Published by Coherent Market Insights
Posted on September 22, 2021
4 min readLast updated: February 3, 2026
The ITS market is set to grow significantly by 2027, driven by smart vehicle development and wireless tech advancements, despite high costs.
United States/WA: The global intelligent transportation systems (ITS) market was valued at US$ 30.1 Bn in 2019 and is forecast to reach a value of US$ 74.3 Bn by 2027 at a CAGR of 11.9% between 2020 and 2027.
Report Pages:[135 Pages]
Major Key Companies Involving in Intelligent Transportation Systems (ITS) Market:
Siemens AG, TomTom NV, Hitachi Ltd, Thales Group, WS Atkins PLC, Telenav, Inc., Nuance Communications Incorporation, Kapsch TrafficCom AG, EFKON AG, Iteris, Inc., and Garmin International Inc.
An intelligent transportation system is an advanced application, whose primary objective is to provide innovative services related to different modes of transportation and traffic management and allow users to be well-informed. It also provides safer, more coordinated, and smarter transport networks. Advancements in wireless technologies to share real-time information are playing an important role in the effective development and deployment of connected vehicle systems. Wireless technologies such as DSRC, 3G, and 4G mobile networks ensure multi-modal data transmission and improve the interoperability of transportation networks.
Market Opportunity
Development of smart vehicles compatible with ITS can provide major business opportunities in the global intelligent transportation systems (ITS) market
Many automobile and technology companies are developing smart vehicles that are compatible with ITS Companies such as BMW, Chevrolet, Chrysler, Dodge, Audi, Jeep, and more are developing smart vehicles, which has increased adoption of ITS. Key players in the market can capitalize on these opportunities by providing novel products and gain a competitive edge in the market.
Market Restraint
High cost associated with ITS is expected to hamper the global intelligent transportation systems (ITS) market growth over the forecast period
ITS installation is significantly expensive as compared to other technologies. As a result of this, not many automobile manufacturers are actively adopting this technology. This, in turn, increases the overall cost of the vehicle. Hence, these factors are expected to hamper the global intelligent transportation systems (ITS) market growth in the near future.
Request a sample PDF copy of the report to understand the structure of the complete report:
https://www.coherentmarketinsights.com/insight/request-sample/4174
Market Trends
Among regions, North America is expected to witness significant growth in the global intelligent transportation systems (ITS) market. This is owing to rapid growth of roadways in North America and Canada. Furthermore, presence of major market players across the regions is expected to boost the regional market growth over the forecast period.
Europe is expected to register a robust growth rate in the global intelligent transportation systems (ITS) market over the forecast period. This is owing to high traffic density in Spain and the major role of ITS in the French transport policy. Moreover, rising research and development activities are expected to accelerate regional market growth over the forecast period.
Go Through Our Trusted Clients List: https://www.coherentmarketinsights.com/trusted-by
What Sets Coherent Market Insights Apart From the Rest?
Flawless, prompt, and efficient customer support
Accurate representation of knowledge collected from trustworthy secondary and first sources
Addressing over 300 client queries each day
The systematic and methodical market research process
Successfully delivered customized reports to clients from over 60 countries.
In the end, Our business offerings show the latest and the most reliable information crucial for businesses to strengthen a competitive edge. The report then emphasizes on market driving factors, opportunities regulating the market growth, as well as emerging opportunities, potential technical advancements of the Intelligent Transportation Systems (ITS) Market.
People Also Search For Following Reports:
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
The post [Sept 2021] Latin and North America, Europe Intelligent Transportation Systems (ITS) Market COVID-19 impact in-depth analysis appeared first on Gatorledger.
The article analyzes the growth and trends in the Intelligent Transportation Systems market from 2021 to 2027.
Development of smart vehicles compatible with ITS offers significant business opportunities.
High costs associated with ITS installation are a major barrier to market growth.
Explore more articles in the Research Reports category
