Application of intelligent transport system is increasing these days with the increasing demand for traffic and transportation management. It is an advanced application to sense, control and analyze ground transportation operations to provide efficient traffic flow, mobility and safety of road users. Intelligent transportation system is operated based on communication technologies and advances sensor technologies to enhance passengers travelling experience by providing ample information on traffic status, road conditions and transportation medium for 24*7.
According to the Future Market Insights report, the global intelligent transportation system market was valued at US$ 21,481.4 Mn in 2017 and estimated to reach US$ 70,798.4 Mn by the end of 2027. The market is expected to register an excellent CAGR of 12.7 during the forecast period 2017 – 2027. Such tremendous growth is attributed by the increasing demand for advanced security and management system and solutions in transportation industry in the near future.
What are the potential aspects of the market to fuel demand for intelligent transportation management?
- Strong focus to manage traffic congestion in order to reduce vehicular pollution level
- Increasing government collaboration to deliver effective traffic management
- Increasing demand for integration of advanced technologies to create innovative solutions for traffic congestion
- Technological advancement in existing intelligent transportation system
- Growing concern on high VOC (Volatile Organic Compound) emissions of vehicle
- Increasing demand for advanced solutions to reduce frequency of road accidents
- Enforcement of stringent traffic laws and regulations
In addition to this, rapid urbanization in developing countries coupled with the increasing spending by government on upcoming smart cities projects is expected to drive demand for intelligent transportation system.
Which region is expected to hold potential opportunities for intelligent transportation system market?
Several civil projects related to transportation infrastructure are being carried out in the Asia Pacific excluding Japan (APEJ). In accordance with the growing population, government is likely to invest heavily in urbanization and upcoming smart cities projects. In order to meet the surging demand for traffic management, market players involved in intelligent transportation system are expected to witness potential opportunities in this region. The solution providers for intelligent transportation system are strongly focusing to establish strong relations with regional distribution channel in order to expand their business.
How can smart vehicles contribute in intelligent transportation system market growth?
Gradual shift towards adoption of smart vehicles is expected to encourage deployment of intelligent transportation system in the near future. The implementation of state-of-the-art infrastructure and innovative technologies will control smart vehicles. The intelligent transportation system finds wide application in traffic management especially for smart vehicle to meet futuristic demand during the forecast period. This includes highway traffic managements, fleet management, asset monitoring, intelligent car parking management system, advance traveler information management system, congestion/ road charging solutions and collision avoidance system. Among these, demand for collision avoidance system and highway traffic management system are likely to witness remarkable growth. This is attributed to increasing highway construction project coupled with the increasing traffic volume of commercial heavy duty vehicles in transportation sector.
Who are the potential market players in intelligent transportation management market?
Several major companies in development of intelligent transportation system are focusing to diversify their product portfolio in order to offer either individual components like software, hardware and service or a wholesome solution package with additional services. Some of the key players in intelligent transportation system are Lanner Electronics Inc., Kapsch Trafficcom, Savari Inc., Lanner Electronics Inc, Garmin Ltd., Siemens AG, Atkins Group, Thales Group Ad, Iteris, Inc., Ricardo PLC and Efkon AG.
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