An Intelligent Transportation System (ITS) improves the performance of a transportation network, enables multimodal transport, optimizes fuel consumption and helps reducing risk of road accidents. It achieves this by integrating the transportation network with ICT (Information and Communications Technology). ITS can also be extended for rail, water and air transport and navigation systems. Real-time data is collected through sensors, video surveillance devices, navigation systems and vehicle probes and it is further analyzed and communicated to the user via internet, dynamic sign boards, mobile telephony, etc. These systems are used for boosting the overall safety as well as increasing the efficiency of the operation of public transit systems. Application areas include traffic management, parking management, automotive telematics, road user charging, road safety and security, freight management (commercial) and environment protection.
The usage of ITS in reduction of road accidents is a major driving force for the market. Demand for vehicle to vehicle (V2V) and vehicle to infrastructure (V2I) communication which help in enhancing road safety is expected to gain momentum over the next few years. These systems help to reduce carbon dioxide concentration and greenhouse gases in densely populated areas through traffic management and consequently help in reducing exhaust emissions. Excessive fuel consumption is avoided by reducing traffic congestion which is one of the key focus areas of ITS. Reduction of exhaust emission and efficient utilization of fuel are the two main factors which contribute to the growth of ITS. The financial burden on regulatory authorities is also reduced since the investment required in enforcing traffic congestion control decreases. One of the restraints to the market in the near future possibly could be interoperability issues in between the user and the road or control units. Additionally, effective communication can be achieved only by establishing a standardized and a unified technology, which is a tedious task. North America is expected to dominate the market over the forecast period. ITS is also expected to be implemented in many countries of the Asia Pacific region which is expected to result in it being a fast growing market. Regulatory initiatives and R&D activities in countries such as Japan and India are also estimated to impact the industry positively.
Major industry participants include Lanner Electronics, Inc, Q-Free ASA, TransCore Inc, EFKON AG and Kapsch TrafficCom AG among others.
Grand View Research has recently published a detailed report titled “Intelligent Transportation System (ITS) Market Analysis And Segment Forecasts To 2024”. This market research report provides complete estimate and forecast for major market segments on the basis of products, technology, applications and regions. The report also contains detailed industry trends, market dynamics, drivers, restraints and key opportunities. In-depth market analysis such as Porter’s five force model, PESTEL, opportunity prioritization and comprehensive competitive landscape including detailed profiles of top companies are included in the report.
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