According to the latest report by IMARC Group, titled “Intelligent Transport Systems Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global intelligent transport systems market size reached US$ 22.5 Billion in 2019. An intelligent transport system (ITS) refers to an integrated platform that implements various technologies to provide optimum technical equipment for vehicles in order to enable the efficient use of the transportation infrastructure. These systems provide real-time information to road users and operators to improve safety and mobility while reducing the environmental impact of transportation. In recent years, several authorities and operators around the globe have adopted technologies, such as ITS, which allow them to manage transport networks and achieve more sustainable land mobility.
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Market Trends:
ITS provides prior information to passengers and law enforcement agencies about traffic congestion, ongoing road works and the timing of traffic lights. The system also facilitates remote access to pre-paid accounts and electronic payments for buying tickets. This, in turn, reduces the travel time and improves the safety and comfort of commuters. ITS further aids in minimizing traffic congestion, lowering the air pollution level, decreasing accident rates, increasing energy efficiency and enhancing the driving experience. Along with this, the growing number of smart city projects has accelerated the implementation of ITS. For instance, the European Commission’s action plan for the deployment of ITS in Europe aims to make road transportation and its interaction with other transport modes safer and more efficient, secure and environment-friendly. Moreover, the rapid proliferation of the Internet of Things (IoT), big data analytics and mobile technology has provided a positive thrust to the ITS market globally. The data collected via these technologies forms a crucial resource for automotive manufacturers, enabling them to get detailed insights about vehicle performance in different environments. Looking forward, the market value is projected to reach a strong growth in next five year during 2020-2025.
Market Breakup by Mode of Transport:
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Market Summary:
Region-wise, North America enjoys the leading position in the market. Other major regions include Asia Pacific, Europe, Middle East and Africa, and Latin America. The competitive landscape of the market has also been examined with some of the key players being:
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