Intelligent Transportation Systems Market To Soar To $98.02 Billion By 2032, Driving Smart Mobility At 7.5% CAGR AMR

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ITS market Growth

WILMINGTON, NEW CASTLE, DE, UNITED STATES, February 11, 2025 /EINPresswire / -- Allied Market Research published a report, titled, "Intelligent transportation System (ITS) Market by Component (Hardware, Software, and Services), Application (Traffic Management, Freight Management, Advanced Traveler Information System, Advanced Public Transportation System, Security and Surveillance, Ticketing and Tolling System, and Others), and End User (Roadways, Railways, Waterways, and Airways): Global Opportunity Analysis and industry Forecast, 2023-2032". According to the report, the global intelligent transportation system industry size generated $48.36 billion in 2022 and is anticipated to generate $98.02 billion by 2032, witnessing a CAGR of 7.5% from 2023 to 2032.

The global intelligent transportation system market has seen significant growth due to increased traffic jams globally and the increasing investment in the development of railway and road infrastructure and the increasing inclination of government to promote green mobility is driving the market is driving the market demand.

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The intelligent transportation system market is estimated to continue to grow at a moderate growth rate due to the expansion of global trade, infrastructure projects, and the need for efficient transportation solutions. Advancements in technology, growth of connected and autonomous driving car, and improvement of high-speed internet and communications technologies offers significant opportunities. However, it also faces challenges, including regulatory compliance, safety concerns, and volatile raw material prices. The market's growth prospects are closely tied to industry-specific demands, economic stability, and technological advancements.

The global intelligent transportation system market is segmented on the basis of component, application, and end-use. Based on components, the market is bifurcated into hardware, software, and services. Depending on applications, the market has been segregated into traffic management, freight management, advanced traveler information systems, advanced public transportation systems, security and surveillance, ticketing and tolling systems, and others. Based on end use it is fragmented into roadways, railways, waterways and airways. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The sharing of data will allow drivers and governments to effectively manage the flow of traffic in the region and will establish collaboration between the Member EU States on the use of spectrum for 5G testing for connected automobiles and data sharing. The cooperative collaboration between countries in the European Union will enhance Vehicle-to-vehicle (V2V), and Vehicle-to-Infrastructure (V2I) communication, thus help to improve road safety and manage traffic efficiently further creating demand for intelligent transportation system market.

Similarly, countries in the Asia-Pacific region are also collaboratively working for the development of ITS technologies. For instance, ITS Asia-Pacific, a cooperative collaboration between Asia-Pacific countries, aims to support economic growth by providing solutions for modern transportation problems. The members of the cooperative collaboration include China, Thailand, Malaysia, Singapore, Indonesia, Japan, South Korea, Chinese-Taipei, Hong Kong SAR, Australia, and New Zealand. The strong economic growth resulting in increased traffic jams and longer commute time will continue to drive the demand for Intelligent Transportation Systems in the region during the forecast period 2023-2032.

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Moreover, countries around the world are developing high-speed railway infrastructure as countries are investing significant funds for railway infrastructure development. Major countries around the world are developing railways to connect major cities and economic centres with the aim of reducing travel time and promoting economic growth further driving the demand for intelligent transportation system market.

In addition, the market is highly competitive, with several key players dominating the industry . Prominent manufacturers focus on innovation, product differentiation, and strategic partnerships to maintain their market positions. Market leaders include companies such as Siemens AG, Teledyne FLIR LLC, Garmin Ltd, and Others.

Key Developments in the Intelligent Transportation Industry:

.Leading companies are employing various strategies, including acquisition, agreement, expansion, partnership, contracts, and product launches, to fortify their market positions.
.In October 2023, Alstom SA collaborated with FLXO Robotics to develop technology aimed at reducing wildlife collision accidents. Utilizing advanced image analytics and AI algorithms, the technology identifies animals in proximity and emits a tailored repellent noise to deter them, thereby lowering the risk of collisions.
.In November 2023, Siemens AG acquired HMH, s.r.o, the manufacturer of the MIREL train protection system for Slovakia, Czech Republic, Hungary, and Poland. This acquisition enables Siemens Mobility to offer a complete train protection portfolio covering Eastern European rail corridors, reinforcing its position as a leading rail infrastructure provider in Europe.
.In August 2023, NEC Corporation secured a contract from India's Uttar Pradesh State Road Transport Corporation (UPSRTC) for the Vehicle Location Tracking-Passenger Information System (VLT-PSIS) project under the Nirbhaya fund of the Government of India. This initiative utilizes state-of-the-art technologies to address safety concerns in buses and enhance passengers' overall travel experiences by providing live bus tracking through an Integrated Command Control Centre.
.In August 2021, Thales Group announced an agreement with Hitachi Rail for the sale of Thales Group's "Ground Transportation System" segment, offering rail signaling and train control systems, telecommunications and supervision systems, and fare collection solutions. This strategic move enhances Hitachi's mobility-as-a-service offerings and strengthens its presence in rail signaling product offerings.

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Leading Market Players: -

Siemens AG
Garmin Ltd
Denso Corporation
Thales Group
Cubic Transportation Systems, Inc.
Kapsch TrafficCom AG
Teledyne FLIR LLC
NEC Corporation
Navico Group
Alstom SA

The report provides a detailed analysis of the key players in the global intelligent transportation system (ITS) market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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