Global ITS market expected to reach US$66.5 billion in eight years

The global intelligent transportation system (ITS) market is expected to reach US$66.5 billion by 2024, according to a new report by Research and Markets. The report, Intelligent Transportation System (ITS) Market Analysis By Type, By Application And Segment Forecasts To 2024, indicates that usage of ITS to reduce road accidents and increase safety is a major driving force for the ITS market. Demand for vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication in order to enhance road s
November 28, 2016 Read time: 2 mins
The global intelligent transportation system (ITS) market is expected to reach US$66.5 billion by 2024, according to a new report by 7527 Research and Markets. The report, Intelligent Transportation System (ITS) Market Analysis By Type, By Application And Segment Forecasts To 2024, indicates that usage of ITS to reduce road accidents and increase safety is a major driving force for the ITS market.

Demand for vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication in order to enhance road safety is expected to gain momentum over the forecast period. The continuous progression and development have become a crucial need for betterment of road networks in the transportation systems. Enhancement in vehicle transport technology such as blind spot detection and electronic toll collection has continued to redefine the current opportunity and future prospects of sustainable traffic and transport management.

Additionally, congestion cost is a major issue for any nation in terms of fuel consumption and travel time. ITS and connected car technology is transforming mobility and safety on highways by avoiding crashes and reducing fatalities. As a result, there is a strong focus on deployment of advanced traffic systems and reducing the number of road accidents, which can be facilitated through ITS solutions.

The North America ITS industry is anticipated to reach US$26.29 billion by 2024. Increased government focus on passenger safety and implementation of traffic management projects and initiatives are propelling the demand for intelligent transportation system.

Urban Traffic Control

For more information on companies in this article

Related Content

  • US updates ITS strategy for Connected Vehicle deployment
    March 16, 2015
    Jon Masters looks at the USDOT’s new ITS Strategic Plan for the next five years. Emphasis and direction for the next five years of Government led ITS research in the United States has been framed within a new ITS Strategic Plan. The US Department for Transportation’s (USDOT) ITS Joint Program Office (JPO) published the report at the tail end of 2014 after concluding a two-year ITS industry consultation process. The Plan identifies a vision to transform the way society moves and the ITS JPO’s aim of advancin
    Read More
  • Suppliers reshape to provide tolling and traffic management expertise
    August 2, 2013
    Jason Barnes examines the trend towards single source supply of complete tolling and traffic management solutions with some senior tolling industry figures. Only a few years back, the major tolling system suppliers were aggressively positioning themselves as one-stop shops for tolling solutions and operations. No sooner has that little flurry of innovation settled than another trend has emerged – tolling companies wanting to become major ITS suppliers as well. Various tolling company seniors have in recent
    Read More
  • Progressing work zone safety systems
    February 1, 2012
    David Crawford investigates progress in a key safety area - work zones. Highway construction zone safety is taken seriously enough in the US to merit a special spring National Work Zone Awareness Week, which in 2010 ran from 19-23 April. Headed by the US Department of Transportation's Federal Highway Administration (FHWA), this aims to reduce an annual toll of work zone deaths - 720 in 2008 (an average of one every 10 hours) with more than 40,000 traffic injuries (an average of one every 13 minutes).
    Read More
  • Progressing work zone safety systems
    February 6, 2012
    David Crawford investigates progress in a key safety area - work zones
    Read More

Highlighted Content