Intelligent Transportation Systems Global Market Report 2024

The global intelligent transportation systems market has grown strongly in recent years. It will grow from $32.33 billion in 2023 to $35.52 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The expansion seen in the previous period stemmed from efforts to mitigate traffic congestion, enhance safety measures, achieve environmental sustainability objectives, improve emergency response and incident management, integrate public transportation, optimize efficiency in freight and logistics, and fine-tune traffic signal control systems.

The global intelligent transportation systems market is expected to see rapid growth in the next few years. It will grow to $52.23 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The anticipated growth in the upcoming period is driven by the swift expansion of connected vehicles, increased investments in smart infrastructure, utilization of data analytics for traffic forecasting, implementation of dynamic road pricing systems, emphasis on enhancing last-mile connectivity, integration of smart mobility as a service (MaaS), and the inclusion of urban air mobility solutions. Key trends expected during this forecast period encompass the integration of Internet of Things (IoT), adoption of advanced driver assistance systems (ADAS), deployment of smart parking solutions, heightened focus on cybersecurity measures, utilization of augmented reality (AR) for navigation, leveraging 5G connectivity, exploration of blockchain for transportation security, and fostering public-private partnerships in the transportation sector.

The projected increase in road fatalities serves as a driving force behind the Intelligent Transportation Systems (ITS) market. Road fatalities encompass individuals instantly killed or succumbing within 30 days due to road injuries. ITS functions to assist drivers in accident prevention by detecting surrounding vehicles, motorcycles, and pedestrians, adjusting driving speed and distance accordingly. Escalating road traffic congestion has further spurred the demand for ITS. For example, as per a report by the National Highway Traffic Safety Administration (NHTSA) in August 2022, the first quarter of 2022 witnessed 9,560 fatalities, indicating a 7% surge from the 8,935 fatalities recorded during the same period in 2021. Hence, the mounting road fatalities fuel the market growth for Intelligent Transportation Systems.

The surging adoption of smart transport systems significantly propels the Intelligent Transportation Systems market. Smart transport systems involve advanced and integrated technologies aimed at enhancing transportation network efficiency, safety, and sustainability. Their adoption plays a crucial role in shaping the future of ITS, addressing challenges like traffic congestion, bolstering overall mobility, and promoting sustainable transportation practices. For instance, based on the Bureau of Transportation Statistics (BTS) report in February 2023, the U.S. transportation industry stands at a value of $1.36 trillion as of 2022. Therefore, the escalating adoption of smart transport systems serves as a catalyst for the Intelligent Transportation Systems market.

Innovations in product offerings have emerged as pivotal trends gaining traction within the Intelligent Transportation Systems market. Major market players are innovating by integrating technologies like the Internet of Things (IoT), communication technologies, precise sensors, and artificial intelligence (AI) into new products to maintain their market standing. For instance, in January 2021, Cubic Corporation, an American public transportation and defense corporation, launched UMO. UMO stands as an entirely integrated suite catering to customers, transit operators, and mobility service providers, expanding their transportation technology offerings. This versatile suite facilitates fare payments, trip planning across various modes, incentivizes public transportation usage, and grants real-time information, enhancing the overall mobility experience.

Prominent companies strategically engage in partnerships and collaborations with startups and mid-sized entities in the Intelligent Transportation Systems market to broaden their product and service portfolios. These strategic collaborations and partnerships aid in expanding existing product ranges and geographical outreach. For instance, in August 2023, Vix Technology, an Australia-based provider of intelligent transportation systems, partnered with myBus, a Barcelona-based transit SaaS provider. This partnership aimed to develop a new ITS product augmenting myBus's cloud-native passenger information and fleet management system alongside Vix's expertise in data management and operations technology. Such collaborations enable Vix to offer a comprehensive ITS product to agencies, empowering passengers with real-time information while assisting operators in effective fleet management. This partnership widens Vix Technology's reach into new markets, offering an end-to-end solution for passengers and operators alike.

In April 2021, Quarterhill Inc., a Canadian firm specializing in intelligent transportation systems and intellectual property licensing, completed the acquisition of VDS Verkehrstechnik GmbH for $2.06 million (CAD 2.8 million). This strategic acquisition significantly expanded Quarterhill's enforcement capabilities, specifically in generating speeding and red light infractions, leveraging the technology offered by VDS. VDS Verkehrstechnik GmbH, headquartered in Germany, is renowned for its smart vehicular traffic management technologies.

Major companies operating in the intelligent transportation systems market report are Denso Corporation, EFKON GmbH, Garmin Ltd., Thales Group, Kapsch TrafficCom AG, Lanner Electronic Inc., Siemens Aktiengesellschaft, Cubic Corporation, TomTom International B.V., Indra Sistemas S.A., Q-Free ASA, Iteris Inc., Hitachi Ltd., Nuance Communications Inc., Teledyne FLIR LLC, The International Business Machines Corporation, Advantech Co. Ltd., TransCore Holdings Inc., Savari Inc., Addco LLC, Ricardo PLC, Xerox Corporation, Traffic Tech Inc., Alstom SA, Cisco Systems Inc., Intel Corporation, Omnitracs LLC, Panasonic Corporation, Qualcomm Technologies Inc., Trimble Inc.

North America was the largest region in the intelligent transportation system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global intelligent transportation systems optical components market share during the forecast period. The regions covered in the intelligent transportation systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the intelligent transportation systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The core components within Intelligent Transportation Systems comprise advanced traffic management systems, cooperative vehicle systems, advanced public transportation systems, advanced traveler information systems, and advanced transportation pricing systems. Cooperative vehicle systems entail the acquisition of vehicle and road information through wireless communication and sensor detection technologies. This facilitates data interaction and sharing between vehicles and infrastructures. Their offerings span hardware, software, and services applicable across roadways, aviation, railways, and maritime sectors.

This report provides intelligent transportation systems optical components market statistics, including intelligent transportation systems optical components industry global market size, regional shares, competitors with a intelligent transportation systems optical components market share, detailed intelligent transportation systems optical components market segments, intelligent transportation systems optical components market trends and opportunities, and any further data you may need to thrive in the intelligent transportation systems optical components industry. This intelligent transportation systems optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The intelligent transportation system market consists of revenues earned by entities by providing services such as data acquisition, data processing, data communications, data distribution, information utilization, and system architecture. The market value includes the value of related goods sold by the service provider or included within the service offering. The intelligent transportation system market also includes sales of interface boards, sensors, surveillance cameras, telecommunication networks, monitoring, and detection systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.