Ten per cent growth expected in global ITS market

According to the latest research by Research and Markets, the global intelligent transportation systems (ITS) market is poised to grow at CAGR of over 10 per cent during 2015-2020. The report, Global Intelligent Transportation Systems Market by System, by Application and Competition Forecast and Opportunities, 2010-2020, says that, with the market being too fragmented, a large number of players are engaged in offering ITS solutions across the globe.
February 5, 2016 Read time: 2 mins
According to the latest research by 7527 Research and Markets, the global intelligent transportation systems (ITS) market is poised to grow at CAGR of over 10 per cent during 2015-2020.

The report, Global Intelligent Transportation Systems Market by System, by Application and Competition Forecast and Opportunities, 2010-2020, says that, with the market being too fragmented, a large number of players are engaged in offering ITS solutions across the globe.

596 Thales, 4186 Xerox, and 378 Cubic are few of the leading players operating in the market. In 2014, Americas accounted for the largest share in the global ITS market, followed by Europe, Asia-Pacific and Middle East and Africa. However, Asia-Pacific offers huge future growth opportunities for ITS deployments, and consequently, is expected to outperform the broader market. Rising concerns associated with vehicular emissions are also influencing ITS strategic plan of various major economies, and this is expected to have a positive impact on global ITS market during the forecast period.

Increasing vehicle density, need to reduce traffic congestion and increasing investment by various governments is fuelling the deployment of ITS. With continuing innovations in the transportation sector, the global ITS market is expected to witness increasing adoption of various intelligent transportation systems across various application areas such as fleet monitoring, tolling management, ticket management, transportation pricing, traffic monitoring, etc.

However, sluggish growth in global infrastructure, coupled with high installation costs, is a few of the factors restricting the growth of global ITS market. Such limitations can be overcome with public private partnerships focusing on boost development efforts and adoption of this technology.

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