The global Intelligent Transportation System (ITS) Market is anticipated to reach USD 66.5 billion by 2024. Rising awareness of road safety and need to improve existing transportation performance are expected to be the key driving factor for market growth. High traffic congestion due to urbanization and increasing number of on road vehicles has contributed to the demand for advanced traffic management systems for public. Consequent need for smart automobiles with public and private partnerships is forecasted to be a major growth opportunity for the intelligent transport system market. Various initiatives to deploy advanced traffic management systems such as vehicle to vehicle (V2V) and vehicle to infrastructure (V2I) communication is also expected to be witnessed as a key growth strategy.
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Developed regions including North America and Europe have made the use of driver assistance system, electronic stability control (ESC) systems in commercial and passenger vehicles mandatory. Car manufacturers in both emerging and established economies are implementing these systems in their new car models to differentiate their products from the competitors. These factors are anticipated to drive the market growth in the foreseeable future. Intelligent transportation systems are expected to help improve the performance of supply chain process and yield high benefit to the organizations. Users can also reduce the costs through real-time transportation systems. On account of the above factors, transportation service providers have increased investment in this technology over the past few years.
Investment across the intelligent transport system is expected to increase on account of high benefit cost ratio that strongly influences vehicle owners and government authorities to invest in this technology that includes vehicle to Infrastructure (V2I) communication, Vehicle to Vehicle (V2V) communication, mobility application and environment application. However, slow growth in infrastructure sector can act as a challenge to the market. Interoperability and standardization pose a major challenge for the market growth. Development of connection assurance systems is expected to be the top agenda of various nations. Achieving interoperability ensures that transport systems are not simply interconnected but that the boundaries between different networks are effective. Technical interoperability is achieved when different transport systems are linked in ways which effectively extend the network of services. Technical interoperability requires the various systems of physical infrastructure in different transport systems to interface efficiently. High cost of these systems can also be attributed as a major restraint to the market growth.
On the basis of product, intelligent transportation system can be segmented into Advanced Transportation Management Systems (ATMS), Advanced Transportation Pricing Systems (ATPS), Advanced Public Transportation Systems (APTS) and Advanced Traveler Information Systems (ATIS). ATMS is expected to be the largest market product segment since it provides enhanced management services which help in alleviation traffic congestion, pollution and also increases the efficiency of transportation operations. These systems are coupled with communications and sensors to ensure real time management. ATPS is estimated to witness high growth rate over the forecast period owing to its increased operations efficiency and overall transportation safety. These systems are widely used in automatic vehicle location systems, passenger information, and real time bus arrival notification systems.
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