cities, electric vehicles (EVs), and connected vehicles further propels the market growth. Additionally, the demand for real-time traffic information, reduction in congestions, and improved public transportation systems contribute to the expansion of the Global ITS Market.

Opportunity – Increasing use of AI and machine learning

The adoption of artificial intelligence (AI) and machine learning (ML) in transportation systems is a key growth driver for Global Intelligent Transportation System (ITS) Market. AI and ML enhance traffic management, optimize route planning, and improve predictive maintenance, leading to reduced congestion and improved safety. The integration of these technologies enables real-time data analysis and decision-making, fostering efficient public transport operations and smart mobility solutions. The technological advancement is driving substantial investments and innovation in the intelligent transportation sector, accelerating its market growth and development.

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Impact of Escalating Geopolitical Tensions on Global Intelligent Transportation System (ITS) Market  

Escalating geopolitical tensions significantly impact the growth of the Global Intelligent Transportation Systems (ITS) Market. Trade restrictions and tariffs disrupt the supply chain for critical ITS components, such as semiconductors and sensors, crucial for the functionality and development of these systems. For instance, the United States-China trade war led to increased costs and delays in procurement of high-tech components. Additionally, heightened cybersecurity threats from hostile nations target ITS infrastructure, exemplified by incidents like the 2020 cyberattack on a Florida traffic management system. Geopolitical instability also shifts government priorities and funding, diverting resources from ITS projects to defense and security, and slowing innovation and deployment. Moreover, international collaboration on ITS standards and technologies is hampered, impacting global interoperability and efficiency.

Hardware Component Segment Held Largest Share in ITS Market

By component, Global Intelligent Transportation System (ITS) Market is divided into Hardware, Software, and Services segments. The hardware segment is the largest component in Global Intelligent Transportation System (ITS) Market. The segment includes essential components such as sensors, cameras, and communication devices that form the backbone of intelligent transportation systems. The hardware segment dominates due to the substantial investment required for infrastructure development and the continuous demand for upgrading existing systems. Its critical role in data collection, traffic monitoring, and ensuring efficient transportation management drives its prominent position in the market, supporting the implementation and functionality of intelligent transportation solutions globally.

ATMS Is Most Popular ITS Solution Segment

Global Intelligent Transportation System (ITS) Market, based on solution, is divided into Advanced Transportation Management Systems (ATMS), Advanced Traveler Information Systems (ATIS), Advanced Vehicle Control Systems (AVCS), Advanced Public Transportation Systems (ATS), and Cooperative Vehicle Systems (CVS) segments. The advanced transportation management systems (ATMS) segment is the largest solution in Global Intelligent Transportation System (ITS) Market, due to its critical role in enhancing traffic flow and reducing congestion through real-time monitoring and management of traffic data. The segment includes systems for traffic control, traffic surveillance, and incident management, which are increasingly adopted in urban areas to improve transportation efficiency and safety. The growing demand for smart cities and the need for efficient traffic management solutions further drive the growth of the ATMS segment in the ITS market.

Competitive Landscape

Global Intelligent Transportation System (ITS) Market is fiercely competitive. Major companies in the Market include Thales Group, Kapsch TrafficCom AG, Siemens AG, TomTom International BV, Q-Free ASA, Hitachi Ltd, Garmin Ltd, Cubic Corporation, Denso Corporation, Iteris Inc., TransCore LP, WS Atkins PLC, Lanner Electronics Inc., EFKON AG, and Xerox Corporation. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Global Intelligent Transportation System (ITS) Market.

Don’t miss the business opportunity Global Intelligent Transportation System (ITS) Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Intelligent Transportation System (ITS) Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in Global Intelligent Transportation System (ITS) Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the Market.

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