Intelligent Transportation System Market Size, Growth, Industry Share, Forecast to 2027
Intelligent Transportation System Market – Overview
Intelligent transportation system market Size is expanding at a consistent pace globally. Market Research Future, a firm which specializes in market reports related to the information and communications technology sector among others, published in its recent report on Intelligent Transportation System (ITS) Market Research Report - Global Forecast 2016 – 2022, that the market is expected to be worth USD 42.67 billion by the end of forecast period while developing with a CAGR of 12.21%.
Increase in the amount of cars and other forms of transport has triggered a need to overhaul the transportation system so that the new requirements of traffic management can be successfully integrated in them. Since the value of time and cost effectiveness has considerably risen these days -where packages, goods and individuals have to consistently arrive at the right time at their destination, the demand for an intelligent transportation system is significantly even higher now.
Some of the economically developed regions have already implemented ITS systems to a certain degree of success, but economically developing and backward regions have yet to adapt these systems. The importance of ITS systems is bound to be very high in economically developing and backward regions as they have amplified levels of traffic volumes which need to be managed effectively to empower growth of these regions. The drivers that are fuelling growth of the ITS sector are rising traffic congestions, renewed focus on road safety, urban planning challenges and shift of the freight industry to an organized sector. Lack of awareness about the benefits of ITS especially in developing countries and limited research related to the sector may create limitations for ITS sector’s growth.
Latest Industry News:
Dec 2017 Continental and Avis Budget Group announced recently that they're testing an entirely keyless rental-car system. Using a smart device, renters will be able to lock, unlock and even start their rental car without needing to hunt down a physical key or key fob. Currently, the pilot program is limited to a single market -- the Kansas City area in USA but is likely to roll out to additional markets in the future if the trial goes according to plan. This particular Continental's intelligent transportation systems offering relies on Continental's Key-as-a-Service technology, which doesn't require any change to the circuitry or the underpinnings of the car itself.
Dec 2017 An intelligent transport system is set to be rolled out in Nairobi which will drastically reduce the traffic jams in the city. The transportation system, which includes adaptive lights that control traffic in response to road user patterns, will ensure smooth use of vehicles by improving mobility in at least 100 intersections in the city.
Dec 2017 Vivacity Labs which creates sensors with built-in machine learning that help in identifying individual road users and manage traffic accordingly have raised £3m in funding, which was made up of a £1.7m project grant from Innovate UK and £1.6m from Tracsis, Downing Ventures and the London Co-Investment Fund. The London-based start-up has already deployed 2,500 sensors across 50 square miles of Milton Keynes with a larger roll-out expected over the coming years.
Dec 2017 City planners in Bhubaneswar, India have submitted a proposal to the Centre in order to achieve considerable targets in public transport alternatives and ensure cleaner and greener environment. The proposal costing Rs 219.75 crore was submitted to the Centre recently. The e-mobility plan further details the way to achieve a non-motorized transport environment in the form of intelligent transportation system in the city along with a Command Control Centre to provide safe and easy mobility solutions and seamless management of traffic on the city roads.
Intelligent Transportation System Market- Competitive Analysis
With the entry of new industry players in the intelligent transportation system segment, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced products. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies.
The key players of Intelligent Transportation System are Roper Industries, Inc. (U.S), Hitachi Ltd. (Japan), Siemens AG (Germany), Thales S.A. (France), Xerox Corporation (U.S.), BRISA (Portugal), Kapsch AG (Austria) ¸Q-Free ASA (Norway), Efkon AG (Austria), Lanner Electronics Inc. (Taiwan). Some of the other key players are Denso Corporation (Japan), TomTom International BV (Netherlands), Savari Inc. (U.S.), Nuance Communications Inc. (U.S), Garmin Ltd. (Switzerland) and others.
Intelligent Transportation System Market – Segments
The Global Intelligent Transportation System Market has been segmented on the basis of products, application, component and region.
On the basis of Products: Advanced Transportation Management Systems (ATMS), Advanced Public Transportation Systems (APTS).
On the basis of Application: Automotive Telematics, Traffic Management and Collision Avoidance System
On the basis of Component: Sensor, Surveillance Camera, Software, Interface Board and Monitoring
On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
Intelligent Transportation System Market - Regional Analysis
The global intelligent transportation system market is segmented into North America, Europe, APAC, and Rest of the World (RoW). North America has dominated the market in 2016 which is followed by Asia-pacific. Europe is expected to grow at a CAGR of 12.83% during the forecast period. Asia Pacific is expected to grow from a market size of USD 5.65 billion in 2016 to USD 12.10 billion by 2022. ROW is expected to grow at a CAGR of 8.67% during the forecast period.
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