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Intelligent Transportation Systems Market - A Global and Regional Analysis

Focus on Application, Functionality, Offering, Component, Product, Deployment and Country-wise Analysis - Analysis and Forecast, 2020-2031

 
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The global intelligent transportation systems market is expected to reach $40.76 billion by 2031, growing with a CAGR of 5.8% during the forecast period 2021-2031.

The top market players are Siemens AG, Thales SA, Kapsch TrafficCom AG, Garmin Ltd., Teledyne FLIR LLC, Indra Sistemas, S.A., Ricardo, Swarco Holding, TransCore, EFKON GmbH, Redflex Holdings, Transmax Pty Ltd., Aecom Technology Corporation, Citilog, Agero, Inc.

Factors driving the growth of the intelligent transportation systems market are development of smart cities, progressive reduction of emissions, government initiatives for traffic management and control, and prominence of technological advancements.

Some of the main challenges restricting the growth of the intelligent transportation systems market are high costs associated with ITS, differences in ITS architecture globally.

The potential opportunities that are likely to boost the growth of the intelligent transportation systems market are public and private partnerships, and emergence of autonomous vehicles.

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