According to the given report, Intelligent transportation system market accounted for $40 billion in 2021 and would reach a valuation of $70 billion over 2021-2027, propelling at a CAGR of 9% through 2027. The report boasts of pivotal information on the current market situation, emerging technologies, exceptional competitive landscape, industry strategies, future growth prospects, and potential market segmentations.
The robust proliferation of the Internet of things, big data, analytics, and mobile technology has positively impacted the growth of intelligent transportation system market since the last half a decade or so. The automotive industry in particular, which is expanding at an unprecedented pace, has come up to be a technologically revolutionized industry sphere. With the growing number of vehicles, there has been an immense demand for road safety and traffic management to enhance user travel experience.
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Traffic management has been a major challenge due to the growing number of vehicles and multimodal transport. The demand for safety, operational performance and transport efficiency is thus majorly driving the demand for ITS market. Moreover, rising environmental concerns as a result of pollutant emission and depleting fuel resources is also fueling the growth of intelligent transportation system market to enable congestion free transport.
The system improves the transport efficiency by offering features like traffic prediction, traveler information, advisory services, analytics and decision support, ticketing and fare collection, roadside sensors, global positioning systems, and radio frequency tags. ITS services enable vehicles to share positions and data with each other as well as with the network and road infrastructures. On these grounds, ITS is being adopted worldwide to build improved transport strategies, thereby marching towards ‘smart transportation’.
Developed economies North America and Europe have apparently made it compulsory for the vehicles to use ESC (Electronic Stability Control) in public as well as private transport. Indeed, the extensive traffic movement on roadways has led to a spurt in the demand for innovative traffic management methodologies.
Another major factor propelling the adoption of ITS is the extensive rise in the number of road accidents globally. As per the 2017 Road Safety Annual Report of the International Transport Forum, road fatalities in the U.S. surged by 6.3% between 2010-2016, that has been a matter of concern for the regional government agencies. The U.S. DOT (Department of Transport) as a matter of fact, has started a Federal ITS program that supports the manufacturing of intelligent vehicles and endorses the implementation of intelligent infrastructure. The growing adoption of ITS and the presence of favorable government norms and promotional activities will thus drive the growth of the U.S. intelligent transportation system market over the coming years.
The robust implementation of the intelligent transport system in the automotive as well as other transportation sectors such as airways, railways, and maritime, will positively impact the commercialization graph of the overall ITS industry. The system is not just a software solution, but is indeed a much wider concept. The data collected by the deployment of ITS can be a major asset for the transportation industry, enabling manufacturers to get a detailed insight about their vehicle performance in various environments. Armed with a vision that targets ‘smart transport’, intelligent transportation system market is all set to experience a remarkable rise in the coming years.
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Partial Chapter of the Table of Content
Charts & Figures
FIG 1 ITS industry 360º synopsis, 2017 – 2027
FIG 2 Industry segmentation
FIG 3 Industry ecosystem analysis
FIG 4 Porter’s analysis
FIG 5 PESTEL analysis
FIG 6 Growth potential analysis
FIG 7 Competitive analysis of major players, 2020
FIG 8 Competitive analysis of prominent players, 2020
FIG 9 Vendor adoption matrix
FIG 10 ITS market share, by mode of transport, 2020 & 2027
FIG 11 ITS market share, by roadways, 2020 & 2027
FIG 12 ITS market share, by railways, 2020 & 2027
FIG 13 ITS market share, by airways, 2020 & 2027
FIG 14 ITS market share, by maritime, 2020 & 2027
FIG 15 ITS market share, by region, 2020 & 2027
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