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

  • Cost Benefit: Utah traffic light scheme pays dividends
    March 15, 2019
    A traffic signal control scheme in Utah is being taken up by other US authorities. David Crawford finds out how the Beehive State is leading the way in DoT and driver savings Growing numbers of US state departments of transportation (DoTs) and their road users are gaining real financial benefits from an advanced approach to traffic signal monitoring recently developed in Utah. Central to the system is its use of automated traffic signal performance measures (ATSPM) technology, brought in to improve th
    Read More
  • Taking it to the streets
    November 30, 2012
    The University of Michigan Transportation Research Institute (UMTRI) and US Department of Transportation (USDOT) have launched the Connected Vehicle Safety Pilot Model Deployment in Ann Arbor, Michigan. The largest connected vehicle test undertaken, and a critical next step in the development of vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication. The pilot, a $22 million partnership between UMTRI and USDOT, is part of a joint research initiative led by the National Highway Traffic
    Read More
  • Automatic driving creates billion dollar market
    December 5, 2014
    A new study, Autonomous Driving, by Roland Berger Strategy consultants finds that automatic driving will generate additional revenue volume of up to US$40 billion in component sales in the period through 2030. In addition, new software solutions needed for automated driving will reach a global market volume as high as 20 billion dollars by 2030. There are specific technologies to be mastered, to a large extent unknown territory for both OEMs and suppliers and considerable investments will be needed to de
    Read More
  • Study: Daimler, Audi, BMW, GM lead on autonomous vehicles
    October 20, 2015
    A new Leaderboard Report from Navigant Research examines the strategy and execution of 18 original equipment manufacturers (OEMs), including company profiles and rankings, to provide industry participants with an objective assessment of these companies’ relative strengths and weaknesses in the developing autonomous vehicle market. The report, Navigant Research Leaderboard Report: Autonomous Vehicle OEMs, examines the strategy and execution of 18 global vehicle manufacturers that are involved in the emerg
    Read More

Highlighted Content