Intelligent transportation systems have garnered immense popularity over the past couple of decades, due to considerable advancements in information technology, onset of cost-effective smart devices, and giant strides taken by sensing technologies. At present, stakeholders from the Information Technology (IT) and the electronics domain are increasingly eyeing opportunities in the intelligent transportation system market landscape by collaborating with government agencies and other players involved. In addition, development in data analytics due to considerable progress made by novel technologies, including Artificial Intelligence (AI) and machine learning are some of the other factors that are expected to play an imperative role in the development of the global intelligent transportation system market during the forecast period.
The growth in global population, particularly in urban regions, has compelled government bodies, local municipalities, and urban planners to innovate and introduce new and innovative intelligent transportation systems. The increasing demand for efficient traffic management, parking management, automotive telematics, freight management, and efficiency in public transport is expected to spearhead the growth of the global intelligent transportation system market in the forthcoming decade. Moreover, as governments across the world continue to invest in smart city projects and urban development, the intelligent transportation system market is staring at a bright future.
At the back of these factors, the global intelligent transportation system market is on course to surpass the US$ 60 Bn mark by the end of 2030.
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Efforts to Improve Quality of Mobility to Aid Market Growth
Intelligent transportation systems are projected to revolutionize the global transportation sector, particularly in urban regions. Moreover, with a considerable surge in the number of global events pertaining to the intelligent transportation systems developed by various market players, awareness and importance of implementing intelligent transportation systems are at its peak, and the trend is set to continue in the upcoming years. Market players involved in the current market for intelligent transportation systems are increasingly focusing on improving the quality of transport services by offering smart, clean, sustainable, safe, and intelligent transportation systems. The growing emphasis on improving the quality of transportation in several regions of the world, including North America and Europe, is projected to boost the global intelligent transportation system market during the assessment period.
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Both public and private sectors especially in Europe are increasingly inclined toward development and implementation of intelligent transportation systems by relying on co-funded projects, innovation platforms, events, and cooperation from domestic as well as international agencies. The growing push toward integrating smart information and communication technology with the overall transport infrastructure, users, and vehicles is expected to play an essential role in the growth of the global intelligent transportation system market during the forecast period.
Moreover, as environmental protection and minimizing carbon footprint continues to remain a key area of interest following regulatory pressure and evolving norms, intelligent transportation systems are anticipated to gain considerable traction during the stipulated timeframe of the study.
- Prominent players operating in the global ITS market include
- Siemens AG
- Hitachi Ltd
- WS Atkins PLC
- Nuance Communications Incorporation
- EFKON AG
- Garmin International Inc
- Iteris Inc
- Telenav, Inc.
- Thales Group
- Tom Tom NV
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