The global intelligent transportation system (ITS) market is expected to reach USD 66.5 billion by 2024, according to a new report by Grand View Research, Inc. The usage of ITS to reduce road accidents and increase safety is a major driving force for the ITS market.
Demand for Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communication in order to enhance road safety is expected to gain momentum over the forecast period. The continuous progression and development have become a crucial need for betterment of road networks in the transportation systems. Enhancement in vehicle transport technology such as blind spot detection and electronic toll collection has continued to redefine the current opportunity and future prospects of sustainable traffic and transport management.
Additionally, congestion cost is a major issue for any nation in terms of fuel consumption and travel time. ITS and connected car technology is transforming mobility and safety on highways by avoiding crashes and reducing fatalities. As a result, there is a strong focus on deployment of advanced traffic systems and reducing the number of road accidents, which can be facilitated through ITS solutions.
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Further key findings from the report suggest:
The ATMS is expected to remain the largest segment owing to the rising need to access real-time information captured by cameras and sensors. This system allows transport agencies to enable safe traveling by identifying and responding rapidly to the emergencies with real-time decision support tools.
Traffic management application is expected to grow at a CAGR of 12.1% from 2016 to 2024. Growing needs to minimize traffic congestion and pollution levels are boosting the need for traffic management solutions.
The North America ITS industry is anticipated to reach USD 26.29 billion by 2024. Increased government focus on passenger safety and implementation of traffic management projects and initiatives are propelling the demand for intelligent transportation system.
Asia Pacific is anticipated to be the fastest-growing region, growing at a CAGR of over 15.7% from 2016 to 2024. Increasing deployment of these systems propelled by the robust telecom and IT infrastructure has minimize transport-related issues in economy such as India.
Key players in the intelligent transportation system market include Kapsch TrafficCom AG, Iteris Inc., Thales Group, TomTom NV, Garmin International Inc. and Q-Free ASA. Companies are focusing on providing fully integrated safety solutions to develop technologies in the transportation infrastructure space.
Grand View Research has segmented the intelligent transportation system market on the basis of type, application and region:
ITS Type Outlook (Revenue, USD Million, 2014 - 2024)
Cooperative vehicle system
ITS Application Outlook (Revenue, USD Million, 2014 - 2024)
Road safety and security
Road user charging
ITS Regional Outlook (Revenue, USD Million, 2014 - 2024)
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