Global Intelligent Transport Systems Market to Reach US$ 92.3 Billion by 2032, Fuelled by Rapid Urbanization

According to the latest report by IMARC Group, titled “­­Intelligent Transport Systems Market Report by Mode of transport (Roadways, Railways, Airways), Product (Network Management Systems, Freight and Commercial Systems, Public Transport Systems, Security and Crime Reduction Systems, Automotive and Infotainment Systems, Road Safety Systems, Communications Systems), Protocol (Short range, Long range, IEEE 1512, Traffic management data dictionary (TMDD), and Others), Offering (Hardware, Software, Services), Application (Fleet Management and Asset Monitoring, Intelligent Traffic Control, Collision Avoidance, Parking Management, Passenger Information Management, Ticketing Management, Emergency Vehicle Notification, Automotive Telematics), and Region 2024-2032,” the global intelligent transport systems market size reached US$ 44.4 Billion in 2023. An intelligent transportation system (ITS) refers to an advanced technology that aims to provide innovative services relating to different modes of transport and traffic management. It comprises an integrated platform that incorporates various state-of-the-art wireless, electronic, and automated technologies that provide real-time information to road users and operators, enabling them to make safer, more organized, and smarter use of the transportation infrastructure. In addition to this, it improves safety, efficiency, and mobility while reducing the environmental impact of transportation. Many ITS can also help optimize trips through route guidance, lower unnecessary miles traveled, reduce time spent in traffic congestion, and achieve lower emission values. As a result, several authorities and operators worldwide are extensively adopting ITS to manage transport networks and achieve more sustainable land mobility.

Global Intelligent Transport Systems Market Trends:

The widespread product adoption due to its advanced capabilities to inform passengers and law enforcement agencies and manage traffic congestion, ongoing road works, and the timing of traffic lights are primarily driving the market growth. In addition to this, rapid urbanization, the increasing number of smart city projects, escalating demand for autonomous vehicles, and the rise in single occupancy vehicles (SOVs) are propelling the large-scale implementation of ITS, especially in suburbs and major cities, which is aiding in market expansion. Moreover, significant technological advancements, such as the adoption of smart and connected technologies like sensor-based detection systems, and the integration of the internet of things (IoT), big data analytics, machine learning (ML), cloud computing, artificial intelligence (AI), and virtual reality (VR), is creating a positive outlook for the market. Concurrent with this, the increasing deployment of next-generation ITS to automate roadways, railways, and airways, which can transform the user experience and reform the methods of tracking and delivery of merchandise and cargo, is presenting remunerative opportunities for the market. Furthermore, favorable government policies and initiatives to lower the rates of road accidents, counter rising levels of air pollution, and decrease carbon footprint are contributing to the market growth. Looking forward, the market value is projected to reach US$ 92.3 Billion by 2032, expanding at a CAGR of 8.2% during 2024-2032. 

Market Summary:

• Based on the mode of transport, the market has been categorized into roadways, railways, and airways.
• On the basis of the product, the market is segregated into network management (advanced traffic management systems (ATMS) and road user, congestion charging, etc.), freight and commercial, public transport, security and crime reduction, automotive and infotainment, road safety, and communications systems.
• Based on the protocol, the market has been divided into short-range (Wave (IEEE 802.11) and WPAN (IEEE 802.15)), long-range (Wimax (IEEE 802.11) and OFDM), IEEE 1512, traffic management data dictionary (TMDD), and others.
• On the basis of the offering, the market has been classified into hardware (interface board, sensor, surveillance camera, telecommunication network, monitoring and detection system, and others), software (visualization software, video detection management software, transit management system, and others), and services (business and cloud, and support and maintenance services).
• Based on application, the market is differentiated into fleet management and asset monitoring, intelligent traffic control, collision avoidance, parking management, passenger information management, ticketing management, emergency vehicle notification, and automotive telematics.
• On a regional basis, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
• The competitive landscape of the market has also been examined, with some of the key players being Siemens AG, Thales Group, Garmin Ltd., Cubic Corporation, FLIR Systems, Lanner Electronics, DENSO Corporation, International Business Machines (IBM) Corporation, ADDCO Acquisition, LLC, TomTom N.V., Kapsch TrafficCom AG, Iteris, Inc., Q-Free ASA, Efkon GmbH, GeoToll , Inc., ElectricFeel AG, Doublemap, LLC, BestMile Sarl, Aptiv PLC (nuTonomy), etc.

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