Intelligent Transportation System Market Size to Hit Around USD 116.77 Bn by 2033

The global intelligent transportation system market size was exhibited at USD 51.17 billion in 2023 and is projected to hit around USD 116.77 billion by 2033, growing at a CAGR of 8.6% during the forecast period of 2024 to 2033.North America held the majority share of over 37.0% in 2023.

Download Free Sample Copy for Better Understanding@ https://www.novaoneadvisor.com/report/sample/5925

Key Takeaways:

• North America held the majority share of over 37.0% in 2023.
• The roadway segment accounted for the largest market share in 2023.
• The hardware segment accounted for the largest market share of over 48.0% in 2023.
• The Advanced Traffic Management System (ATMS) segment accounted for the largest market share of over 30.0% in 2023.
• The traffic management segment accounted for the largest revenue share of over 30.0% in 2023.?
• The hardware segment accounted for the largest market share of over 45.0% in 2023.
• The ATMS segment accounted for the largest market share of over 26.0% in 2023.?
• The rail-running operation and collision avoidance segment accounted for the largest market share of over 26.0% in 2023.
• The hardware segment accounted for the largest market share of over 42.0% in 2023.?
• The ATMS segment accounted for the largest market share of over 30.0% in 2023.?
• The aircraft traffic management segment accounted for the largest market share of over 24.0% in 2023.
• The hardware segment accounted for the largest revenue share of over 42.0% in 2023.

Intelligent Transportation System Market by Overview?

In an era marked by technological advancements and burgeoning urbanization, the Intelligent Transportation System (ITS) emerges as a pivotal solution poised to revolutionize the global transportation landscape. This overview delves into the multifaceted realm of ITS, elucidating its significance, key components, market dynamics, and future prospects.

Intelligent Transportation System Market Growth

The growth of the Intelligent Transportation System (ITS) market is propelled by various key factors. Firstly, rapid urbanization worldwide has led to increased traffic congestion, thereby driving the demand for solutions that enhance transportation efficiency and alleviate congestion. Secondly, government initiatives aimed at modernizing transportation infrastructure, coupled with investments in smart city initiatives, provide significant impetus to market growth. Moreover, advancements in technology, including the adoption of real-time data analytics, Internet of Things (IoT) sensors, and artificial intelligence, fuel the development of innovative ITS solutions. Additionally, the growing emphasis on sustainability and the need to reduce carbon emissions have led to the integration of ITS to promote eco-friendly transportation alternatives. Furthermore, the emergence of 5G connectivity and the proliferation of connected vehicles further augment the market expansion, promising enhanced connectivity and communication within transportation networks. Collectively, these factors contribute to the robust growth trajectory of the ITS market, positioning it as a cornerstone of the future transportation ecosystem.

Transportation Mode Insights

The roadway segment accounted for the largest market share in 2023. The constant increase in traffic congestion and greenhouse gas emissions is driving the adoption of roadways intelligent transportation systems, including the use of electric vehicles, Advanced Traffic Management Systems (ATMS), Advanced Public Transportation System (APTS), and the deployment of smart infrastructure, among others. The use of big data analytics in traffic management is increasing. Intelligent Traffic Signal System uses data from a variety of sources, including sensors, cameras, and connected cars, to gain insights into traffic patterns and enable more informed decisions about signal control and overall traffic management. Furthermore, governments of several countries are heavily investing in road infrastructure projects to support sustainable transport, enhance interoperability among various systems, and improve road safety. For instance, in June 2023, the European Union (EU) invested around USD 6.14 billion to support around 135 transport infrastructure projects across Europe.?

Roadway Offering Insights

The hardware segment accounted for the largest market share of over 48.0% in 2023. Increasing public and private investment in smart cities and the growing need to improve the roadway infrastructure to manage the increasing number of vehicles are driving the growth of the hardware segment. Hardware’s abilities to satisfy different computational requirements of ML algorithms in various ITS systems are expected to contribute towards segment growth in the roadway intelligent transportation system market through 2033.

Intelligent Transportation System (ITS) market in Europe is experiencing a significant challenge in terms of traffic congestion, leading to higher traffic volumes, longer commuting times, and waste of energy and non-renewable resources. In response, governments and transportation authorities are shifting to ITS technologies to optimize traffic flow, reduce congestion, and modernize existing infrastructure. Furthermore, key companies in the region are actively participating in the region’s drive against environmental protection and focusing on minimizing energy consumption.

