Ocean View, DE -- (SBWIRE) -- 05/06/2020 -- Global ITS market is projected to surpass USD 34 billion by 2025. The market growth is attributed to the various government-led investments for smart city development and rise in the number of vehicles demanding smart mobility solutions. Growing investments in smart city development projects will foster the adoption of smart transportation solutions to regulate the traffic flow in cities. ITS solutions allow users to make better use of transportation systems and also provide ways for the development of smarter infrastructure. Also, the adoption of IoT is transforming the transportation industry by automating airways, roadways, waterways, and railway transportation systems to provide better passenger experience. The IoT platforms facilitate better operation & control, traffic planning, and passenger information management. For instance, rail operators are implementing smart digital platforms and replacing legacy infrastructure with new train control systems powered by IoT and big data analytics. An increase in the adoption of sensors in trains and along tracks facilitate monitoring and data collection in real-time.
Another factor accelerating ITS market growth is the increased demand for smart transport communication technologies in vehicles to make driving safe and easy. According to the World Health Organization (WHO), approximately 1.35 million people die each year due to road crashes. According to the European Union (EU), in the EU, 46.4% of the road fatalities involved passenger cars followed by pedestrians (21.2%) in 2016. ITS technologies enable the detection of wrong turns & exceeding traffic limits and provide real-time information to reduce the chances of accidents. Furthermore, government agencies worldwide are implementing emission standards for controlling vehicle emissions and improving roadside safety. Such initiatives are compelling market players to develop advanced ITSs for transportation systems. For example, in July 2016, NXP and eSSys partnered to provide intelligent transport technologies for the Korean government?s Pilot Project. NXP supplied eSSys with RoadLINK V2X chipset, which enables communications between vehicles and infrastructure to share traffic data, which will improve the traffic flow and reduce CO2 emissions.
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Roadways ITS is expected to hold a majority share of the ITS market due to a growing number of vehicles, which has resulted in increased road traffic and congestion. A rise in the number of road fatalities has also contributed to the adoption of ITS solutions. According to the Annual Accident Report, 2017, by the European Union (EU), road traffic accidents in EU member states claimed 26,100 lives and left over 1.4 million people injured in 2015.
In the roadways ITS market, the telecommunications network segment is expected to witness the highest growth over the forecast timeline. ITSs uses communication technologies to improve the connection between roadside equipment, vehicles, and stakeholders and also present opportunities to deliver reliable voice & data services to improve traffic flow. Thus, reliable communications systems are critical for monitoring and managing complex transportation infrastructure.
In the railways ITS market, the demand for real-time passenger information systems is expected to exhibit accelerated growth from 2019 to 2025. These systems provide real-time information such as news broadcast, entertainment, scheduling, and emergency communication services to passengers through voice or visual, thus increasing the traveling comfort for them. The widespread implementation of smart passenger information systems to provide instant information to commuters will drive the railways ITS market growth.
The information display system in the airways ITS market is expected to hold a significant market share of over 20% in 2025. As airport environments are becoming more complex, flight-related & operational information needs to be obtained quickly. Thus, smart display systems are widely used in airports as they store, process, and transfer flight-related information to passengers and airport authorities. With companies rapidly developing these information systems to provide real-time information to keep the passengers updated, the demand for airways ITS will increase in the near future.
In the maritime ITS market, tracking and monitoring systems held a major market share of over 35% in 2018 and are expected to maintain a dominant position in 2025. Tracking and monitoring systems provide marine operators with valuable information for taking marine operational decisions in real-time. They deploy these systems to obtain real-time information on full wave water spectrum, including wind profiling, temperature, pressure, and humidity. As marine companies are widely using them to monitor the ship?s position, location, and other details, the demand for ITS in marine will increase over the forecast period.
The Asia Pacific ITS market is expected to witness the highest growth rate of over 6% from 2019 to 2025. The emergence of smart mobility technologies and financial support provided by the government to establish smart transportation infrastructure is expected to bolster the adoption of intelligent transport solutions. For instance, in August 2016, the South Korean government planned to build a network of smart expressways by 2020 to limit traffic congestion. The government planned to invest USD 33.1 billion and raise USD 31.3 billion through private investments to finance its plan of installing a smart toll system. Some of the companies operating in ITS market are partnering with regional authorities for the implementation of smart transport solutions. For instance, in December 2017, Smart Parking partnered with Queenstown International Airport to enhance the user parking experience. The airport has deployed SmartGuide solutions with more than 450 vehicle sensors installed to sense the presence of cars.
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Companies operating in the ITS market are investing in their R&D labs for the development of new ITS. For instance, in March 2018, Huawei opened a new innovation lab at Gurugram to develop smart city solutions including smart lighting, smart metering, and smart parking solutions. Also, these companies are focusing on large-scale ITS deployments in collaboration with governments and municipal authorities to improve roadside safety and traffic management systems. In January 2018, a Chinese company, Didi Chuxing, along with Chinese traffic management authorities, launched a smart city traffic management solution, DiDi Smart Transportation Brain. This product has been adopted by more than 20 Chinese cities, facilitating real-time data through AI and cloud computing technologies.
Table of Contents (ToC) of the report:
Chapter 5. ITS Market, By Mode of Transport
5.1. Key trends, by mode of transport
5.2. Roadways
5.2.1. Product market estimates and forecast, 2014-2025
5.3. Railways
5.3.1. Service market estimates and forecast, 2014-2025
5.4. Airways
5.4.1. Service market estimates and forecast, 2014-2025
5.5. Maritime
5.5.1. Service market estimates and forecast, 2014-2025
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