The Global Market for Intelligent Transportation Systems is Projected to Reach US$44.1 Billion by 2024

Growing Emphasis on Better Traffic Management and Road Safety to Drive Growth in the Intelligent Transportation Systems Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry trends, growth drivers, market size, and demand forecasts on the global Intelligent Transportation Systems market. The global market for Intelligent Transportation Systems is projected to reach US$44.1 billion by 2024, driven by growing number of cities, increasing vehicular traffic, rising traffic congestion and effervescent technological innovations. 

Growing vehicular traffic is pushing existing transport infrastructure to its limits; resulting in ever-growing congestion, slower traffic movement and number of accidents. These factors are driving establishments to espouse technology as a means to manage vehicular movement more effectively with available resources. In addition to burgeoning traffic and accompanying congestion, road safety and environmental issues also demand drastic measures in order to cut down on vehicular usage and regulate their movement on roads. Intelligent Transportation Systems (ITS) is increasingly gaining adoption worldwide to address these and other emerging needs. ITS technologies also help governments implement tolling practices for road usage to discourage commuters from using private vehicles for frequent travels and in turn contribute to ease traffic woes. Intelligent Transportation System refers to application of computer and communication technologies to transportation systems management to ensure safe and efficient traffic management. Rising impetus for enhancing road safety and escalating socio-environmental and economic implications of traffic congestions worldwide are the key driving factors for investments in Intelligent Transportation Systems. Growing population, rapid growth in urbanization, rising number of large and mega cities, and increasing number of smart cities are also contributing to growth in adoption of ITS.

Information processing, communications and electronics form the critical components of ITS. At these as well as the system level, the market has been witnessing tremendous advances driving efficiency of ITS and thereby fostering their adoption. Advancement of sensor technologies, cross deployment of engineering ideas and enhanced reliability of networking systems, which make up for the most prominent aspects in the IT era, are emerging as the key enablers of Intelligent Transportation Systems (ITS). Advanced technologies like LED lighting, sensors and cameras have become an integral part intelligent transportation systems, including technologies for managing crosswalks, LED streetlights, and smart parking technologies among a range of others. Smart cameras, data analytics, wireless communications, smart parking-meters, advanced algorithms and induction loops are expected to increasingly find their way into the ITS market going forwards. Advanced Traffic Management Systems (ATMS) represent the major ITS technology in demand, driven by their capability to manage traffic by helping track vehicular traffic data in real time and using the same for ensuring signal control, ramp metering, and taking appropriate measures to regulate traffic flow.  

As stated by the new market research report on Intelligent Transportation Systems, the U.S. represents the largest market worldwide. Implementation of various technologies including traffic sensors and communication infrastructure are expected to drive market growth. Continued shift towards electronic toll collection, infusion of funds for advancements of traffic management through technologies and expected growth in reliance on tolling for funding infrastructure development are expected to drive growth. China represents the fastest growing market worldwide, with a CAGR of 16.9% through the analysis period. Growing infrastructure development, faster economic growth, rising vehicular volumes, and increasing focus on ITS, are some of the major factors driving growth in the country. Hong Kong, South Korea and Australia are among other key markets in Asia-Pacific that promise significant growth prospects in ITS deployments going forwards.

Major players in the market include Citilog SA, EFKON AG, emovis, FLIR Systems, Inc., Image Sensing Systems Inc., INIT Innovation in Traffic Systems SE, Intelight Inc., ItraMAS Corporation Sdn Bhd, Kapsch TrafficCom AG, LeddarTech Inc., Q-Free ASA, Siemens AG, SpeedInfo, Inc., SWARCO TRAFFIC SYSTEMS GmbH, TransCore Holdings, Inc., and Xerox Corporation among others.

The research report titled “Intelligent Transportation Systems: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Intelligent Transportation Systems in value terms for all major geographic markets such as United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, Austria and Rest of Europe), China, South Korea and Rest of World. Product Segments analyzed include Advanced Traffic Management Systems (ATMS), Electronic Toll Collection ETC Systems, Public Vehicle Transportation Management Systems (PVTMS), Commercial Vehicle Operations (CVO) Systems and Others.

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