Intelligent Transportation System Market Forecast 2024 to 2032
Intelligent Transportation System (ITS) refers to application of advanced technologies and communication systems in transportation to improve safety, efficiency, and sustainability. ITS aims to enhance transportation infrastructure, vehicles, and operations by utilizing information and communication technologies (ICT).
The Intelligent Transportation System Market was valued at USD 20.9 Billion in 2022 and is expected to register CAGR of 14.9% by 2032.
Rapid urbanization has led to growing congestion and transportation challenges in cities. Traffic congestion is a major issue in many regions, leading to wasted time, fuel consumption, and environmental pollution. This is a key factor expected to drive demand for ITS across the globe in the coming years.