Intelligent Transportation System Market 2019 —
Intelligent Transportation System, commonly known as ITS, refers to a combination of leading-edge communication and information technologies utilized in traffic and transportation management systems to enhance the efficiency, safety, and sustainability of transportation networks, to decrease traffic congestion problems and to enhance user experiences.
Several developed countries such as the United States and the United Kingdom have successfully deployed intelligent transportation systems with the purpose to enhance the overall performance of the transportation system by ensuring safety, controlling congestion, and offering enhanced comfort and convenience to travellers.
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The primary factors driving the growth of intelligent transportation system include
The growing concerns for traffic congestion
An increase in the necessity for road safety improvements
However, the factors like a scarcity of adequate infrastructure for the execution of intelligent transportation systems in underdeveloped and developing countries is impeding the growth of the global ITS market.
According to the research report, the global intelligent transportation system market is anticipated to reach US$42.67 billion, prospering at a CAGR of about 12.21% during the forecast period.
The report further suggests that the global intelligent transportation system market can be analyzed on the basis of the major product types, important applications, component, and regional markets.
Based on the product type, the ITS market can be segmented into-
Advanced transportation management systems (ATMS)
Advanced public transportation systems (APTS)
Advanced transportation pricing systems (ATPS)
Advanced traveller information systems (ATIS)
Cooperative vehicle systems
According to the research, Advanced Public Transportation Systems product segment accounts for the highest market share of about 13.89% in the global ITS market, followed by Advanced Transportation Management Systems accounting for about 12.39% of the overall market share.
Based on important applications, the global ITS market can be segmented into-
Collision avoidance system
Road user charging
Traffic signal control
Road safety and security
Freight management (commercial)
Environment protection and traffic enforcement camera
As per the report, road user charging application segment accounts for the highest market share of about 14.75% in the global ITS market, followed by Environment Protection segment, accounting for 14.73% of the share.
Based on the components, the global ITS market can be segmented into-
Monitoring and detection system
The report published in Market Research Future confirms that-
Asia-Pacific is expected to dominate the overall market of intelligent transportation system during the forecast span.
North America led the global ITS market in the year 2016 which is followed by Asia-pacific.
The European market is anticipated to prosper at a CAGR of 12.83% during the forecast timespan. Asia Pacific is predicted to rise from a market size of US$5.65 billion in the year 2016 to US$12.10 billion by the end of 2022. The market in the rest of the world is expected to develop at a CAGR of about 8.67% during the forecast period.
The integration of advanced technologies like machine learning, Internet of Things, and AI into the automobiles have supported the growth and advancement of the intelligent transportation system market. According to the research, Global IoT-based ITS market was valued at US$112.84 billion in the year 2017 and is expected to reach US$219.95 billion by the end of 2025, prospering at a CAGR of 8.7% during the forecast period.
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