Press release
Intelligent Transportation System Market – Application (Traffic Management, Road Safety and Surveillance, Freight Management, Public Transport, Environment Protection, Automotive Telematics, Parking Management) - Worldwide Industry Outlook 2024
“Government initiatives and promotional activities, especially in the U.S. have augmented the market’s growth across North America,” cites a TMR analyst.
In the coming years, Asia Pacific is anticipated to foster ample growth opportunities for the market players. The major companies in the market are investing heavily in this region owing to the increased demand from countries such as India, China, Thailand, and Malaysia. Furthermore, economic development in the Middle East, South America, and Africa is also anticipated to aid the demand for intelligent transportation systems.
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Growing Investment in Electronic Fare Collection and Dynamic Display Systems to Drive Demand for ATPS
Among the key types of intelligent transportation system, advanced transportation management systems (ATMS) have accounted for the largest share in the market owing to the rising demand for traffic control solutions such as adaptive signaling systems. “In the near future, the demand for advanced transportation pricing systems (ATPS) is expected to surge due to increase in investments in dynamic display systems and electronic fare collection,” TMR report states.
Standardization of Wireless Technologies Holds Immense Potential for Growth of Global Intelligent Transportation Systems Market
The growing demand to improve road safety is one of the primary factors behind the growth of the global intelligent transportation system market. The data released by the World Health Organization reveals that about 1.24 mn people die every year due to road traffic accidents. According to the National Safety Council, in the U.S. alone, deaths due to road traffic accidents had surged by 14% during the first half of 2015.
The rise in the number of vehicles across metropolitan areas has increased the demand for upgrade of the existing transportation networks. The various benefits offered by intelligent transport systems including reduced fuel consumption and travelling delays, and decrease in the number of road accidents have led to their increased adoption by traffic management authorities across nations.
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However, economic slowdown worldwide has negatively impacted the funding for intelligent transportation systems. The lack of interoperability between existing infrastructure and advanced intelligent transportation systems might play spoilsport in the market’s growth. “The growing prevalence of standardization of wireless technologies holds immense potential for the intelligent transportation systems market across the globe,” TMR report states.
The global intelligent transportation system market is anticipated to expand at a CAGR of 11.1% during the period between 2013 and 2019. The valuation of the market is projected to touch US$30.2 bn by the end of the forecast horizon.
The information presented in this review is based on a Transparency Market Research report, titled “Intelligent Transportation System (ITS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019.”
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