Intelligent Transportation System Market worth $70.7 billion in 2029 – Exclusive Report by MarketsandMarkets™

Browse in-depth TOC on “Intelligent Transportation System Market” 

150 – Tables

60 – Figures

210 – Pages

Intelligent Transportation System Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 50.7 billion

Estimated Value by 2029

$ 70.7 billion

Growth Rate

Poised to grow at a CAGR of 6.9%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Offering, Mode, System and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Complexity of data management and privacy

Key Market Opportunities

Growing demand from emerging economies

Key Market Drivers

Rapid urbanization to fuel the demand for intelligent transportation system

The Roadways segment is expected to dominate in the forecast period.

The roadways are expected to continue holding major shares of passenger and freight transportation. This huge number of vehicles demands advanced management systems to enable the smooth flow of traffic and decongest it. Various governments are investing in smart city initiatives and roadway infrastructure. These investments focus on the roadways as it has a high impact on daily commuting and economic activities.

The commercial vehicle operation segment is anticipated to grow fastest during the forecast period.

The commercial vehicle operation segment is expected to grow fastest in the forecast period, boosted by several factors. Government regulations and mandates of safety, emissions, and operational standards are being deployed and hence drive the adoption of ITS in commercial vehicle operations. The technologies, such as electronic logging devices, fleet management systems, and telematics, ensure compliance with such regulations.

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US in the North America region to dominate the intelligent transportation system industry during the forecast period.

The US transport infrastructure is very well developed, with long road networks, highways, and urban transit systems that can support the deployment of advanced ITS technologies. It is home to major technology companies and research institutions developing and implementing advanced ITS solutions. These companies have adopted artificial intelligence, machine learning, IoT, and big data analytics, which are crucial for the success of ITS.

Key players

The intelligent transportation system companies includes significant Tier I and II players like Siemens (Germany), Hitachi Ltd. (Japan), Cubic Corporation (US), Conduent Incorporated (US), Kapsch TrafficCom AG (Austria), Denso Corporation (Japan), Teledyne Technologies Incorporated (US), Indra SIstemas S.A. (Spain), Garmin Ltd. (US), and Tomtom International BV (Netherlands) are some of the key players in the intelligent transportation system market.

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