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

  • Vehicle probe data aids emergency rescue vehicle routing
    June 20, 2012
    A new vehicle routeing initiative has arisen to help improve emergency response and relief following natural disasters in Japan. David Crawford reports Japan’s national ITS group ITS Japan and the country’s leading automotives have agreed on a new combined approach to the organisation of traffic management and emergency response in the wake of major natural disasters. A new, robust traffic information platform using probe data obtained from vehicles to support traffic flow will build on the shared experienc
    Read More
  • HDR predicts an adaptable and flexible future for roadways
    December 19, 2016
    HDR consultants, Brian Swindell and Bernie Arseanea, consider managed lanes’ untapped potential. It is no surprise that corridor planning continues to challenge agencies and owners as demand continues to surpass roadway capacity.
    Read More
  • Automatic signal control to prevent emergency vehicle collisions?
    March 14, 2012
    Field trials under way in Arizona promise eradication of accidents between emergency vehicles at intersections – as part of a national focus on ‘intelligent signal’ infrastructure. Collisions between police cars, ambulances and fire crews as they reach intersections at the same time, with equal priority given by all signals set on red, are as serious as they sound absurd. For emergency teams and those in need of their help, the consequences are dire. The solution could come from application of connected veh
    Read More
  • Vaisala: Weather data is vital for connected vehicles
    August 26, 2016
    Vaisala’s Dr Kevin Petty explains why the weather will continue to play a big part in road safety and traffic management in the smart cities of the future. The world is becoming increasingly connected. Thanks to advances in information and communications technology, the cities we live in are becoming ‘smart’, with everything from education to law enforcement managed by integrated tech solutions in a bid to improve quality of life.
    Read More

Highlighted Content