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Intelligent Transportation System (ITS) Market Trends

Report ID: GMI178
Published Date: Sep 2023
Report Format: PDF

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Intelligent Transportation System Market Trends

Government initiatives aimed at bolstering safe public transportation through advanced technology are sowing the seeds of lucrative growth for the intelligent transportation system industry. For instance, in August 2023, NEC Corporation has revealed that NEC India is set to play the role of the primary system integrator for the Vehicle Location Tracking-Passenger Information System project, funded by the Nirbhaya initiative of the Indian Government.

This significant project is designed to tackle essential safety issues within buses while simultaneously enhancing the travel experience of passengers through the incorporation of cutting-edge technology solutions. As governments invest in modernizing transportation infrastructure, ITS providers stand to benefit from increased demand, driving the expansion of the ITS market.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of intelligent transportation system reached USD 43.7 billion in 2022 and is set to register a CAGR of 8.8% between 2023 and 2032, owing to the government funding and PPP models.

The passenger information management segment held over 27% of the market share in 2022, as these systems play a pivotal role in modernization by providing real-time, accurate information about routes, schedules, delays, and service changes.

North America market with a share of over 25% in 2022, owing to the escalating traffic congestion, particularly in its densely populated urban centers.

Alstom SA, Cisco Systems Inc., Garmin Ltd., Indra Sistemas, S.A., Kapsch Group, Northrop Grumman Corporation, Raytheon Technologies, Siemens AG, and Thales Group.