PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1635114
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1635114
The global intelligent transportation system (ITS) market is projected to grow from $51.7 billion in 2024 to $73.9 billion by 2030, reflecting a compound annual growth rate (CAGR) of 6.2% during the forecast period.
This growth is driven by the increasing adoption of advanced technologies to enhance transportation infrastructure, improve traffic management, and reduce congestion. The rising importance of environmental conservation and the growing demand for efficient public transit systems further contribute to the expansion of the ITS market.
Key Insights
Advanced Traffic Management Systems (ATMS) hold a significant share in the ITS market, as they provide real-time monitoring and control of traffic flow, thereby enhancing road safety and reducing travel time.
The software segment is expected to witness substantial growth, driven by the increasing need for data analytics, real-time information processing, and the integration of various transportation modes into a unified platform.
Roadways remain the largest application area for ITS, with systems such as electronic toll collection, traffic signal control, and incident detection being widely implemented to improve road transportation efficiency.
North America leads the ITS market, attributed to early adoption of advanced technologies, substantial investments in transportation infrastructure, and supportive government initiatives promoting smart transportation solutions.
The Asia-Pacific region is anticipated to experience the fastest growth during the forecast period, driven by rapid urbanization, increasing government investments in smart city projects, and the need to address traffic congestion in densely populated cities.
The integration of Internet of Things (IoT) devices and Artificial Intelligence (AI) in ITS is enhancing predictive analytics capabilities, enabling proactive traffic management, and improving overall transportation efficiency.
Public-private partnerships are playing a crucial role in the deployment of ITS, with collaborations between government agencies and private companies facilitating the development and implementation of innovative transportation solutions.
The increasing emphasis on reducing carbon emissions and promoting sustainable transportation is driving the adoption of ITS solutions that support eco-friendly transit options and optimize fuel consumption.