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Intelligent Transportation System Market in Information Display System Segment is Expected to Hold a Significant Market Share Over 20% BY 2025| Key Players are Advantech, Denso, GMV, Hitachi Data Systems, Moxa, Nuance Communications, Thales, Xerox
Intelligent Transportation System Market
Intelligent Transportation System (ITS) market is projected to surpass USD 34 billion by 2025. The market growth is attributed to the various government-led investments for smart city development and rise in the number of vehicles demanding smart mobility solutions. Growing investments in smart city development projects will foster the adoption of smart transportation solutions to regulate the traffic flow in cities.
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Another factor accelerating Intelligent Transportation System Market growth is the increased demand for smart transport communication technologies in vehicles to make driving safe and easy. According to the World Health Organization (WHO), approximately 1.35 million people die each year due to road crashes. According to the European Union (EU), in the EU, 46.4% of the road fatalities involved passenger cars followed by pedestrians (21.2%) in 2016. ITS technologies enable the detection of wrong turns & exceeding traffic limits and provide real-time information to reduce the chances of accidents.
Roadways ITS is expected to hold a majority share of the Intelligent Transportation System Market due to a growing number of vehicles, which has resulted in increased road traffic and congestion. A rise in the number of road fatalities has also contributed to the adoption of ITS solutions. According to the Annual Accident Report, 2017, by the European Union (EU), road traffic accidents in EU member states claimed 26,100 lives and left over 1.4 million people injured in 2015.
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In the roadways Intelligent Transportation System Market, the telecommunications network segment is expected to witness the highest growth over the forecast timeline. ITSs uses communication technologies to improve the connection between roadside equipment, vehicles, and stakeholders and also present opportunities to deliver reliable voice & data services to improve traffic flow. Thus, reliable communications systems are critical for monitoring and managing complex transportation infrastructure.
In the railways Intelligent Transportation System Market, the demand for real-time passenger information systems is expected to exhibit accelerated growth from 2019 to 2025. These systems provide real-time information such as news broadcast, entertainment, scheduling, and emergency communication services to passengers through voice or visual, thus increasing the traveling comfort for them. The widespread implementation of smart passenger information systems to provide instant information to commuters will drive the railways ITS market growth.
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The Asia Pacific Intelligent Transportation System Market is expected to witness the highest growth rate of over 6% from 2019 to 2025. The emergence of smart mobility technologies and financial support provided by the government to establish smart transportation infrastructure is expected to bolster the adoption of intelligent transport solutions. For instance, in August 2016, the South Korean government planned to build a network of smart expressways by 2020 to limit traffic congestion.
Companies operating in the Intelligent Transportation System Market are investing in their R&D labs for the development of new ITS. For instance, in March 2018, Huawei opened a new innovation lab at Gurugram to develop smart city solutions including smart lighting, smart metering, and smart parking solutions. Also, these companies are focusing on large-scale ITS deployments in collaboration with governments and municipal authorities to improve roadside safety and traffic management systems.
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