Intelligent Transportation System Market: Increased Investments in Traffic Reduction Solution from Government across the World

The study, titled “Intelligent Transportation System (ITS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019”, indicates that registering a strong CAGR of 11.1% from 2013 to 2019, the global ITS market is likely to reach a value of US$30.2 billion by 2019.

Intelligent transportation systems integrate information and communication technologies with existing transportation networks to improve its operating efficiency and improve individuals travel experience. Dwindling transportation network expansion space and growing number of vehicle owners in metropolitan areas increases pressure on transportation authorities to improve the performance of existing transportation network. Effective use of wireless communication devices, computers, sensors, telematics and data analysis applications in existing transportation networks reduces congestion, traveling delays and improves road user safety. In addition, ITS provides higher economic benefits in terms of reduced fuel consumptions, traveling delays and road accidents over its deployment and maintenance cost through its life. Increasing awareness about these benefits in both developed as well as developing economies is expected to spur the demand for ITS through the estimated period. 

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Several type of intelligent transportation systems are introduced from its inception which include advanced traveler information system (ATIS), advanced transportation management systems (ATMS), advanced transportation pricing systems (ATPS), advanced public transportation systems (APTS) and cooperative vehicle systems. Transportation management systems accounted for the largest market share in the global ITS market in 2012. This segment is expected maintain its dominance due to increasing demand for traffic control solutions particularly for adaptive signaling systems across the world. Highway operates across the world are installing electronic toll charging systems to reduce traffic at toll centers. Advanced public transportation segment is expected see the fastest growth in the global ITS market. This is because public transportation operators are investing highly in electronic fare collection systems and dynamic display systems. It is done to provide real-time public transit information to passengers. 

ITS systems are used for range of applications include traffic management, road safety and surveillance, freight management, public transport, environment protection, automotive telematics, parking management and road user charging. ITS systems used for traffic management accounted for the largest market share in 2012. This is particularly due to increased investments in the traffic reduction solution from government across the world.  However, fastest growth is expected in the systems used for environment protection as countries across the world are focusing on to improve quality of life by controlling vehicle emissions. Telematics market represents another potential segment in the global ITS market as vehicle manufacturers are installing these systems for competitive product offering. In addition, vehicle owners are also installing these systems in their cars to access real-time traveling information.

By geography, North America held largest market share due to increased investment in ITS solutions from both public and private sectors. However, Asia-Pacific is expected to be the fastest growing region through the estimated period. U.S., U.K and Japan represents the developed market for ITS and invested heavily in the advanced technologies. Lack of interoperability is the major challenge in implementing the ITS system. This is due to different standards followed by several different users of ITS. Due to this U.S., Europe, Japan and several other countries in Asia-Pacific are focusing on developing mandatory standards and schemes to improve interoperability of ITS. Developing countries such as India, China and Brazil have not invested heavily in ITS have large growth potential in the future.

The global ITS industry comprises with large number of domestic and international players. Each player has fragmented market share and looking to increase their market share through technology innovation and global expansion. Siemens AG, Hitachi Ltd, and Kapsch TrafficCom are some recognized players due to their brand name, advanced technology products and global presence. Some other leading players in this industry include EFKON AG, Denso Corp, TomTom NV, Thales Group, Xerox Company, IBM Corp and others.

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Contact Details

Company Name: Transparency Market Research
Issued By: keshab
Phone: 15186181030
Address: State Tower, 90 State Street, Suite 700
City: Albany
State: New York
Zip: 12207
Country: United States
Website: Visit the website

Keywords : Intelligent Transportation System Market,

by keshab (few years ago!)

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