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Albany, New York, July 24, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report on the global ITS market for the forecast period of 2019–2027. According to the report, the global intelligent transportation system market is projected to surpass US$80 Bn by 2027, expanding at a CAGR of around 13% during the forecast period.
Intelligent Transportation System Market: Overview
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Expansion of the Intelligent Transportation System Market
Thus, the need to adopt intelligent transportation systems is rising significantly.
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Based on type, the global ITS market has been divided into advanced traveler information systems (ATISs), advanced transportation management systems (ATMSs), advanced transportation pricing systems (ATPSs), advanced public transportation systems (ATPSs), cooperative vehicle systems (CVOs), and automatic number plate recognition systems (ANPRs). The demand for ATMSs in established markets such as North America and Europe is rising at a steady pace, owing to the increasing deployment of adaptive traffic control systems. These systems are integrated with existing traffic control systems deployed in both, urban and interurban transportation networks, to reduce congestion and effectively use road space. It has been observed that, more than 10% of congestion on metropolitan roads is due to the utilization of bad signal controls. Travelers in metropolitan areas spend around extra 300 million hours in travel every year due to congestion. These factors have led to an increase in the integration of DSRC devices in both, vehicles and traffic control systems.
Advanced transportation pricing system is another preferred system of the intelligent transport system market. Different applications of advanced transportation pricing systems (ATPS) include electronic toll, variable parking fees, congestion pricing and vehicle miles traveled, and usage fees collection. An electronic toll collection (ETC) system uses DSRC devices for vehicle to roadside communication through infrared or microwave technology. Automatic Number Plate Recognition (ANPR) systems read the number plates of passing vehicles, extract the characters on the plate and convert them into a digital format. The law enforcement applications of ANPR systems in traffic management, toll collection, parking time management, and speeding control are key contributors to the expansion of the ANPRs segment of the market.
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The freight management segment of the intelligent transportation system market is estimated to expand in the near future, as freight service providers seek solutions to improve their operating efficiency. A large number of hardware manufacturers and suppliers exist who provide freight management solutions in the local and global market.
The road safety and surveillance segment of the intelligent transportation system market is projected to expand at a rapid pace, particularly in developed countries, due to the increasing deployment of vehicle and infrastructure (V2I) and vehicle to vehicle (V2V) systems in order to improve road safety.
Based on application, the ITS market has been divided into traffic management, road safety & surveillance, freight management, road user charging, parking management, automotive telematics, parking management, and automated vehicles. The deployment of ATMSs in urban and inter-urban road networks improves the efficiency of utilizing the existing road networks. This minimizes the financial burden on transportation authorities and governments by reducing the necessary investments required for road network expansions for congestion control. This benefit fuels the demand for traffic management solutions across the world. Aggressive demand for traffic management solutions is expected in developing countries such as India, China, and Brazil, due to the rapidly increasing congestion in major cities in these countries.
Regional Analysis of the Intelligent Transportation System Market
Prominent players operating in the global intelligent transportation system market include Siemens AG, Hitachi Ltd, WS Atkins PLC, Nuance Communications Incorporation, EFKON AG, Garmin International Inc., Iteris, Inc., Telenav, Inc., Thales Group, and TomTom NV.
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The global Intelligent Transportation System (ITS) Market has been segmented as follows:
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