The intelligent transport system (ITS) market is expected to grow by USD 32.47 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Intelligent Transport System Market 2020-2024 (Graphic: Business Wire)
Growing urbanization and the ever-rising use of automobiles, resulting from the rising middle-class population is intensifying traffic congestion. These factors are far more prevalent in developing countries, as a result of which government organizations in these countries seek to implement ITS solutions such as congestion charging, road user charging, and electronic toll collection to control traffic. For instance, the Indonesian government has partnered with Kapsch TrafficCom and Q-Free to provide tolling equipment to the Indonesian road transportation sector. Thus, the increase in traffic congestion, together with the rise in the number of road accidents is expected to drive the growth of the ITS market during the forecast period.
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As per Technavio, increase in the number of smart cities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Intelligent Transport System (ITS) Market: Increase in Number of Smart Cities
The number of smart cities is expected to increase rapidly during the forecast period. Smart cities are areas that have several interconnected digital technologies. These technologies enhance communication among devices, improve performance and reduce costs. Digital technologies include ITS solutions such as traffic control and safe and intelligent transportation. The use of such technologies will help to analyze and efficiently utilize resources. It will also improve transportation facilities leading to faster connectivity.
“Factors such as the growing popularity of smart factories, and the growing use of data center management will have a positive impact on the growth of the intelligent transport system (ITS) market during the forecast period,” says a senior analyst at Technavio.
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Intelligent Transport System (ITS) Market: Segmentation Analysis
This market research report segments the intelligent transport system (ITS) market by application (traffic management, toll management, automotive and infotainment telematics, public transport and others), and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the intelligent transport system (ITS) market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increased adoption of ITS solutions by end-user industries, shift from conventional transportation systems to intelligent transportation systems, growth in end-user industries, and government initiatives for the implementation of ITS solutions.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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