Intelligent Transportation System (ITS) Market To Procure Huge Profits Worth $23.07 Billion By 2032

Zion Market Research has published a report on the global Intelligent Transportation System (ITS) Market, estimating its value at USD 13.31 Billion in 2023, with projections indicating that it will reach USD 23.07 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 6.3% over the forecast period 2024-2032.

Furthermore, concept of smart city and growing traffic jams as well as rise in road collisions will result into massive growth of intelligent transportation system (ITS) market over forecast timespan. In addition to this, growing concerns over public safety and strict government norms facilitating effective traffic management activities will spur intelligent transportation system (ITS) industry in years ahead. Apart from this, rise in acceptance of eco-friendly automotive systems will proliferate size of market in forecasting period.

Additionally, large-scale demand for smart automotive will prompt market elevation over forthcoming timespan. Furthermore, need for safe driving and requirement of providing seamless travel experience to both commuters & motorists is predicted to translate into humungous growth of intelligent transportation system (ITS) market in years to come.

Moreover, rise in number of automotive, necessity of new & strong infrastructure facility, and need of streamlining traffic data management activities will drive business trends. Intelligent signal controls garner data from sensors that quantify speed of vehicles, pre-empt alarms, and offer other vital traffic-related data statistics. This, in turn, will proliferate intelligent transportation system (ITS) market size in ensuing years. Growing smart mobility sector is likely to contribute lucratively towards intelligent transportation system (ITS) industry growth in next decade.

Surging Traffic Flow Concerns To Boost Intelligent Transportation System (ITS) Market Growth

Need for improving traffic flow across highways and city corridors has triggered necessity of having smart traffic management technology. This has transformed into humungous demand for intelligent transport systems. In addition to this, transport & logistics authorities are trying to adopt new data analytics systems to resolve issues such as traffic jam as well as road collisions, thereby paving way for growth of intelligent transportation system (ITS) industry.

Massive use of smart technologies in automotive as well as demand for advanced systems in transport activities will reinforce market expansion. Apparently, requirement of efficient traffic control systems for managing rising traffic issues occurring due to increase in number of vehicles on roads in both developed countries as well as emerging economies will skyrocket demand for intelligent transportation systems.

North American Market To Register Immense Growth Over 2023-2032

Growth of intelligent transportation system (ITS) market in North America over forecasting timeline is due to  rise in traffic congestion & need for road safety resulting into utilization of intelligent transportation systems. Furthermore, supportive government policies pertaining to use of intelligent transportation systems will propel growth of intelligent transportation systems (ITS) industry in sub-continent. Moreover, onset of AI, IoT, and Big Data has led to protruding growth of intelligent transportation systems business in region.

Implementation of key business strategies by major industry participants has deeply impacted progress of intelligent transportation system (ITS) market. Our report includes few of these participants and they are Siemens AG, Raytheon Technologies, Kapsch Group, Alstom SA, Indra Sistemas S.A, Cisco Systems Inc., Northrop Grumman Corporation, Garmin Limited, and Thales Group.

Browse the full “Intelligent Transportation System (ITS) Market - By Type (ATIS, ATPS, EMS, ATMS, And APTS), By Application (Traffic Management, Freight Management, Road Safety & Security, Public Transport, Automotive Telematics, Road Tolling Systems, And Parking Management), And By Region- Global Industry Perspective, Comprehensive Analysis, And Forecast, 2023 – 2032.” Report at https://www.zionmarketresearch.com/report/intelligent-transportation-system-market

The global Intelligent Transportation System (ITS) Market is segmented as follows:

By Type

• ATIS
• ATPS
• EMS
• ATMS
• APTS

By Application

• Traffic Management
• Freight Management
• Road Safety & Security
• Public Transport
• Automotive Telematics
• Road Tolling Systems
• Parking Management

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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