Intelligent Transport System Market Growth Factors, Key Players and Forecast by 2018-2027
An increased necessity of implementing technological advances in transportation system to address critical traffic problems such as traffic congestions and road safety has fuelled the adoption of intelligent transport system (ITS) technologies in several countries around the world. Rapid urbanization, growing counts of vehicles on roads, smart city initiatives and the arrival of autonomous vehicles are generating a need for safer, and efficient transport infrastructure, in turn, encouraging adoption and deployment of intelligent transport system technologies worldwide.
While intelligent transport systems have potential to resolve severe transportation challenges, presence of alternative traffic management platforms, lack of awareness regarding intelligent transport system capabilities, and huge initial capital investment can cap future progress of the intelligent transport system market.
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Substantiated Advantages and Relentless Innovations to Bolster Future Investments
Rapid and real-time data collection and analysis of traffic information can significantly transform the transportation system in terms of time, resources, and capital savings. Traffic Management Centers (TMC), an important part of intelligent transport systems, deployed by different traffic authorities, highly rely on proficient real-time operations. Till now intelligent transport system technologies have been deployed as electronic toll collection, ramp meters, red light cameras, traffic signal coordination, transit signal priority, and traveler information systems. These technologies have demonstrated evident benefits in terms of improving mobility, safety, and productivity.
Father, intelligent transport system technologies are expected to produce a huge pile of data where applying big data analytics can enhance application of these systems, making them more efficient, safer, and profitable. There have been intense R&D and case studies on implementation of big data analytics in intelligent transport systems, explaining extensive investments involved in the development as well as deployment of intelligent transport systems in future.
Global Intelligent Transport System Deployments to Create Lucrative Opportunities for Vendors
Regions worldwide have started predicting and preparing for the changes that are set to be witnessed by the transportation system with the arrival of advanced intelligent transport system technologies.
Transport for London (TfL), a two-decade old transportation system in London has started a number of pilots and initiatives to help ensure that entry of new technology such as autonomous vehicles and drones remains safe, environmentally-friendly and consistent with the focus on achievement of green transportation.
Singapore Mass Rapid Transit (SMRT) has made an agreement with McLaren Applied Technologies to capture, connect, and analyze data in Formula 1 and its application in the first SMRT train with features such as conditioning monitoring sensors and high-speed loggers.
After the recent implementation of contactless payments on the entire National Express West Midlands, a consortium of industry and academic experts are developing country’s roads for the demonstration of connected and autonomous vehicles.
The Roads and Transport Authority in Dubai has recently performed pilot tests of the world’s first autonomous pods that run on a virtual pre-configured and programmed route and are overseen by the operational system.
TOEI Transportation authority in Tokyo in collaboration with Tokyo Metro Co. will install IP surveillance cameras in about 3,000 subway vehicles with the aim to improve passenger safety for the 2020 Tokyo Olympics and Paralympics.
A Gap between Intelligent Transport System and Its Potential Recognition Will Impound Market Progress
Even though developed regions have witnessed growing adoption of intelligent transport system technologies, lack of awareness regarding ITS services and their potential can result in failure in terms of leveraging benefits of intelligent transport systems. In addition, with the divergent traffic rules and changing traffic dynamics across geographical regions, suitable application of ITS services according to the need of time and place usually face presence of oblivious service providers as well as end-users.
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Further, development of other traffic management platforms and growth of private hire operator such as Uber have significantly impacted the adoption of intelligent transport systems by several governments. Moreover, up-gradation of existing transport network or an implementation of all-together new intelligent transport systems becomes cost-intensive. While there are numbers of players present in the intelligent transport service market, absence of standardization among their service delivery can significantly barricade adoption of intelligent transport systems in future.
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