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Intelligent transport systems to reach $25B by 2017

Posted: 02 Jan 2014     Print Version  Bookmark and Share

Keywords:MarketsandMarkets  Intelligent Transport Systems  traffic management system 

According to the latest market research report from MarketsandMarkets titled "Intelligent Transport Systems Market - Trends, Adoption & Worldwide Forecasts (2012-2017)," the market is forecast to reach $24.75 billion by 2017, at a CAGR of 12 percent from 2012-2017.

The term "Intelligent Transportation System" refers to the integration of the information and communication technology to improve the transportation network related to the railways, roadways, airways and marine transport. The major focus of the government is towards the improvement of the road transportation due to the increasing number of road accidents and congestion in almost all the countries.

Increasing mobilization from the rural to urban areas is one of the major reasons behind the increasing number of vehicles on the roads, which causes traffic problems as well as pollution. According to the market research firm, ITS is the best solution to all the problems on the road.

This report describes the various systems of ITS such as Advanced Traffic Management System (ATMS), Advanced Traveler Information System (ATIS), ITS-Enabled Transportation Pricing System, Advanced Public Transportation System (APTS) and Commercial Vehicle Operation (CVO). Out of all the above types, Advanced Traffic Management System, Advanced Public Transportation System and ITS enabled Transportation Pricing System are mostly deployed systems. The demand for the Advanced Traveler Information System is going on increasing to improve the safety and security of the travelers and drivers.

This report also covers the major applications of the ITS on the basis of the different functions performed by the various ITS systems. The major applications of ITS described in this report are fleet management and asset monitoring, traffic monitoring, collision avoidance system, traffic signal control system, variable traffic message signs, parking availability system and traffic enforcement cameras. Traffic monitoring, variable traffic message signs and traffic signal control system are the major applications of the ITS market. The application of collision avoidance system is in the niche stage in the present scenario but it is expected to grow at a rapid rate in the coming five years. The major reason behind the growth of collision avoidance system is to improve the communication technology between vehicle to vehicle and vehicle to infrastructure.

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