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.
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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.
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