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

  • Telvent presents its integrated global IT solutions for smart cities
    November 8, 2012
    Real-time IT solutions and information provider Telvent recently presented its global IT solutions for smart cities. Developed with Schneider Electric, Telvent says its SmartCity concept provides cities with access to an integrated suite of solutions to improve the efficiency and sustainability of urban infrastructures, leading to more livable cities. The SmartCity strategy combines Schneider Electric and Telvent’s proven solutions for managing critical infrastructure, including: Smart Grid helps cities to
    Read More
  • UK government to investigate best practice for travel information
    January 30, 2012
    The UK Government has been advised by an internal inquiry that it should investigate examples of best practice in travel information services. So where might it look? Jon Masters reports. Publication of a UK Government report on road congestion this year has highlighted a need to look beyond home borders when searching out answers to pressing problems. With regard to issues of travel information in particular, UK transport professionals would do well to look overseas for solutions they can emulate.
    Read More
  • US judge finds in favour of Kapsch in legal action on tolling products
    June 26, 2017
    Kapsch TrafficCom North America is pleased to report that the US International Trade Commission (ITC) judge has ruled in its favour in a legal action brought by Neology, seeking to prevent Kapsch from importing certain electronic tolling products using the ISO/IEC 18000-6C communications protocol (6C Standard).
    Read More
  • ACRS calls for Australian Government to commit to eliminating road trauma
    March 28, 2017
    The Australasian College of Road Safety (ACRS) has released its 2017 ACRS Submission to Federal Parliamentarians - The way forward to reduce road trauma, outlining what it says is Australia’s stalled progress against National Road Safety Strategy 2011-2020 targets for death and injury reduction. According to ACRS, road trauma is one of the highest ranking public health issues Australia faces , with 1,300 deaths and 37,000 injuries per year, and rising. The causes and consequences of road trauma contin
    Read More

Highlighted Content