Increasing adoption of Intelligent Transportation System (ITS) Market 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. 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.
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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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The intelligent transportation system application segment comprises road user charging, parking management, automotive telematics, environment protection, public transport, traffic management, freight management (commercial) and road safety & security. Traffic management was valued at over USD 5 billion in 2013, and is expected to be the largest application segment over the next six years. Environment protection is expected to witness considerable growth, due to growing environmental concerns and increased focus on undertaking measures to reduce emission levels and pollution. Road user charging segment (RUC) is also expected to witness substantial growth over the forecast period on account of technological developments in electronic toll collection (ETC).
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Asia Pacific may witness considerable growth due to increased implementation of intelligent transportation system. Further, the need to improve of transportation networks and favorable regulatory initiatives in countries such as India and Japan may positively impact the industry. North America is expected to emerge as the largest regional market over the forecast period, accounting for over 40% of the overall market in 2013. R&D initiatives taken by the Intelligent Transportation Society of America (ITS America) for deployment of ITS so as to improve surface transportation systems in the U.S. are expected to favorably impact the intelligent transportation system market. A few noteworthy regional ITS projects include Georgia Navigator, Arterial Street Signal Interconnect, Philadelphia, PA and Advanced Regional Traffic Interactive Management and Information System (ARTIMIS).
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