U.K. Intelligent Transportation System (ITS) Market Trends

The Intelligent Transportation System (ITS) marketin the U.K. accounted for a 19.1% revenue share of the European market in 2023.The expanding transportation infrastructure, favorable economic policies, and government initiatives for digitization and sustainability transportation infrastructure have boosted the growth of the intelligent transportation market in the U.K.

Germany Intelligent Transportation System (ITS) Market Trends

The Intelligent Transportation System (ITS) marketin Germany is experiencing high demand be attributed to rising traffic congestion, road safety concerns, and growing pollution. Furthermore, the growth of the urban population is placing additional pressure on the existing transportation system and infrastructure. These factors are expected to drive the demand for intelligent transportation systems in Germany.

France Intelligent Transportation System (ITS) Market Trends

The Intelligent Transportation System (ITS) marketin Germany is expected to grow at a CAGR of 20.8% from 2023 to 2030. The country is emphasizing integrating advanced technologies into transportation infrastructure to enhance efficiency and reduce traffic-related problems. The integration of Internet of Things (IoT) devices and connected vehicles has also played a pivotal role in the growth of the ITS market in France.

The Asia Pacific market is anticipated to witness the highest CAGR of 10.1% from 2023 to 2030. The increasing demand for advanced technology and the continued expansion of transportation networks are expected to drive the regional growth. The economic benefits stemming from the deployment of ITS are particularly notable in countries, such as China, India, and Japan. Furthermore, rising pollution levels and the adverse effects of greenhouse gas emissions on the environment have propelled the demand for environmentally friendly transportation in the region, creating robust opportunities for ITS market’s expansion.

China Intelligent Transportation System (ITS) Market Trends

The Intelligent Transportation System (ITS) market in China is projected to grow at a CAGR of 10.2% from 2023 to 2030. Growing initiative including the development of a highly efficient charging network, promoting the use of green vehicles and smart traffic management systems across the country, enhancing the integration of intercity passenger services, and optimizing urban road networks. Such initiatives are expected to boost the adoption of intelligent transportation systems in China.

Japan Intelligent Transportation System (ITS) Market Trends

The Intelligent Transportation System (ITS) market in Japan is experiencing significant growth in coming years. Japan is known for its breakthrough innovations, efficient transportation system, and technology integrations across the public infrastructure, traffic systems, and transportation systems. This includes advanced traffic management systems, real-time data analysis, and smart signaling. Furthermore, key players in the country are receiving various contracts and driving initiatives for sustainability, energy saving, road safety, and infrastructure development programs to support the growing demand for sustainable and efficient transportation facilities in Japan.

India Intelligent Transportation System (ITS) Market Trends

The Intelligent Transportation System (ITS) market in India is experiencing increasing urbanization, traffic congestion, consumer preference toward buying vehicles, and the number of dual-income families have increased the burden on roads and infrastructure. The concerns related to the higher cost of hiring private cabs and taxis, long waiting hours, and traffic congestion in cities such as Delhi, Mumbai, and Bangalore are prompting the need for smart, efficient, and reliable transportation systems in India. Thus, the government in the country is taking initiatives to develop a sustainable, fast, reliable, and affordable transport system, which is propelling the growth of the intelligent transportation market in India.

The Intelligent Transportation System (ITS) market in the Middle East and Africa (MEA) region is anticipated to reach USD 7.09 Billion by 2030. As per the World Bank in November 2023, the Middle East & Africa region is witnessing a 3.5% increase in urban population each year. With increasing population and dwindling energy resources, the demand for intelligent public transport systems has become highly important for ensuring a sustainable transportation industry in the region.

Saudi Arabia Intelligent Transportation System (ITS) Market Trends

The Intelligent Transportation System (ITS) market in Saudi Arabia is anticipated to grow exponentially in the upcoming years. The rising smart city projects in the country are also boosting the adoption of intelligent transportation systems, including smart traffic management systems, smart parking systems, smart toll payments, and smart transportation services. The mega projects and the country’s commitment to digitization and technology are expected to propel the growth of the intelligent transportation system market in the country.

