Intelligent Transportation System (ITS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019
Albany, NY -- (SBWIRE) -- 06/23/2015 -- Intelligent transport systems (ITS) refer to the merger of integration of transport infrastructure with information and communication technologies with the motive of improving safety, monitoring, mobility, traffic conditions, environmental sustainability and economic performance of the transport system.
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Modes of transport that are affordable and easily accessible to everyone are clearly fundamental to the wealth and prosperity of a huge part of the world population. Such transport modes underpin employment, global transport and economic growth, while also providing the citizens with the kind of mobility and resources that are required to maintain high quality of life.
However, the ability of transport systems to maintain mobility is many times hampered due to a continuous rise in traffic on every mode of transport, road, air, water as the levels of urbanisation, motorisation and population keeps growing in every part of world. The resulting congestion in traffic clearly wreaks havoc on the efficiency of traffic systems, leading to increased travel times, air pollution and more consumption of fuel.
Addressing the issue of traffic congestion was one of the primary purposes why intelligent transport systems were brought into conception. The basic motive behind fusing transport infrastructure with information and communications system was to utilise the transport capacity even better through the transfer of realtime data about traffic conditions and infrastructure.
Since then, a horde of new transport applications have merged and continue to emerge. Applications based on information and communications system such as navigation, traffic control systems, container management, CCTV security systems, weather information, parking guidance, etc.
It is estimated that if ITS is employed to its best and adhered by all transport modes across the globe, the problem of traffic congestion could be reduced by 15%, road fatalities by nearly 15% and CO2 emission by nearly 20%.
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Major technological constituents of ITS:
A variety of wireless communication devices for data exchange of both short-range and long-range
Computing technologies: Currently, fewer and more costly processors are in huge demand that allow more sophisticated applications such as artificial intelligence and model-based processing
Sensing mechanisms: sensors are employed to feed vehicle based as well as infrastructure based data to control systems.
To meet the challenge of developing a virtually clean, efficiently mobile and accident-free environment on all modes of transport through the use of ITS technologies, it is necessary that all the elements of transport systems communicate and cooperate with each other in real-time. Bi-directional data transfer is required in vehicle to vehicle and vehicle to infrastructure systems. This requires the development of a data transfer architecture that could provide a common base for cooperative systems to work together. Some applications based on cooperative systems are currently under development. These include applications for traffic management, weather and road condition warnings, route guidance to avoid traffic congestion and intersection collision warnings.
Though this industry is still in its nascent phases, it has huge growth opportunities throughout the globe. Issues about traffic management, fuel consumption, mobility and environment protection are on rise. All these have resulted in a rise in demand for advanced ITS systems from all parts of the world.
If market analysts are to be believed, this market could have market value worth USD 30.3 billion by 2019. Transparency Market Research, a US based market intelligence firm states in its new report about the global ITS market that this industry has the potential of growing at a CAGR of 11.1% in the coming five years.
The segments of traffic management and vehicle systems are especially of huge growth potential. The region of Asia Pacific possesses significant growth opportunities for the industry to flourish in the coming times.
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