Intelligent Transport System Global Market Report 2024

The intelligent transport system market has grown rapidly in recent years. It will grow from $33.18 billion in 2023 to $37.15 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The expansion observed in the historical period can be attributed to government initiatives, heightened safety concerns, environmental sustainability efforts, the increase in vehicle ownership, and prevailing urbanization trends.

The intelligent transport system market is expected to see rapid growth in the next few years. It will grow to $55.64 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The anticipated growth in the forecast period can be attributed to the emergence of autonomous vehicles, integration of IoT, smart city initiatives, adherence to environmental regulations, and the fostering of public-private partnerships. Key trends expected in the forecast period encompass the integration of AI and machine learning, connected vehicle technologies, electrification, and the promotion of sustainable mobility, heightened focus on cybersecurity in transportation, and the utilization of data analytics for traffic optimization.

The anticipated rise in the number of road accidents is poised to drive the growth of the intelligent transport system market in the future. Road accidents, involving collisions on public roads resulting in injuries or fatalities, have prompted the adoption of Intelligent Transport System (ITS) applications. These applications, including traffic signal control systems, speed cameras, and road safety cameras, contribute to monitoring and enforcing traffic rules, ensuring adherence to road safety regulations. For instance, as of September 2022, the National Highway Traffic Safety Administration reported an estimated 20,175 fatalities in on-road car accidents during the first half of 2022 in the U.S., indicating a 0.5% increase from 2021. Therefore, the increasing incidence of road accidents is a driving force for the intelligent transport system market.

The growing volume of vehicles on the road is expected to further propel the growth of the intelligent transport systems market. Factors such as population growth, urbanization, economic development, and increased accessibility to personal transportation contribute to the rising numbers of vehicles on the road, leading to potential traffic issues. The application of intelligent transportation systems becomes crucial in enhancing traffic efficiency and mitigating congestion. For example, in March 2023, Hedges & Company, an automotive digital marketing company based in the U.S., reported a 0.9% increase in registered cars in the U.S., rising from 286.9 million cars in 2020 to 289.5 million cars in 2021. Hence, the growing number of vehicles on the road fuels the demand for the intelligent transport systems market.

Major companies in the intelligent transport systems sector are innovating by developing products such as the Onboard Driver Assistance and Warning System (ODAWS) to enhance highway infrastructure and road safety. ODAWS, part of the Intelligent Transportation System (ITS) developed under the InTranSE-II program by the Ministry of Electronics and Information Technology (MeitY) in India, provides real-time notifications to drivers. For instance, in April 2022, MeitY launched ITS solutions, including ODAWS, Bus Signal Priority System, and Common SMart IoT Connectivity (CoSMiC) software, aiming to boost road safety and improve public transport efficiency.

Technological advancements emerge as a significant trend in the intelligent transport systems market, with companies adopting new technologies to maintain their market positions. For example, in November 2021, the City of Vienna government and Kapsch TrafficCom, an Austria-based provider of transportation solutions, introduced Traffic Management 2.0 for smart transportation and traffic management. This solution enhances traffic conditions and reduces CO2 emissions by up to 15%, contributing to improved air quality.

In June 2021, Verra Mobility, a U.S.-based smart mobility technology company, acquired Redflex Holdings Limited for an undisclosed amount. This strategic acquisition is expected to enhance Verra Mobility's portfolio of smart transportation solutions, providing opportunities to enhance mobility safety. Redflex Holdings Limited is an Australia-based company specializing in intelligent transport solutions.

Major companies operating in the intelligent transport system market report are Thales Group, Siemens AG, Garmin International Inc., Kapsch TrafficCom AG, TomTom International BV, Denso Corporation, Efkon GmbH, Ricardo plc, Lanner Inc., Q-Free ASA, TransCore, Atkins Group, Iteris Inc., Savari Inc., Teledyne FLIR LLC, IBM Corporation, Addco LLC, Cubic Corporation, Alstom SA, Hitachi Ltd., Indra Sistemas S.A., Advantech Co. Ltd., Nuance Communications Inc., Conduent Incorporate, Cohda Wireless, Sensys Networks Inc., Rapid Flow Technologies Inc., Verra Mobility, Xerox Corporation, Traffex Technologies Inc.

North America was the largest region in the intelligent transport system market in 2023. The regions covered in the intelligent transport system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the intelligent transport system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of an intelligent transport system include hardware, software, and services. Hardware refers to the physical components of a computer or other electronic equipment. Various system types encompass Advanced Traffic Management Systems (ATMS), Advanced Traveler Information Systems (ATIS), Advanced Transportation Pricing Systems (ATPS), Advanced Public Transportation Systems (APTS), and Emergency Medical Systems (EMS) implemented in roadways, railways, and airways. Diverse applications of ITS include intelligent traffic control, collision avoidance, parking management, ticketing management, automotive telematics, fleet management and asset monitoring, among others.

The intelligent transport system market research report provides intelligent transport system market statistics, including intelligent transport system industry global market size, regional shares, competitors with a intelligent transport system market share, detailed intelligent transport system market segments, market trends and opportunities, and any further data you may need to thrive in the intelligent transport system industry. This intelligent transport system 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 transport system market consists of revenues earned by entities by providing fleet management, public transport management, emergency management and intelligent traffic management. The market value includes the value of related goods sold by the service provider or included within the service offering. The intelligent transport system market also includes sales of automatic vehicle identifiers, GPS based automatic vehicle locators, sensors, and cameras which are used in providing intelligent transport system services. 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.


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