Advancements in Information and Communication Technology to Boost Demand
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.
Technological Advancements to Pave Way for Innovative Intelligent Transportation Systems
Technological advancements are expected to play a vital role in the overall growth of the global intelligent transportation system market during the forecast period. As new technologies continue to streamline and improve connected vehicle-infrastructure, pedestrian environment, and more, intelligent transportation systems are expected to witness considerable adoption in the near future. Moreover, strides taken by Big Data have enabled economical and efficient analysis, storage, and use of data due to which, flexible and innovative intelligent transportation systems are likely to enter the global intelligent transportation systems market in the upcoming years. The onset of 4G and 5G communication, dwindling prices of smart devices, and consistent advancements in information and communication technology are likely to drive the intelligent transportation system market in the upcoming years.
Demand for Intelligent Transportation Systems to Remain Low amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic has put forward several barriers for players operating across the intelligent transportation system market. Restrictions on cross-border trade, stringent lockdowns, and growing emphasis on containing the transmission of the novel coronavirus are expected to disrupt the supply chain of raw materials and other components required to develop intelligent transportation systems. However, local authorities in several regions are expected to make the most of this opportunity during the lockdown period to test and install different intelligent transportation systems. Notwithstanding, the market growth is expected to remain lower than the initial projections and likely to gain pace toward the end of 2020 or in the first quarter of 2021.
Intelligent Transportation System Market: Overview
- The global intelligent transportation system market is anticipated to expand at a CAGR of ~10% during the forecast period, owing to increased integration of intelligent transportation systems within traditional transport systems
- North America, Europe, and Asia Pacific are anticipated to hold a combined share of more than 80% share of the global ITS market. The U.S., Japan, Germany, and the U.K. are developed markets for ITS and witnessing further high demand for ITS to improve its existing transport model
Drivers of Intelligent Transportation System Market
- Incremental government efforts to develop transport infrastructure as a key to bolster economic development is driving the ITS market. The Government of Thailand is focused on reducing logistics cost from 14% of GDP in 2016 to 12% in 2021. The country is adopting various digital platforms to lower traffic congestion and fuel consumption, and maintain timely delivery of goods.
- Increasingly stringent emission norms, rise in consumer awareness, and imperative government efforts are projected to boost the adoption of ITS. Lightening of congestion and shortening travel time leads to lower carbon emissions. Furthermore, ITS also plays a key role in reducing the carbon footprint.
Challenges for Intelligent Transportation System Market
- The ITS market is prone to economic slowdown such as those caused by 2008 financial crisis and presently, the COVID-19 pandemic. In an economic slowdown, budget and funds are allocated to other priority services and operations; consequently, the ITS market has suffered a setback. Moreover, large investment is required to undertake ITS projects. Thus, developing countries have low demand for ITS, and the market is largely concentrated in developed countries.
Intelligent Transportation System Market Segmentation
- Based on system type, the cooperative vehicle system (CVS) segment is anticipated to expand significantly, owing to increased usage of digital & connected vehicle technologies in vehicles. The automated number plate recognition system (ANPR) segment is projected to expand considerably due to its usage in car parking management, level crossings, bus lane enforcements, and tolling, which are mainly operated by the transport authority and police to detect crime and manage traffic.
- Based on application, the public transport segment held a high share of the ITS market in Thailand in 2018. Public transport agencies are putting more efforts in integrating ITS to manage increase in commuter traffic. Moreover, the freight management segment held a considerable share of the market given the integration of intermodal freight management system, truck weight checking system, truck data collection, and freight information gathering in ITS for the past several years.
Intelligent Transportation System Market: Regional Analysis
- Based on region, the global intelligent transportation system market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America held a leading share of the ITS market during 2018. The U.S. has been a pioneer in ITS, which dates back to the 1960s when the Electronic Route Guidance System was first developed in the U.S. Since then, various ITS applications have been adopted in the country with partnerships between public and private sector. The U.S has the largest number of on-road vehicles in the region. Active government initiatives and expenditure on infrastructure development have contributed to the high share held by the U.S in not only in North America but the global ITS market.
- Europe holds a key share of the global ITS market. Intelligent transportation systems have been deployed in Europe; however, smart transport solutions are highly fragmented. ITS promises a high growth potential in Europe due to increasing co-operation among the EU countries, and achieving a common framework for ITS for EU-wide applications. Increased traffic volume on transport corridors in Europe and initiatives to curb vehicle emission in support of the climate change policy are projected to drive the adoption of ITS across Europe.
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