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.
Albany, NY -- (SBWIRE) -- 09/01/2016 -- According to the WHO, almost 1.24 million people die every year due to road traffic crashes. Traffic death toll in the U.S. alone has increased by 14% during the first half of 2015, as reported by the National Safety Council. These statistics highlight the fact that the world today is in dire need of technologies to improve traffic safety. Dwindling network topology of transportation worldwide, in conjunction with the incessantly growing number of vehicle owners in metropolitan areas, leads to mounting pressure on transport authorities to introduce the latest technologies in existing transportation networks. This subsequently increases the demand for intelligent transportation system worldwide.
Intelligent transportation systems (ITS) integrate existing transportation networks with the latest information and communication technologies to improve their operational efficiency as well as individual travel experience. The technology achieves the same by the effective use of sensors, communication devices, telematics, and data analysis applications. The implementation of the ITS technology will help reduce traffic congestion and consequent delays. Most importantly, though, it will improve road safety.
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The report segments the global intelligent transportation systems market on the basis of product type, applications, and geography for the purpose of the study. Using industry-leading analytical tools such as SWOT analysis, the report weighs out the strengths and weaknesses of the market and evaluates the opportunities and threats that the market is likely to witness in the near future.
Overview of the Global Intelligent Transportation System (ITS) Market
The global intelligent transportation system market, exhibiting a CAGR of 11.1%, is anticipated to reach a valuation of US$30.2 billion by 2019. The escalating need to improve the existing traffic network and growing focus on road safety will bolster the market for intelligent transportation systems. Apart from road safety, ITS also provides economic benefits such as curbing the incidence of road accidents and reduced travelling delays and fuel consumption. Such factors aid the growth of the global ITS market.
Growing prevalence of standardization of wireless communication technologies provides immense potential and the global ITS market is anticipated to grow at a fast pace over the next couple of years, propelled by this opportunity. However, inadequate interoperability between existing infrastructure and advanced intelligent transportation systems is anticipated to impede growth of the global ITS market to an extent. The economic slowdown in various parts of the world in recent years is also likely to have an adverse impact on the overall market operations.
By type, the segment of ATMS (advanced transportation management systems) held the largest share in the global ITS market. However, increased funding in dynamic display systems will boost the market segment of APTS (advanced public transportation systems) in the coming years. Whilst in terms of application, the segment of traffic management led the market in 2012, adoption of the latest strategies to curb carbon emission is expected to fuel the segment of environmental protection in the forthcoming years.
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Regionally, North America leads the global ITS market, occupying over 42.2% of the market. However, increasing investment to develop infrastructural facilities across Asia Pacific will foster exponential growth opportunities for the intelligent transportation systems market in the region. The market is likely to witness strong demand from India, Malaysia, China, and Thailand.
Companies mentioned in the research report
Leading companies profiled in the report include Hitachi Ltd, Sensys Networks Incorporation, Telenav, Inc., Garmin International Inc., Kapsch TrafficCom AG, TransCore Inc., Nuance Communications Incorporation, Xerox Corporation, WS Atkins PLC, Ricardo PLC, and others.
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