Intelligent Transportation Systems (ITS) Market size is predicted to touch $47.5 billion by end of 2022 and register CAGR of more than 13% during forecast timeframe. Factors like performance improvement of transportation systems and growing road safety requirements are predicted to promote the demand for these systems. Many initiatives are taken to deploy modern traffic management systems and enhance consciousness about significance of road safety.
U.S. ITS market size by application, 2012-2022 (USD Million)
Intelligent transportation systems are modern applications offering new services related with various transportation & traffic management modes and help clients make safe, smart and coordinated use of transportation networks. Further growing requirements for interoperability is predicted to promote industry growth during forecast timeframe.
Intelligent transportation systems are segmented into two types- ATMS (Advanced Traffic Management System) and APTS (Advanced Persistent Threat System).
ATMS segment size was evaluated at more than $6 million for 2014 and is predicted to touch $18.39 billion by end of forecast timeframe. This system helps in identifying weather conditions, avert accidents and road susceptibility. The device is integrated with traffic control system that helps in reduction of congestion and ensures effective utility of road space.
APTS segment helps in growing the efficacy and improve total security. It is predicted to register CAGR of more than 13.1% during forecast period. Its main applications are bus arrival notification system, passenger information system and vehicle tracking system.
Different traffic management systems are vehicle detection systems, bridge traffic management systems and ramp metering. They provide consistent road networks and improve operational performance.
Road pricing segment is predicted to register CAGR of 12% during forecast period. It is predicted to lead the intelligent transportation systems (ITS) market due to innovative technology solutions like high occupancy toll lanes and vehicles miles travelled.
APAC intelligent transportation systems (ITS) market size is anticipated to expand substantially due to increasing modernization in sensor technology along with its growing acceptance in nations like China and India.
Latin America industry size is predicted to increase by more than 13.1% in future. North America intelligent transportation systems (ITS) market share was evaluated at more than $7 billion for 2014. Favorable regulatory policies along with promotional events are predicted to enhance the demand of the systems in the region.
European commission has taken various initiatives for investing in eSafety, EasyWay and Galileo. This is further anticipated to promote the industry growth in Europe. Germany intelligent transportation systems (ITS) market size is predicted to grow at more than 11% during the forecast timeframe.
Key industry players profiled in the report include Hitachi Limited, Agero Incorporation, Siemens AG, Sensys Networks Incorporation, Q-Free ASA, Garmin International Incorporation, WS Atkins PLC, TomTom NV, Denso Corporation, IBM Corporation, ADCCO LLC, EFKON AG, Kapsch TrafficCom AG, Nuance Communications, Iteris Incorporation, Lanner Electronics Incorporation, SWARCO AG, Ricardo PLC, Telenav Incorporation, Thales Group, TransCore Incorporation and Xerox Corporation.
The intelligent transportation systems (ITS) market is competitive with top ten industry players contributing to major share of the global industry in 2014.
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Written By : Dhananjay Punekar