The global market for IoT in Intelligent Transportation System was estimated at US$151.8 Billion in 2023 and is projected to reach US$543.4 Billion by 2030, growing at a CAGR of 20.0% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Global IoT in Intelligent Transportation System Market - Key Trends & Drivers Summarized
How Is IoT Enhancing Intelligent Transportation Systems?
IoT technology is central to the evolution of intelligent transportation systems (ITS), enabling connectivity across vehicles, infrastructure, and central traffic management centers. Through IoT sensors and connected devices, ITS can monitor traffic flows, predict congestion, and improve safety on the roads. This connectivity allows for real-time data exchange, facilitating more efficient routing, traffic signal control, and incident response. As cities seek to improve urban mobility and reduce traffic congestion, IoT-enabled intelligent transportation systems are becoming an integral part of urban planning and infrastructure.What Role Does Government Support Play in IoT-Driven Transportation?
Government support and funding are critical in driving the adoption of IoT in transportation, as national and local governments invest in smart city infrastructure to improve mobility. Many governments are actively funding projects that integrate IoT into transportation, focusing on reducing congestion, lowering emissions, and improving public safety. Initiatives like smart traffic lights, digital toll systems, and real-time public transportation updates are examples of government-backed projects that benefit from IoT. This support is creating opportunities for private companies to collaborate with public agencies, accelerating the implementation of IoT in transportation systems.How Are Advancements in Connectivity Impacting ITS?
Advancements in connectivity, particularly with the rollout of 5G, are enhancing the capabilities of IoT in intelligent transportation systems. With faster and more reliable connections, ITS can process and respond to traffic data in real time, enabling more efficient and adaptive traffic management solutions. Improved connectivity also supports Vehicle-to-Everything (V2X) communication, allowing vehicles to communicate with each other and with infrastructure for safer, more efficient travel. These advancements in connectivity are transforming how ITS operates, leading to smoother traffic flows, reduced accidents, and enhanced urban mobility.The Growth in the IoT in Intelligent Transportation System Market Is Driven by Several Factors
The growth in the IoT in intelligent transportation system market is driven by several factors, including government investment in smart infrastructure, advancements in connectivity, and the need for urban mobility solutions. Government-backed initiatives focused on reducing traffic congestion and emissions are supporting IoT adoption in transportation. The rise of 5G and V2X communication technologies is also enhancing the real-time responsiveness of ITS, enabling more adaptive traffic management. As cities aim to improve road safety and traffic efficiency, IoT-based intelligent transportation systems are becoming essential, creating a robust growth trajectory for this market.Scope of the Study
The report analyzes the IoT in Intelligent Transportation System market, presented in terms of market value (US$ Million). The analysis covers the key segments and geographic regions outlined below.Segments
Component (Hardware, Software, Services); End-Use (Roadways, Railways, Airways, Maritime)Geographic Regions/Countries
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.Key Insights:
- Market Growth: Understand the significant growth trajectory of the Hardware Component segment, which is expected to reach US$282.3 Billion by 2030 with a CAGR of a 21.7%. The Software Component segment is also set to grow at 19.1% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $42.2 Billion in 2023, and China, forecasted to grow at an impressive 18.7% CAGR to reach $79.8 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global IoT in Intelligent Transportation System Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global IoT in Intelligent Transportation System Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global IoT in Intelligent Transportation System Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Global IoT in Intelligent Transportation System Market such as Cisco Systems, Inc., Cubic Transportation Systems, Inc., Garmin Ltd., Hitachi Transport System Ltd., Huawei Technologies Co., Ltd. and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Some of the 13 companies featured in this Global IoT in Intelligent Transportation System Market report include:
- Cisco Systems, Inc.
- Cubic Transportation Systems, Inc.
- Garmin Ltd.
- Hitachi Transport System Ltd.
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Intel Corporation
- Iteris, Inc.
- Microsoft Corporation
- NEC Corporation
- Siemens AG
- Thales Group
- TransCore
- Verizon Telematics
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
CANADA
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
ITALY
UNITED KINGDOM
REST OF EUROPE
ASIA-PACIFIC
REST OF WORLD
Companies Mentioned
- Cisco Systems, Inc.
- Cubic Transportation Systems, Inc.
- Garmin Ltd.
- Hitachi Transport System Ltd.
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Intel Corporation
- Iteris, Inc.
- Microsoft Corporation
- NEC Corporation
- Siemens AG
- Thales Group
- TransCore
- Verizon Telematics
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 182 |
| Published | November 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 151.8 Billion |
| Forecasted Market Value ( USD | $ 543.4 Billion |
| Compound Annual Growth Rate | 20.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 14 |
