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Intelligent Transportation System Market worth $33.6 billion by 2025 growing with a CAGR of 5.34%

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Intelligent Transportation System Market worth $33.6 billion by 2025 growing with a CAGR of 5.34%

September 18
18:46 2019
Intelligent Transportation System Market worth $33.6 billion by 2025 growing with a CAGR of 5.34%

Intelligent Transportation Systems Market
Intelligent Transportation Systems Market by Offering, Systems (Advanced Traffic Management System, Advanced Traveler Information System, ITS-Enabled Transportation Pricing System), Application, and Geography – ITS Market Global Forecast to 2023

The intelligent transportation systems market size in roadways is expected to be worth USD 23.3 billion in 2018 and USD 30.7 billion by 2023, growing at a CAGR of 5.65% between 2018 and 2023. The factors such as increasing concerns related to public safety, growing traffic congestion problem, and increasing favorable initiatives taken by the government for effective traffic management have proved to be the major driving forces for ITS market in roadways. Even though development of smart cities across the world is driving the ITS market in roadways, it is facing challenges in achieving interoperable and standard ITS architecture.

Intelligent Transportation System Market

Intelligent transportation system (ITS) is a combination of information and communication technologies applied in transportation networks and infrastructure to facilitate vehicle-to-vehicle, vehicle-to-infrastructure communication and transfer of information; this helps in enhancing safety, traffic management, and environmental performance of roadways, railways, aviation, and maritime. The navigation and communication technologies, which are typically used in the ITS, are global positioning system (GPS), dedicated short-range communication (DSRC), and carrier access for land mobiles (CALM). Location tracking, traffic management, and collision avoidance are a few key application areas of an ITS.

The market for surveillance cameras in the roadway transportation mode is estimated to grow at the highest CAGR between 2018 and 2023. The advent of new technology has facilitated all activities related to the intelligent transportation system, such as monitoring traffic flow, collecting toll, and identifying violations. Surveillance cameras allow operators to detect and verify instances based on real-time monitoring and evaluating with the help of different modes such as sensors. These cameras also provide information on traffic conditions based on gathered information.

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The ITS market in roadways for commercial vehicle operation (CVO) systems is expected to grow at the highest rate during the forecast period. This is because the system deals not only with the moving freight and passengers in commercial vehicles but also with the activities necessary to regulate these operations as well as activities related to safety assurance, commercial vehicle credentials, and tax administration.

 

Intelligent Transportation System Market

The market for the emergency vehicle notification application is expected to register the highest growth rate during the forecast period. Emergency vehicle notification is a method for notifying traffic of an approaching emergency. A series of alert units are mounted along a roadway so as to be visible to traffic. A signal is emitted from the emergency vehicle, which is detected by a receiver along the roadway. The receiver causes a light to flash, and a relay signal is sent to the next alert unit along the roadway. Accordingly, an alert signal is propagated along the roadway ahead of the emergency vehicle, alerting traffic. The highest CAGR of emergency vehicle notification application is attributed to its seamless capability of notifying the traffic in case of emergency.

 

Scope of the Report:

Report Metric Details
Report Name Intelligent Transportation Systems Market | ITS Market
Base year 2017
Forecast period 2018–2023
Forecast units Value in terms of USD million and billion
Segments covered by Offering, ITS System, Application, and Geography
Geographic regions covered North America, APAC, Europe, and RoW
Companies covered Thales (France), Siemens (Germany), Garmin (Switzerland), Kapsch TrafficCom (Austria), TomTom International (Netherlands), Cubic (US), Q-Free (Norway), EFKON (Austria), FLIR Systems (US), and Denso (Japan). Thales (France)

APAC is expected to grow at the highest CAGR during the forecast period. The ITS market in roadways in APAC is growing rapidly because of the demand in countries such as China, Japan, Australia, and the Rest of APAC. Various countries in APAC, such as Japan, China, and Australia, have started recognizing ITS as a solution to curb issues such as traffic congestion, air pollution, and greenhouse gas emissions. The market in APAC has high growth potential. The demand for ITS in APAC is significantly driven by the strong economic growth, rise in population, and rapid urbanization. Formulating standards is a challenge as it requires vast knowledge of technical aspects, coordination among stakeholders, and a vision to attain different objectives by such standards. Implementation of international standardization process such as ISO also helps countries build national standards in an effective and fair manner.

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