Information and communication technologies have improved the quality of intelligent transportation systems (ITS). By estimating from cellular floating vehicle data (CFVD) is more cost-effective, and easier to acquire than traditional ways. This study proposes a cell probe (CP)-based method to analyse the cellular network signals (e.g., call arrival, handoff, and location update), and regression models are trained for vehicle speed estimation. In experiments, this study compares the practical traffic information of vehicle detector (VD) with the estimated traffic information by the proposed methods. The experiment results show that the accuracy of vehicle speed estimation by CP-based method is 97.63%. Therefore, the CP-based method can be used to estimate vehicle speed from CFVD for ITS.