The intelligent transportation system ITS market is estimated to grow from USD 52 billion in 2023 and is likely to grow at a CAGR of 8.37% during 2023-2028 to reach USD 77.74 billion by 2028.
The following are the key players operating in the ITS market-
IBM Corporation (US)Garmin International Inc. (US)Addco LLC (US)TomTom NV (Netherlands)Cubic Corporation (US)FLIR Systems (US)Lanner Electronics Inc. (Taiwan)Denso Corporation (Japan).Market Dynamics
Surging demand for traffic control solutions enhanced improved safety & surveillance provided by modern cameras and License Plate Recognition (LPRs), and growing demand for smart vehicles integrated with advanced telecommunications technology.
The rising global population, especially in urban cities, has compelled local municipalities, government bodies, and urban city planners to introduce and innovate new & innovative intelligent transportation systems.
ITS Market Challenges:
Cost of implementation: Implementing ITS systems in large cities can be expensive, hindering adoption in some countries.
Ineffective cooperation among stakeholders: ITS systems involve multiple stakeholders, including government agencies, transportation authorities, and private companies, requiring coordination and collaboration to achieve shared goals.
Security issues: ITS systems collect and transmit vast amounts of data, making it crucial to protect it from unauthorized access and cyberattacks.
Technological stagflation: ITS systems constantly evolve with new technologies, making it challenging to keep up with the latest and ensure compatibility.
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