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According to a recent report by Mordor Intelligence, the market for Intelligent Transportation Systems (ITS) is expected to grow significantly in the coming years. The estimate projects that the market will increase from $52.60 billion in 2026 to $83.10 billion in 2031. This corresponds to a compound annual growth rate (CAGR) of 9.58% during the forecast period, as stated by the company.
Growth factors and trends
The growth of the ITS market is supported by several factors according to Mordor Intelligence: These include the expansion of connected transportation infrastructures, initiatives for traffic optimization, and the modernization of public transport. Additionally, the broader integration of digital technologies into mobility networks is identified as a key driver. Intelligent Transportation Systems are said to play an increasingly important role in the transportation of people and goods.
Traffic authorities and operators, according to Mordor Intelligence, are placing a particular focus on improving operational transparency, reducing congestion, and increasing traffic safety. Data-driven approaches would support mobility planning and contribute to efficiency improvements. Furthermore, the ITS industry is experiencing an increased use of cloud deployment models, IoT-based monitoring, and connected vehicle systems.
