Global Intelligent Transportation Systems Market Report and Forecast 2024-2032

Global Intelligent Transportation Systems Market Outlook

The global intelligent transportation systems market size attained a value of approximately USD 28.28 billion in 2023. The market is further projected to grow at a CAGR of 8.6% in the forecast period of 2024-2032, reaching a value of around USD 59.42 billion by 2032.

Key Trends in the Market

Intelligent transportation systems (ITS) are the various systems that utilised advanced technologies to improve the efficiency and safety of different transportation modes, including roadways, railways, aviation, and maritime transport. They can be used to improve traffic management, enhance routing of vehicles, and aid in accident prevention for private, public, and commercial vehicles and vessels.

• Increasing population density, particularly in larger cities, has resulted in traffic congestions, higher vehicular emissions, and accidents. Rising awareness regarding the capabilities and potential of ITS and their ability to improve traffic and overall manage transportation are driving the intelligent transportation systems market growth.

• Advancements in technologies used for intelligent transportation systems, including hardware such as sensors and software to examine bulk data, is a key trend in the ITS market. As intelligent transportation systems become more accurate, efficient, cost-effective, and reliable, their adoption is likely to rise.

• Development of smart cities across the world is further assessed to augment the intelligent transportation systems market demand in the coming years. Intelligent transportation systems are becoming an integral component of smart cities so as to support safe, secure, and speedy transportation and mobility.

Market Analysis

Based on offering, the market is divided into hardware, software, and services, with hardware subdivided by type into interface boards, sensors, surveillance cameras, telecommunication networks, and monitoring and detection systems among others. Software is categorised by type into visualisation software, video detection management software, and transmit management software, among others, while services is bifurcated by type into business and cloud services, and support and maintenance services. On the basis of system, the intelligent transportation systems market segmentation is advanced traffic management system, advanced traveller information system, ITS-enabled transportation pricing system, advanced public transportation system, and commercial vehicle operation system.

By roadways application, the market is classified into intelligent traffic control, collision avoidance, parking management, passenger information management, ticketing management, emergency vehicle notification, automotive telematics, and fleet management and assets monitoring. Intelligent traffic control is further divided by type into traffic monitoring system, traffic control monitoring system, traffic enforcement cameras, and variable traffic message signboards. Based on railway application, the intelligent transportation systems market is segmented into rail-running operation and collision avoidance, passenger information management, smart ticketing, security and surveillance, and emergency notification, among others.

On the basis of aviation application, the market is divided into avoidance security and surveillance, shuttle bus tracking, traveller information management, smart ticketing, aircraft management, and emergency notification, among others. By maritime applications, the market is categorised into freight arrival and transmit, real time weather information tracking, container movement scheduling, and emergency notification, among others. The regional markets for intelligent transportation systems are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the intelligent transportation systems global market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• AECOM Technology Corporation

• Sumitomo Electric Industries, Ltd.

• Mundys SpA

• Advantech Co., Ltd

• Aimsun SLU   

• Siemens Mobility GmbH

• Cubic Transportation Systems, Inc.

• Onnyx Electronisys Pvt. Ltd

• Chemito Infotech Pvt. Ltd. 

• GMV Innovating Solutions, S.L.

• Other

Market Share by System

Advanced traffic management systems occupy a significant share of the intelligent transportation systems market based on system, fuelled by the growing importance of managing traffic. With rising disposable incomes and increasing populations, traffic congestion has increased considerably in major cities worldwide, leading to higher emissions of vehicle pollutants while also being time-consuming. Advanced traffic management systems or ATMS can aid in providing real-time information regarding traffic situations, facilitate rerouting of traffic, and optimise traffic signals. Predictive capabilities of advanced traffic management systems can aid travellers in choosing suitable transportation options to avoid delays, such as public transport or different routes for private travel. Hazards and accidents on roadways can also be taken into account by ATMS to reroute traffic for smoother movements.

Market Share by Region

Regionally, the Asia Pacific is anticipated to a rapidly growing share in the global intelligent transportation systems market, driven by increasing population and improvements in transportation infrastructure. Countries such as China, Japan, and India are investing substantially in improving the transportation systems within their respective countries, increasing the adoption of intelligent transportation systems. Rapid urbanisation in the Asia Pacific is resulting in increased traffic congestion, due to which countries are considering alternatives to improve transportation flow, such as intelligent transportation systems. Economic benefits of these systems, including reduced fuel consumption, lower risk of accidents, time savings, and diminished vehicular emissions are further increasing the adoption of ITS in the Asia Pacific, thereby increasing the regional intelligent transportation systems market share.

Competitive Landscape

AECOM Technology Corporation, is a leading infrastructure consulting company which was founded in 1990 and is headquartered in California in the United States. The company caters to applications such as cities, commercial and residential, energy, justice, national governments, transportation, sports and venues, education, and healthcare.

Sumitomo Electric Industries, Ltd., established in 1897 and based in Osaka, Japan, has core operations in five industries, namely, industrial materials, infocommunications, energy and environment, electronics, and automotive. The product portfolio of the company includes various raw materials, modules, components, end products, and systems.

Mundys SpA, active in the sectors for airport and motorway infrastructure and mobility-related services, was founded in 1950. Headquartered in Lazio, Italy, the company utilises its extensive assets to combine transportation infrastructure with platforms for digital service to provide advanced services for mobility that are safe and sustainable.

Other intelligent transportation systems market players include Advantech Co., Ltd, Aimsun SLU, Siemens Mobility GmbH, Cubic Transportation Systems, Inc., Onnyx Electronisys Pvt. Ltd, Chemito Infotech Pvt. Ltd., and GMV Innovating Solutions, S.L., among others.

Key Highlights of the Report