Intelligent Transport System Market to Reach $63.77 Billion by 2034, Growing at 7.6% CAGR

More Countries Adopting Intelligent Transport Systems to Enhance Public Safety and Traffic Management: Fact.MR Report

According to a recently updated Fact. MR industry analysis report, the global intelligent transport system market is projected to reach a value of US$63.78 billion by the end of 2034, up from US$30.66 billion in 2024. Government investments in several countries to improve traffic management and public safety are set to drive the demand for intelligent transport systems.

One of the key factors driving the growth of the smart transport system market is the rising requirement for improved solutions to traffic congestion. These days, more people want to live in cities, therefore more infrastructure such as roads, highways, and other public transportation options is required, including intelligent transportation systems. Also, with the booming e-commerce and logistics industry, efficient management of the transportation of goods has become extremely important, driving more companies to opt for advanced and automatic management systems.

The North American region holds a significant global market share. Increasing emphasis on improving the regional transportation network by different government bodies in the region is driving demand for intelligent transport solutions. Another reason behind the market expansion in the region is several public-private partnerships attempting to install intelligent vehicle systems, as well as increased traffic and the congestion they cause.

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Key Takeaways from the Market Study:

• The global market for intelligent transport systems is forecasted to expand at a CAGR of 7.6% from 2024 to 2034.
• North America is expected to account for 33% of the global market share in 2024.
• The market in South Korea is forecasted to expand at a CAGR of 9.1% from 2024 to 2034.
• The market in China is analyzed to generate revenue worth US$ 7.88 billion by the end of 2034.
• Based on application, the intelligent traffic control segment is evaluated to generate revenue of US$ 16.58 billion by the end of 2034.
• In the East Asia region, demand for intelligent transport systems is expected to reach US$ 7.2 billion in 2024.
• The United States is analyzed to account for 45.6% market share in the North American region by 2034.
• The intelligent transport hardware segment is forecasted to generate revenue worth US$ 31.89 billion by 2034.

“Adoption of predictive analytics to anticipate traffic conditions and proactively manage congestion is enhancing the overall efficiency of intelligent transport systems,” says a Fact.MR analyst.

High Demand for Intelligent Transport Hardware Globally

Intelligent transport hardware is in increased demand since these components are tangible and necessary for the implementation of ITS solutions. The physical infrastructure of intelligent traffic systems is composed of essential hardware components such as traffic cameras, sensors, traffic signal controllers, and electronic display boards. These tools play crucial roles in data collecting, real-time traffic management, and communication between vehicular and traffic systems. However, hardware installation and maintenance are crucial for the initial setup and efficiency of ITS solutions. On the other hand, software and services are critical for data analysis and support providing.

Intelligent Transport System Industry News:

Strategic partnerships with governments are unlocking new opportunities for key players in the intelligent transport system (ITS) market. These collaborations are receiving positive responses from both the public and government authorities, fueling market expansion.

For instance, in June 2024, Dubai’s Roads and Transport Authority (RTA) initiated the study and design of Phase II of the ITS Improvement and Expansion Project. This move aligns with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to enhance intelligent traffic systems and support Dubai’s transformation into the world’s smartest city.

Similarly, in January 2024, U.S.-based Parsons Corporation, in collaboration with multiple partners, launched the Freight Intelligent Transportation System (FITS) at the Port of Oakland. Under a five-year contract, Parsons’ role as a FITS system integrator was expanded to include 24/7 operations and maintenance of FITS devices and applications.

Additionally, in April 2022, India’s Ministry of Electronics and Information Technology (MeitY), under the InTranSE-II program, introduced various ITS applications aimed at improving traffic management across the country.

Leading Players Driving Innovation in the Intelligent Transport System Market:

Key industry participants like Thales Group; TransCore; Siemens AG; Garmin Ltd.; Efkon AG; Lanner Electronics Inc.; Kapsch Trafficcom; Ricardo Plc; Tomtom International BV; Iteris Inc.; Q-Free ASA; Atkins Group; Denso Corporation; Parsons Corporation etc. are driving the intelligent transport system industry.

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More Valuable Insightson Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the intelligent transport system market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product offerings (hardware, software, services), systems (advanced traffic management system, advanced traveler information system, advanced transportation pricing system, advanced public transportation system, emergency medical system), and application (intelligent traffic control, collision avoidance, parking management, ticketing management, automotive telematics, fleet management & asset monitoring), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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