Global demand for intelligent transport system is expected to rise at a yearly growth rate of 11.0% Y-o-Y to US$ 132.93 Billion in 2032,
the growing demand for traffic control solutions
the rising demand for smart vehicles integrated with the latest telecommunications technology
the improved safety and surveillance offered by modern cameras and License Plate Recognitions (LPRs)
the growing number of vehicles on road, and a looming lack of traffic data management
Additionally, the deployment of intelligent transport systems is anticipated to increase traffic efficiency, traffic passenger safety, passenger satisfaction, and environmental preservation. Another advantage is an improvement in traffic operations as a whole.
Advancements in transportation technology, rising adoption of IoT for traffic, and government investments in the designing, planning, and implementation of intelligent transport system solutions to control traffic congestion are all contributing factors for the market growth of intelligent transport system.
Rising adoption of smart vehicles will promote market growth in the U.S. over the assessment period.
China will continue dominating the Asia Pacific market, excluding Japan.
India is projected to emerge as a lucrative market in South Asia over the forecast period.
By component, intelligent transport systems software is expected to witness a CAGR of 13% over the forecast period.