Recent Developments

• In July 2023, Hitachi Rail, a division of Hitachi, Ltd., announced the expansion of its digital transport app named 360Pass. Based on this development, Hitachi Rail signed a new contract with Genoa’s (U.S.) city transit authority to connect Genoa's whole public transport infrastructure, including 600,000 citizens and 3,500,000 annual visitors, with the 360-pass digital transport app.
• In August 2023, Hitachi Rail, a division of Hitachi, Ltd., announced that it had won a contract worth USD 1.96 billion to design and implement digital signaling systems and tracks for a new High Speed/Capacity (HS/C) line traversing the Italian city of Vicenza.
• In August 2023, NEC Corporation announced that it has been selected by the UP State Road Transport Corporation (UPSRTC) as an master system integrator for VLT-PSIS project. This will help curb safety concerns for buses and improve the overall experience as well.
• In October 2023, DENSO CORPORATION and KOITO MANUFACTURING CO., LTD., a lighting equipment manufacturer for the automobile sector, collaborated to introduce a system to improve nighttime driving safety by enhancing the object recognition accuracy of vehicle image sensors through the coordination of lamps and sensors.

Some of the prominent players in the intelligent transportation system market include:

• Advantech Co., Ltd.
• Aireon
• Alstom SA
• Cubic Corporation
• EFKON GmbH
• Hitachi, Ltd.
• Indra Sistemas, S.A.
• Iteris, Inc.
• Kapsch TrafficCom AG
• KONGSBERG
• L3Harris Technologies, Inc.
• Navico Group
• NEC Corporation
• Siemens AG
• Spire Global
• Teledyne Technologies Incorporated
• Thales
• TransCore
• Wabtec Corporation

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global intelligent transportation system market.

Intelligent Transportation System Mode of Transportation

• Roadway
• Railway
• Airway
• Maritime

Intelligent Transportation System Roadway Offering

• Hardware

• Interface BoardsSensorsSurveillance CamerasTelecommunication NetworksMonitoring and Detection SystemsOthers

• Software

• Visualization SoftwareVideo Detection Management SoftwareTransit Management SoftwareOthers

• Services

• Cloud servicesBusiness servicesProfessional services

Intelligent Transportation System Roadway System Type

• Advanced Traveler Information System (ATIS)
• Advanced Traffic Management System (ATMS)
• Advanced Transportation Pricing System (ATPS)
• Advanced Public Transportation System (APTS)
• Emergency Medical System (EMS)

Intelligent Transportation System Roadway Application

• Traffic Management
• Road Safety and Security
• Freight Management
• Public Transport
• Environment Protection
• Automotive Telematics
• Parking Management
• Road Tolling Systems
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Table of Content

Chapter 1. Intelligent Transportation System (ITS) Market: Methodology and Scope

Chapter 2. Intelligent Transportation System (ITS) Market: Executive Summary

Chapter 3. Intelligent Transportation System Market: Variables, Trends & Scope

Chapter 4. Intelligent Transportation System Market Mode of Transportation Outlook

Chapter 5. Intelligent Transportation System Market Roadway Offering Outlook

Chapter 6. Intelligent Transportation System Market Roadway System Type Outlook

Chapter 7. Intelligent Transportation System Market Roadway Application Outlook

Chapter 8. Intelligent Transportation System Market Railway Offering Outlook

Chapter 9. Intelligent Transportation System Market Railway System Type Outlook

Chapter 10. Intelligent Transportation System Market Railway Application Outlook

Chapter 11. Intelligent Transportation System Market Airway Offering Outlook

Chapter 12. Intelligent Transportation System Market Airway System Type Outlook

Chapter 13. Intelligent Transportation System Market Airway Application Outlook

Chapter 14. Intelligent Transportation System Market Maritime Offering Outlook

Chapter 15. Intelligent Transportation System Market Maritime System Type Outlook

Chapter 16. Intelligent Transportation System Market Maritime Application Outlook

Chapter 17. Intelligent Transportation System Market: Regional Outlook

Chapter 18. Competitive Landscape

Quick Buy This Premium Report From Here: ?https://www.novaoneadvisor.com/report/checkout/5925

About US

Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

Connect with Us

Address: Apt 1408 1785 Riverside Drive Ottawa, ON, K1G 3T7, Canada

IND Address: 2nd Floor,Shreeleela Plaza, Baner Road, Pune, Maharashtra - 411045

Call: USA - +1 650 460 3308 | IND - +91 8793322019 | Europe +442080772818

[email protected]