Intelligent Transportation Systems Market Size, Share | Industry Trends Report – 2023 The intelligent transportation systems market size in roadways is expected to be worth USD 23.3 billion in 2018 and USD 30.7 billion by 2023, growing at a CAGR of 5.65% between 2018 and 2023. The factors such as increasing concerns related to public safety, growing traffic congestion problem, and increasing favorable initiatives taken by the government for effective traffic management have proved to be the major driving forces for ITS market in roadways. Even though development of smart cities across the world is driving the ITS market in roadways, it is facing challenges in achieving interoperable and standard ITS architecture. By offering, software segment is expected to grow at highest CAGR during forecast period In this report, the intelligent transportation systems market in roadways, by offering, has been segmented into hardware, software, and services. Among the three, software segment is expected to witness highest growth rate during the forecast period. The high growth rate of the software segment is attributed to the deployment of various advanced software solutions and complex algorithms to strengthen the overall information and communication systems. In addition, the US Department of Transportation (USDOT), along with the Open Source Application Development Portal (OSADP), facilitates the advancement of research, development, planning, testing, and deployment of connected vehicle and traveler-related applications and ITS. This sort of initiative taken by the government is likely to enhance the software segment with significant advancement, thereby justifying the high growth rate of the software segment throughout the forecast period. By system, advanced traffic management system segment to account for largest market share during forecast period The advanced traffic management system held the largest market share in 2018 and is expected hold the dominant position throughout the forecast period. The largest market size of advanced traffic management systems can be attributed to the increasing traffic congestion on roads across the world and ability of these systems in helping traffic mangers in taking appropriate decisions. Advanced traffic management system continuously monitors the expressway and highway by providing valuable feedback and information to the central control room to take suitable actions. https://www.marketsandmarkets.com/PressReleases/intelligent-transport-systems-its.asp North America to account for largest market share during forecast period North America is expected to account for the largest share of intelligent transportation systems market in roadways during the forecast period. The market in this region is also expected to witness significant growth during 2018–2023. One of the major reasons for the leading position of North America is the large transport infrastructure upgrade in countries such as the US and Canada. Furthermore, the highest CAGR of APAC is owing to the transport infrastructure related development in economically developing countries including China, and India.
Intelligent Transportation Systems Market | ITS Market - Forecast to 2023
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