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

  • USDOT seeks input on next ITS research plan
    January 18, 2013
    The US Department of Transportation (USDOT) is seeking public input as it develops the next version of the ITS Strategic Plan. A new document called An Open Dialogue on the Draft Focus and Themes for the Next ITS Strategic Research Plan: Engaging Stakeholders in Their Discussion and Development was released today and it identifies the ITS-related issues that USDOT will focus on for the rest of the decade. The current ITS Strategic Research Plan - 2010-2014 established a focused research agenda to prepare th
    Read More
  • Webinar investigates truck telematics global growth opportunities
    March 30, 2016
    The Frost & Sullivan webcast on 5 April at 1500 BST will present the 2016 truck market outlook and will investigate the evolving global connected truck telematics industry discussing top market, technology and regional trends impacting market dynamics in 2016. Besides truck OEMs, after-market telematics providers, tier-1 suppliers, start-ups become considerable stake holders in the connected truck value chain. Start-ups focusing on mobile-based freight brokering, ELD (Electronic Logging Device) hardware and
    Read More
  • Anywhere card delivers prepaid contactless ticketing
    January 25, 2012
    David Crawford investigates a far reaching initiative in integrated travel. The Port Authority Transit Corporation (PATCO), an operator of high speed commuter rail in the north eastern US, is not one of the world's best known transit providers. Its 13 stations along a single east-west route (three of them interchanges with other regional commuter lines) handle 40,000 passengers a day, travelling to and from Philadelphia, the US' fifth most populous city.
    Read More
  • Global V2V penetration in new cars to reach 69 per cent by 2027
    November 21, 2013
    The latest analysis by ABI research expects global V2V penetration in new cars to increase from 10.9 per cent in 2018 to 69 per cent in 2027. ABI Research vice-president and practice director Dominique Bonte comments: “Huge interest in autonomous driving across the automotive ecosystem firmly positions V2X technology and applications as a key component of driverless car systems. However, some OEMs are claiming some forms of (semi)-autonomous driving can be achieved by just using in-vehicle ADAS-sensors.
    Read More

Highlighted Content