Intelligent Transportation System Market is Moving Fast! | Major Key Companies are Advantech, Denso, GMV, Hitachi Data Systems, Moxa Inc., Nuance Communications, TomTom, Thales, Xerox
Higher funding for projects related to smart city development will create extensive acceptance of smart transportation solutions with the purpose of regulating city traffic flow. These solutions will facilitate better user access to transportation systems and will also accelerate the advancement of smart infrastructure.
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The governments of various countries are implementing stringent norms to increase the adoption rate of ITS. For instance, considering the benefits of these systems, in 2014, the New Zealand government proposed an action plan to enable the adoption of ITS technology. The plan encompassed the following pointers that eventually led to the propulsion of the regional intelligent transportation system market.
o The accomplishment of strategic collaborations and leadership plans
o Funding for infrastructure development
o Supportive regulatory framework
o Deployment of the information provided by ITS
Worsening road traffic conditions and the ensuing demand for innovations in traffic management are the key driving forces behind the intelligent transportation system market expansion. Emerging road accident cases across the globe are creating severe concerns for government authorities regarding road safety. The International Transport Forum's Road Safety Annual report in 2017, stated that there was a 6.3% increase in U.S road fatalities from 2010 to 2016.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
4. Hitachi Data Systems
5. Moxa Inc.
6. Nuance Communications
10. Trapeze Group
With regards to the roadways intelligent transportation systems landscape, ATMS (Advanced Traffic Management Systems) accounted for over 34% of the market share in 2018, owing to the rising demand for better traffic management in major urban localities. ATMS systems work by receiving real-time data from traffic sensors deployed along the roadways and help develop efficient tactics for traffic management. Furthermore, the adoption of ATMS across the world is significantly escalated by the development of adaptive solutions for traffic control.
The operations and collision avoidance segment is estimated to account for an appreciable 30% of the railways intelligent transportation system market share by 2025. The implementation of precursory safety measures can mitigate the threat of accidents caused due to various factors like signal jumping and over-speeding by train loco pilots, among others.
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Meanwhile, the information display system segment of the airways intelligent transportation system market is projected to account for over 20% of the market share in 2025. The rising complexity of airport environments, quick access to operational and flight-related data becomes paramount. Smart display systems help to store, analyze and relay relevant real-time flight information to passengers and airport authorities alike through vast implementation throughout the airports.
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