Transportation formulates a significant chunk of daily activities that one had to perform, either for business or pleasure. Additionally, the goods that one uses to perform common tasks do not reach them without going through the transportation sector, right from the place of manufacture to their homes. With apparent importance of the transportation sector, the connected vendors are forever aspiring for intelligent systems that can increase their efficiencies, increase employee safety, enables tracking, and highlights voids that can be filled for greater profits. The concept of intelligent transportation systems has proven its worth in traffic management, public transport, road safety and surveillance, and a number of other applications.
According to an up to date business intelligence study by Transparency Market Research (TMR), the global intelligent transportation system market will attain a value of US$57.44 billion by the end of 2024, with the demand incrementing at a strong CAGR of 12.7% during the forecast period of 2016 to 2024.
Collaboration with Local Players a Key
The analyst of the TMR report has detected a fairly fragmented competitive landscape, with the shares distributed among a large pool of global players. As no company is holding a position of dominance, collaboration with regional and local players instead of developing their own supply chain from the group up, is a key strategy of some of the prominent players, such as Hitachi, Garmin International, TomTom N.V., WS Atkins PLC, Nuance Communications Incorporation, Siemens AG, EFKON AG, and Telenav Inc. In addition to that, the sheer potential of intelligent transportation systems to enhance procedures if implemented correctly, is opening new opportunities for the prominent players to innovate their product offerings and make an impression over their clients.
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Based on product type, the TMR report has segmented the intelligent transportation system market into automatic number plate recognition systems (ANPR), cooperative vehicle systems, advanced transportation pricing systems (ATPS), advanced public transportation systems (APTS), advanced traveler information systems (ATIS), and advanced transportation management systems (ATMS). Application-wise, the market has been bifurcated into road user charging, automated vehicles, environment protection, automotive telematics, parking management, traffic management, freight management, and road safety and surveillance. Geographically, Asia Pacific has been highlighted as a region of substantial potential, although North America continues to constitute for the maximum demand, primarily gaining traction from the developed country of the U.S.
Development of Smart Cities a Strong Growth Factor
Increasing concerns regarding public safety, favorable government initiatives for effective traffic management, increasing traffic congestions, trend of ecofriendly measures, and development of smart cities across various emerging economies are some of the key factors driving the demand in the global intelligent transportation systems market. On the other hand, high initial investment, relatively slow rate of growth of the infrastructure sector, and concerns regarding achieving interoperable and standard ITS architecture are some of the factors reflecting negatively over the future prospects of the global ITS market.
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- Global intelligent transportation system market to be worth US$57.44 billion by 2024
- Shares is fragmented among a number of regional and international players
- Government support for effective traffic management and ecofriendly measures is opening vast new opportunities