The global intelligent transport system market size was estimated to grow at a CAGR of 12.2% between 2018 to 2026. The awareness for integrated portable systems for the travel connectivity have been on the rise because of growing concerns of road safety. The prime players in the transportation business are seeking adaptable vehicle computing frameworks that incorporate remote surveillance, monitoring and tracking to guarantee the security of the travelers and streamline implementation operations. Some of the European countries such as Germany and France are concentrating on implementation of these frameworks inferable from rising interest for enhanced traffic management, pedestrian and driver safety. This has fueled the market significantly for intelligent transport system and is estimated to reach USD 73.9 billion by 2026.
Intelligent transport system is a blend of communication and data technology within the transportation framework which enhances the effectiveness of transport process and provides travelers wellbeing. A proficient transportation framework helps in reducing the number of street accidents, along with reducing carbon emission and travel time. The market players are concentrating on upgrading the capability and are spending more on R&D for innovative products due to a fierce competition in the market. The usage of real time data for the growing requirement for traffic administration will empower clients to react productively, thus increasing the interest for smart transportation systems.
ITS helps in enhancing the performance of a transportation system, empowers multimodal transport, streamlines fuel utilization and helps reducing road accidents. It accomplishes this by real-time connection with the help of information and communications technology. It can be similarly used for rail, water and air transports and roadways. Continuous information is gathered through sensors, video observation gadgets, route systems and vehicle tests and it is additionally investigated and conveyed to the client by means of web, dynamic sign sheets and wireless communication among others. These frameworks are utilized for boosting the safety and expanding the productivity of the operations for public travel frameworks.
The overall market for intelligent transport system is segmented by type, application and regions. The type segment includes Advanced Public Transport System (APTS), Advanced Traveler Information System (ATIS), Advanced Transport Management System (ATMS), Advanced Transportation Pricing System (ATPS) and co-operative vehicle system. The Cooperative Vehicle-Infrastructure Systems are designed in a way that requires the vehicles to communicate with each other along with roadside infrastructure. Cooperative vehicle is anticipated to be the speediest developing segment during the forecast period. This development induces the interest for a specialized arrangement, which will permit all framework components and vehicles to communicate among themselves. The expanding demand for enhancing the energy productivity of vehicles by decreasing the carbon emissions is giving a boost to the development.
The market is further segmented by application which includes automotive telematics, environment protection, freight management, parking management, public transport, road safety, road user charging, and traffic management. The ITS application in traffic management generated revenue in 2017 followed by road user charging and public transport. Traffic management systems are utilized to supervise the traffic on streets, thus reducing the work load on traffic authorities and automatically controls the traffic blockages and jams. The application of ITS in environment protection sector is estimated to grow at the highest CAGR during the forecast period. This growth is due to growing demand and requirements for reducing carbon discharges. It is one of the important aspects of smart transportation frameworks to reduce the greenhouse effect and to bring down the CO2 levels in the densely populated areas with the help of traffic administration.
North America accounted for the highest market share in 2017 due to rising demand for ITS system. This is due to the growing demand for adoption in private and public segments in the U.S. Inclusion of new and improvised security innovations in business vehicles has expanded the client base over recent years. Asia Pacific represented more than 20% of the total revenue in 2017 and is expected to be the fastest developing area inferable from the usage of ITS in the countries such as China, Japan India, and Australia. Increasing government support for ITS for deployment of self-driving automobile is boosting the interest for these frameworks in these regions.
Major industry players include Nuance Communications, Inc., Sensys Networks, Inc., Garmin International, Inc, EFKON AG, Agero, Inc., and WS Atkins PLC among others.