The Global Market for Intelligent Transportation Systems (ITS) is Projected to Reach US$34.8 Billion by 2022

Need to Enhance Road Safety Amidst Growing Vehicular Traffic Drives the Intelligent Transportation Systems Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, market size and demand forecasts on the global Intelligent Transportation Systems (ITS) market. The global market for Intelligent Transportation Systems (ITS) is projected to reach US$34.8 billion by 2022, driven by growing vehicle population, inadequate road infrastructure and the ensuing need to enhance road safety, reduce traffic congestion and pollution through smart and efficient traffic management.

Intelligent Transportation System ensures safe and efficient traffic management by enabling diligent monitoring of traffic conditions, efficient control of traffic flow and timely delivery of accurate information on traffic conditions to commuters. The composition of ITS include information processing, communications and electronics. Integration of these technologies with the transportation system is expected to save lives, time and money, as they address road transportation problems such as congestion, safety and security. Ensuring minimal traffic congestion and enhanced road safety entails more than overcoming the infrastructural problem; it is about cultivating an efficient and speedier transportation system; fruits of which are unrealizable unless governments across the world adopt a strategic vision to actively promote & integrate evolving technologies with conventionally proven systems. ITS is expected to solve these very problems and facilitate in transporting goods and people safely and economically by way of a sophisticated inter-modal transportation system. The objective of ITS, apart from improving safety, is to improve productivity, efficiency, driving experience, mobility and to reduce pollution by the application of computer and telecom expertise.

Overburdened road networks due to rising vehicle population represent a key challenge for governments worldwide. Slow movement of traffic, deterioration in air quality, frequent accidents and fuel wastage, are some of the major fallouts of increasing traffic and inadequate or ill-equipped road network/infrastructure. Against the backdrop of soaring traffic, ITS, particularly Advanced Traffic Management Systems (ATMS) is forecast to benefit as the world over appropriate measures are taken to optimize signal timings, and regulate the flow of traffic. By helping detect traffic situations and transmitting the same to control center, ATMS also helps in devising traffic control strategies and transmitting messages to traffic control departments, and commuters. With people spending more time travelling, real-time traffic alerts become imperative for smart mobility. By enabling dynamic message signs that keeps commuters pre-informed about various traffic issues that they are likely to encounter, ATMS goes a long way in ensuring smooth traffic flow and avoid congestion on road. Given the widespread adoption of ITS worldwide, issues of interoperability, interchangeability and compatibility are fast gaining importance.

As stated by the new market research report on Intelligent Transportation Systems (ITS), the United States represents the largest market worldwide. China is forecast to emerge as the fastest growing market with a CAGR of 16.9% over the analysis period, given the country’s rapid adoption of smart transportation technologies. Over the years, the country has adopted intelligent transportation systems in various forms. China also established driver national motor vehicle and information management system, while connected public transport IC card systems are in use in Jiangsu province and Chinese Pearl River Delta.

Major players (key enabling technology developers & system integrators) covered in the report include 3M Company, Citilog SA, Efkon AG, FLIR Intelligent Transportation Systems NV, Image Sensing Systems Inc., INIT Innovation In Traffic Systems, AG, ItraMAS Corporation Sdn Bhd, Kapsch TrafficCom AG, LeddarTech Inc., Q-Free ASA, Sanef ITS Technologies, Siemens AG, SpeedInfo, Inc., SWARCO TRAFFIC SYSTEMS GmbH, Tacel Ltd., TransCore Inc., and Xerox Corporation, among others.

The research report titled “Intelligent Transportation Systems (ITS): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, service innovations and launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe, China, South Korea, and Rest of World. Product segments analysed in the report include Advanced Traffic Management Systems (ATMS), Electronic Toll Collection (ETC) Systems, and Others (includes Public Vehicle Transportation Management Systems (PVTMS), Commercial Vehicle Operations (CVO) Systems, and Advanced Vehicle Information Systems).

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