Provided by Accuray Research LLP
The Global Intelligent Transport System Market is expected to witness strong growth during the 2015-2025 period. The market is forecast to grow at a CAGR of 13.1% during the ten year period, resulting in a market value of USD 49,215 million in 2025, up from USD 14,354 in 2015.
An increasing global population and a greater demand for vehicles is driving growth in this market, with governments providing the funding required to introduce effective traffic management systems in response to heavier traffic congestion. This is particularly true of densely populated metropolitan areas, as the development and deployment of intelligent transport systems (ITS) will not only reduce traffic in these areas but also improve road safety and reduce the number of accidents that occur. Additionally, ITS systems improve quality of life by controlling and reducing vehicle emission levels.
ITS systems also benefit country expenditure by reducing the financial burden of high fuel consumption rates and travel delays. It is these benefits that are motivating developed and developing countries to invest in ITS system technologies as opposed to expanding existing transportation networks, which can often cost more.
Some of the key ITS system segments include:
- Advanced Transportation Management Systems (ATMS)
- Advanced Public Transportation Systems (APTS)
- Advanced Traveller Information System (ATIS)
- Advanced Transportation Pricing Systems (ATPS)
- Vehicle-to-Vehicle Interaction
- Vehicle-to-Infrastructure Interaction
- Advanced Traffic Management System.
The Advanced Transportation Management Systems segment received the largest share of the overall market revenue for 2015, a total of USD 4,478.4 million. The segment is forecast to reach a value of USD 15,010.6 million by 2025, spurred on the widespread adoption of advanced technologies including real time monitoring, traffic camera monitoring, road weather information monitoring and incident monitoring, traffic signal controlling and automatic warning.
Technologies such as electronic toll collection and dynamic display systems will result in a CAGR growth of 15.2% in the Advanced Public Transportation Systems segment, while congestion pricing, vehicle mile travel and other types of road user charging systems will drive growth in the Advanced Transportation Pricing Systems segment. Both highway and local transportation operators will implement the aforementioned technology in urban and inter-urban transportation networks.
The Asia Pacific region is expected to experience the highest geographic growth with a CAGR of 14.6%. This is due to high population growth and an increasing number of megacities in the region. The North America region will also experience strong growth, but at a CAGR of 12.2% will be just behind Asia Pacific. However, the global market faces challenges in the form of high installation costs, slow infrastructure growth and the need for interoperability between existing transport infrastructure and intelligent transport systems.
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