Intelligent Transportation System Market Overview and Insights:
According to MarkNtel Advisors Report, the Global Intelligent Transportation System Market size was valued at around USD 48.88 billion in 2024 and is projected to reach USD 66.19 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 6.1% during the forecast period, i.e., 2025-30.
Intelligent Transportation System Market research is an ongoing process. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
Key Takeaways: Beneficial for Stakeholders and Clients:
Historical Data: 2020-23
Base Year: 2024
Forecast Period: 2025-2030
What are the major challenges facing the Intelligent Transportation System Market?
High Investments Related to Intelligent Transport System Installation - The ITS heavily depends on numerous high-tech devices, software, and systems, making transforming traffic management into intelligent transportation systems rather expensive. Thus, the high cost associated with integrating and installing ITS could hamper the market expansion in the forthcoming years. Moreover, the maintenance costs and the high budget required for assistance through such technology are over the top for developing economies hindering industrial ascension.
Who are the Key Players Operating in the Intelligent Transportation System Industry?
The top companies of the Intelligent Transportation System market ruling the industry are:
Denso Corporation
Iteris
Lanner Electronics
Agero
EFKON
Cisco
Flir System
Siemens
TransCore
Citilog
Hitachi, Ltd
Garmin Ltd
Sensys Networks, Inc.
Kapsch TrafficCom AG
IBI Group
Others
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Amongst all, Advanced Traffic Management System (ATMS) is expected to garner the largest market share in the forecasting period. It is accredited to the rising demand for an advanced management system with the increasing number of vehicles on the road and surging accidents, which are avoidable through a proper management system. Besides, numerous governments spending heavily on integrating the latest technologies, installing advanced methods, and investing in further research and development to enter the ATMS into local roads is pushing the industrial ascension forward.
By Application
Roadways - Market Size & Forecast 2020-2030, USD Million
Intelligent Traffic Control- Market Size & Forecast 2020-2030, USD Million
Traffic Monitoring Systems- Market Size & Forecast 2020-2030, USD Million
Traffic Signal Control Systems- Market Size & Forecast 2020-2030, USD Million
Traffic Enforcement Cameras- Market Size & Forecast 2020-2030, USD Million
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