SecurityWorldMarket

23/07/2024

Intelligent transport industry set to hit over $70 billion by 2029

Northbrook, Il (USA)

The global intelligent transportation system market is expected to reach USD 70.7 billion in 2029 from USD 50.7 billion in 2024, at a CAGR of 6.9% during the forecast period. The market's growth is propelled by growing demand from emerging economies, growing public-private partnerships, and growing demand for mobility services. However, according to the researchers at Marketsandmarkets the high upfront costs of implementation are restraining the market's growth.

Various governments are investing in smart city initiatives and roadway infrastructure. These investments focus on the roadways as they have a high impact on daily commuting and economic activities.  As a result it is the roadways segment that the analysts suggest is expected to dominate the market, mainly because this sector holds the majority share in terms of volume for passenger and freight transport - and this huge number of vehicles demands advanced management systems to enable smooth flow of traffic and prevent congestion.

High growth anticipated for commercial vehicle operations

The commercial vehicle operation segment is expected to grow fastest in the forecast period, boosted by several factors. Government regulations and mandates of safety, emissions, and operational standards are being deployed and hence drive the adoption of ITS in commercial vehicle operations. The technologies, such as electronic logging devices, fleet management systems, and telematics, ensure compliance with such regulations.

US continues to dominate the market

The US transport infrastructure is very well developed, with long road networks, highways, and urban transit systems that can support the deployment of advanced ITS technologies. It is home to major technology companies and research institutions developing and implementing advanced ITS solutions. These companies have adopted artificial intelligence, machine learning, IoT, and big data analytics, which are crucial for the success of ITS.

Key players

The intelligent transportation system market includes significant Tier I and II players, some of those named in the research include, Siemens, Hitachi, Cubic Corporation, Conduent, Kapsch Trafficcom, Denso, Teledyne, Indra, Garmin and Tomtom for example. 


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