Intelligent Transportation System Market Growth & Trends
The global intelligent transportation system market size is expected to reach USD 52.24 billion by 2030 and is expected to expand at a CAGR of 8.3% from 2023 to 2030, according to a new Grand View Research, Inc. The continuous advancements in technologies of transportation networks have accelerated the demand for highly efficient transportation systems.
The latest technologies, such as electronic toll collection and blind-spot detection have led to continuously redefining the prospects and expectations for sustainable management of traffic and transportation networks. The growing need to present real-time traffic information, equipped with artificial intelligence and virtual reality, to enhance the safety of drivers and passengers is boosting the growth of the intelligent transportation system (ITS) industry.
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The evolution of IT systems and growing telecommunications technologies adoption is anticipated to assist in reducing air pollution, traffic congestion, and delays. Furthermore, the implementation of modern traffic management systems that focus on utilizing real-time data and simultaneously address the impact criteria is creating a positive market outlook.
The integration of energy distribution & charging systems such as smart grids in ITS helps distribution agencies in real-time data utilizations to plan and implement capacity expansion strategies for the future. This is expected to support the market growth during the forecast period. According to the reports drafted by the Department of Transport of the Republic of Korea on the ITS development strategy, ITS can help in reducing traffic congestion, fuel consumption, greenhouse emissions, and prevent automobile idling.
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Intelligent Transportation System Market Segmentation
Grand View Research has segmented the global intelligent transportation system market based on type, application, and region:
Intelligent Transportation System (ITS) Type Outlook (Revenue, USD Million, 2018 – 2030)
- 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 (ITS) Application Outlook (Revenue, USD Million, 2018 – 2030)
- Traffic Management
- Road Safety And Security
- Freight Management
- Public Transport
- Environment Protection
- Automotive Telematics
- Parking Management
- Road Tolling Systems
List of Key Players in the Intelligent Transportation System Market
- Agero, Inc.
- DENSO CORPORATION
- EFKON GmbH
- Hitachi, Ltd.
- Garmin Ltd.
- Thales Group
- Xerox Corporation
- Ricardo
- Sensys Networks, Inc.
- Telenav, Inc.
- Iteris, Inc.
- Kapsch TrafficCom
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