The global problem regarding the current transportation systems in place throughout the world, affects all inhabitants of our planet. Maybe with the advent of Intelligent Transportation Systems (ITS), the pressure upon leaders to supply better systems could be eased somewhat?
According to a new market report published by Transparency Market Research: “Intelligent Transportation System (ITS) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” the global market is expected to reach USD 30.2 billion by 2019, at a CAGR of 11.1% from 2013 to 2019.
The demand of ITS systems is rising globally due to increased congestion in metropolitan areas. Development of intelligent transportation systems not only reduces traffic, but also reduces number of accidents and improves the environment by controlling the levels of vehicle emission. In addition, these systems reduce financial burden on countries by reducing travel time delays and fuel consumption. The benefits of ITS systems are motivating both developed and developing countries to invest in these technologies instead of spending massive financial resources on current transportation network expansion programmes.
Advanced transportation management systems (ATMS) are used for traffic control and management accounted for the largest revenue share of 42.1% of the overall market. Momentous investment is expected in this sector with increasing traffic problems in both developed and developing economies across the world. Advanced vehicle pricing systems which include vehicle mile travel, electronic toll collection, congestion pricing and other road user charging systems are expected to have a huge demand across the world. This is due to the increasing awareness of highway and local transportation operators to reduce traffic on both urban and inter-urban transportation networks.
Traffic management and road user charging were two dominating applications with a share of 58% in 2012. Environment protection is emerging as well as the fastest growing application of ITS. In addition, automotive telematics is another major segment in ITS applications. Huge demand for vehicle position systems and navigation systems are expected from both vehicle manufacturers and owners due to increasing need to access real-time information. Advancement in wireless technologies is playing an important role in the development of automotive telematics market. In wireless technologies, the market is moving from dedicated short range communication (DSRC) technology to more sophisticated satellite based vehicle positioning systems (VPS) due to its higher adaptability and flexibility.
Global ITS market was dominated by North America and that country alone accounted for 42.2% of the revenue share in 2012. Government initiative and promotional activities particularly in the U.S. increased the demand for ITS systems in both public and private sector in North America. The fastest growing region is Asia-Pacific in the global market through the estimated period and huge investment is expected from developing countries including China, India, Malaysia and Thailand. In addition, large development in ITS market is expected in Middle East, Africa and South America as countries in these regions are investing in the transportation sector to support their economic growth.
The full report can be viewed at http://www.transparencymarketresearch.com/intelligent-transportation-system-market.html