Global intelligent transportation system market is predicted to cross US $34 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Growing investment by governments around the globe for the development of smart cities along with the rapidly growing number of vehicles and demand for smart mobility solutions are the major factors driving the intelligent transportation system market growth. Development of smart city will be accompanied by the implementation of smart transportation systems enabling effective management of growing traffic and aiding smart infrastructure.
Moreover, the adoption of IOT enabled automation for airways, waterways, railways, and roadways will revolutionize the transportation industry and enhance passenger experience. For instance, railway industry is making effective use of big data analytics and IOT to monitor and collect real-time data by installing new train control systems and smart digital platforms.
According to the data published by WHO, the annual death toll of people dying because of road accidents was 1.35 million. This fact highlights the need for safe and informed driving, thereby fueling the demand for smart transport communication technology. The system provides real-time information about traffic and detects wrong turns & speed limits, hence limiting the possibility of crashes.
The growing awareness regarding vehicle emissions and regulations defined by the governments to control these emissions are leading to advancements in the ITS technologies, thereby stimulating the market growth. For instance, RoadLINK V2X is an intelligent road transport solution to control CO2 emission and enhance road safety.
Based on the mode of transport, the roadways segment is expected to dominate the intelligent transportation system market over the forecast period, owing to the increased number of vehicles and the subsequent congestion. Additionally, the telecommunication network component of the roadways ITS market is predicted to witness lucrative growth opportunities over projected timeframe.
The real-time passenger information system component is presumed to grow significantly in the upcoming years, pertaining to its ability to deliver real-time updates regarding scheduling, news broadcast, emergency communication, and entertainment. The capability of the technology to enhance passenger experience by providing instant information either visually or vocally will encourage product implementation and market growth.
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The airways ITS market from information display system is expected to grow its share to 20% by the year 2025. The system in used extensively at airports to provide quick and real-time information to the travelers and airport authorities about flights & operations.
The tracking and monitoring system segment led the market in 2018 with 35% share and is estimated to maintain this domination over the forecast time period. The system assists in making key operation decisions by providing valuable real-time information such as temperature, humidity, pressure, and wind profiling. The use of system by marine companies to monitor various parameters including the position and location of ship, will stimulate the deployment of ITS in marine.
In terms of regional contribution, Asia Pacific intelligent transportation system market is presumed to register maximum growth of 6% by the year 2025, owing to increasing investment on smart transportation infrastructure and growing adoption of smart mobility solutions in the region.
The key players operating in the ITS market comprise Advantech Co., Ltd., Clever Device Ltd., Bestmile SA, EFKON AG, Denso Corporation, Hitachi Ltd., ETA Transit Systems, Transmax Pty Ltd., Thales Group, and Moxa Inc., among others.