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An increase in road fatalities is expected to drive innovation in the manufacturing of intelligent transportation systems, driving the market during the forecast period.

The global intelligent transportation systems market is expected to grow from $29.42 billion in 2022 to $32.50 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The intelligent transportation systems market is expected to reach $46.94 billion in 2027 at a CAGR of 9.6%.

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Global Intelligent Transportation Systems Market Segments Include:

• By System: Advanced Traffic Management System, Cooperative Vehicle System, Advanced Public Transportation System, Advanced Traveler Information System, Advanced Transportation Pricing Systems
• By Offering: Hardware, Software, Services
• By Application: Roadways, Aviation, Railways, Maritime
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global intelligent transportation systems market in 2021.

Major Market Players in the intelligent transportation systems market include Denso Corporation, EFKON GmbH, Garmin Ltd., Thales Group, Kapsch TrafficCom AG, Lanner Electronic Inc., Siemens AG, Cubic Corp.

Product innovations have emerged as key trends gaining traction in the market for intelligent transportation systems. To maintain their market position, major market players are developing innovative products such as incorporating the internet of things (IoT), communication technologies, precise sensors, and artificial intelligence (AI) into new products. For example, Cubic Corporation, an American public transportation and defence corporation, announced the launch of UMO in January 2021. UMO is a fully integrated set of platforms for customers, transit operators, and mobility service providers that aids in the company’s expansion of its modern transportation technology offering. It is a versatile product suite that enables users to pay fares, plan trips across public and private modes of transportation, earn points for taking public transportation, and access real-time information to enhance their mobility experience.

The Intelligent Transportation Systems Global Market Report 2023  provides a intelligent transportation systems market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The intelligent transportation systems market forecast analyzes intelligent transportation systems market size, intelligent transportation systems market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Intelligent transportation systems (ITS) are modes of ground transportation that use sensors, analytics, controllers, and communications technology to improve safety, mobility, and efficiency. Intelligent transportation systems include a wide range of applications that collect and communicate data in order to reduce traffic congestion, improve traffic management, reduce environmental impact, and improve transportation benefits for business customers and the general public.

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