Albany - NY, Sept. 28, 2016 (GLOBE NEWSWIRE) -- Intelligent transportation systems integrate information and communication technologies with existing transportation networks to improve its operating efficiency and improve individuals travel experience. Dwindling transportation network expansion space and growing number of vehicle owners in metropolitan areas increases pressure on transportation authorities to improve the performance of existing transportation network. Effective use of wireless communication devices, computers, sensors, and telematics and data analysis applications in existing transportation networks reduces congestion, traveling delays and improves road user safety. In addition, ITS provides higher economic benefits in terms of reduced fuel consumptions, traveling delays and road accidents over its deployment and maintenance cost through its life. Increasing awareness about these benefits in both developed as well as developing economies is expected to spur the demand for ITS through the estimated period.
The global intelligent transportation system market is anticipated to expand at a CAGR of 11.1% during the period between 2013 and 2019. The valuation of the market is projected to touch US$30.2 bn by the end of the forecast horizon.
Growing Investment in Electronic Fare Collection and Dynamic Display Systems to Drive Demand for ATPS
Among the key types of intelligent transportation system, advanced transportation management systems (ATMS) have accounted for the largest share in the market owing to the rising demand for traffic control solutions such as adaptive signaling systems. “In the near future, the demand for advanced transportation pricing systems (ATPS) is expected to surge due to increase in investments in dynamic display systems and electronic fare collection,” TMR report states.
Standardization of Wireless Technologies Holds Immense Potential for Growth of Global Intelligent Transportation Systems Market
The growing demand to improve road safety is one of the primary factors behind the growth of the global intelligent transportation system market. The data released by the World Health Organization reveals that about 1.24 mn people die every year due to road traffic accidents. According to the National Safety Council, in the U.S. alone, deaths due to road traffic accidents had surged by 14% during the first half of 2015. The rise in the number of vehicles across metropolitan areas has increased the demand for upgrade of the existing transportation networks. The various benefits offered by intelligent transport systems including reduced fuel consumption and travelling delays, and decrease in the number of road accidents have led to their increased adoption by traffic management authorities across nations.
However, economic slowdown worldwide has negatively impacted the funding for intelligent transportation systems. The lack of interoperability between existing infrastructure and advanced intelligent transportation systems might play spoilsport in the market’s growth. “The growing prevalence of standardization of wireless technologies holds immense potential for the intelligent transportation systems market across the globe,” TMR report states.
The vendor landscape of the global intelligent transportation system market includes companies such as Garmin International Inc., Hitachi Ltd, Lanner Electronics Inc., Siemens AG, Agero Inc., Xerox Corporation, DENSO Corporation, Thales Group, WS Atkins PLC, and TomTom NV. The market players have registered an increased demand from North America. The region accounted for 42.2% of the overall revenue generated n 2012. “Government initiatives and promotional activities, especially in the U.S. have augmented the market’s growth across North America,” cites a TMR analyst.
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In the coming years, Asia Pacific is anticipated to foster ample growth opportunities for the market players. The major companies in the market are investing heavily in this region owing to the increased demand from countries such as India, China, Thailand, and Malaysia. Furthermore, economic development in the Middle East, South America, and Africa is also anticipated to aid the demand for intelligent transportation systems.
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Source:Transparency Market Research