According to the latest report by Global Industry Analysts, Intelligent Transportation Systems: A Global Strategic Business Report, the global market for intelligent transportation systems (ITS) is projected to reach US$26.3 billion by 2020, driven by continued rise in vehicular traffic and the need to regulate traffic flow, rising impetus for enhancing road safety, and escalating socio-environmental implications of traffic congestion.
According to the latest report by 6799 Global Industry Analysts, Intelligent Transportation Systems: A Global Strategic Business Report, the global market for intelligent transportation systems (ITS) is projected to reach US$26.3 billion by 2020, driven by continued rise in vehicular traffic and the need to regulate traffic flow, rising impetus for enhancing road safety, and escalating socio-environmental implications of traffic congestion.
The sheer increase in volume of vehicular traffic across the world over the last couple of decades and the inability of existing transport infrastructure to support the same, drives focus on the importance of monitoring and managing vehicular movement, and ensuring smooth flow of traffic. ITS, in this regard, is growing in popularity given the technology’s ability to ease congestion and improve road safety by effective monitoring and management of vehicular traffic. The technology also helps in reducing vehicle usage by strengthening public transport systems by improving service delivery to commuters. Of late, advancements in sensor technologies, CROSS deployment of engineering ideas and enhanced reliability of networking systems, have emerged as key enablers of ITS.
Rising impetus for enhancing road safety and escalating socio-environmental and economic implications of traffic congestion are key factors driving investments in ITS. Growing popularity and rising awareness of benefits will further boost market penetration of these systems. Sustainable transportation systems are the future of modern cities and the focus on efficient and environmentally friendly mobility will only gather additional focus in the coming years. With governments worldwide forced to improve transportation systems in a manner that reduces energy consumption, ITS with its ability to better balance scarce energy resources, individual and public transportation needs and reduce pollutant emissions, is poised to benefit.
Advanced traffic management systems (ATMS) has been growing in demand encouraged by its growing use in tracking vehicular traffic in real time and using the same for ensuring signal control, and ramp metering. Adoption of tolling practices by governments worldwide to generate funds for infrastructure development and maintenance is lending traction to growth of ETC systems. The need to avoid lengthy waiting lines and reduce environmental pollution at Toll plazas is also driving the demand for ETC systems.
The report states that the United States represents the largest regional market worldwide. China is forecast to emerge as the fastest growing market with a CAGR of 17.4 per cent over the analysis period.
The report 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, public vehicle transportation management systems (PVTMS), commercial vehicle operations (CVO) systems and others.
Key players covered in the report include4080 3M, 371 Citilog, 4306 Denso Corporation, 43 Efkon, 6778 FLIR Intelligent Transportation Systems, 6626 Image Sensing Systems, 511 INIT 810 Innovation in Traffic Systems, 7737 ItraMAS Corporation, 4984 Kapsch TrafficCom, 84 LeddarTech, 108 Q-Free, 6723 Sanef ITS Technologies, 189 Siemens, 4090 Speedinfo, 129 Swarco Traffic Systems, 7739 Tacel, 139 Transcore, 4186 Xerox Corporation and 7738 XRS Corporation.
The sheer increase in volume of vehicular traffic across the world over the last couple of decades and the inability of existing transport infrastructure to support the same, drives focus on the importance of monitoring and managing vehicular movement, and ensuring smooth flow of traffic. ITS, in this regard, is growing in popularity given the technology’s ability to ease congestion and improve road safety by effective monitoring and management of vehicular traffic. The technology also helps in reducing vehicle usage by strengthening public transport systems by improving service delivery to commuters. Of late, advancements in sensor technologies, CROSS deployment of engineering ideas and enhanced reliability of networking systems, have emerged as key enablers of ITS.
Rising impetus for enhancing road safety and escalating socio-environmental and economic implications of traffic congestion are key factors driving investments in ITS. Growing popularity and rising awareness of benefits will further boost market penetration of these systems. Sustainable transportation systems are the future of modern cities and the focus on efficient and environmentally friendly mobility will only gather additional focus in the coming years. With governments worldwide forced to improve transportation systems in a manner that reduces energy consumption, ITS with its ability to better balance scarce energy resources, individual and public transportation needs and reduce pollutant emissions, is poised to benefit.
Advanced traffic management systems (ATMS) has been growing in demand encouraged by its growing use in tracking vehicular traffic in real time and using the same for ensuring signal control, and ramp metering. Adoption of tolling practices by governments worldwide to generate funds for infrastructure development and maintenance is lending traction to growth of ETC systems. The need to avoid lengthy waiting lines and reduce environmental pollution at Toll plazas is also driving the demand for ETC systems.
The report states that the United States represents the largest regional market worldwide. China is forecast to emerge as the fastest growing market with a CAGR of 17.4 per cent over the analysis period.
The report 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, public vehicle transportation management systems (PVTMS), commercial vehicle operations (CVO) systems and others.
Key players covered in the report include
