Regional Insights into the Intelligent Transportation System (ITS) Market: Key Growth Trends
The global Intelligent Transportation System (ITS) market was valued at USD 51.16 billion in 2023 and is expected to grow at a CAGR of 8.5% from 2023 to 2030. The growth of this market can be attributed to the increasing demand for traffic control solutions, the rise of smart vehicles, and advancements in infrastructure and technology. Key innovations such as License Plate Recognition (LPR) systems, modern traffic cameras, and the ongoing development of smart cities are central to improving road safety, traffic flow, and mobility. The overall market outlook remains positive as cities and transportation systems across the world increasingly rely on intelligent solutions to tackle modern challenges. Key Drivers of Market Growth Several factors are contributing to the growth of the ITS market, including: Demand for Traffic Control Solutions: The growing...