Intelligent Transportation System (ITS) market is expected to witness substantial growth over the forecast period. This can be attributed to its ability to enhance performance, reduce accidents, optimize fuel consumption and enable multimodal transport through integration of Information and Communications Technology (ICT). Increasing adoption of ITS to improve safety and reduce road accidents is also expected to significantly drive the intelligent transportation system market. Growing population and rise in number of vehicles has driven the need for effective traffic management.
Standardization and interoperability issues may hinder intelligent transportation system market growth over the forecast period. However, establishment of unified technology and standardization, necessary for effective communication may help overcome the aforementioned issues. Surging demand for Vehicle to Infrastructure (V2I) and Vehicle to Vehicle (V2V) communication is expected provide avenues for market growth over the next few years.
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Enhancements in wireless communication owing to technological advancements provide an opportunity for market participants. The global intelligent transportation system market is expected to exceed USD 35 billion by 2020, growing at a double digit CAGR over the forecast period. The key product segments analyzed in this study include cooperative vehicle systems, Advanced Public Transportation Systems (APTS), Advanced Transportation Management Systems (ATMS), Advanced Public Transportation Systems (APTS) and Advanced Traveler Information Systems (ATIS). ATMS emerged as the dominant segment in 2013, accounting for over 35% of the market in the same year.
Advanced Public Transportation Systems (APTS) is estimated to exhibit high growth over the forecast period, which can be primarily attributed to its ability to increase the efficiency of public transit system and offer improved overall safety. Additionally, incorporating APTS across several applications including automatic vehicle location systems, real-time passenger information systems and bus arrival notification systems is also expected to spur intelligent transportation system market growth.
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