Intelligent transportation system (ITS) industry will gain immense traction owing to rising investments in smart city projects and growing demand for smart transport communication technologies in vehicles to make driving easier and safer. The robust implementation of ITS in the airways as well as in other sectors such as railways, roadways and maritime will certainly impact the commercialization prospects of global ITS market. It has been estimated that intelligent transportation system market will exceed USD 34 billion in valuation by 2025.
With the increasing number of vehicles, there has been a huge demand for road safety and traffic management to improve user travel experience. Need for enhanced transport efficiency has influenced the expansion of the ITS solutions. Worldwide, government agencies are setting up strict regulations for controlling vehicle emissions and enhancing roadside safety. These vital initiatives will provide opportunities to market players for developing advanced ITS offerings for a varied range of transportation modes. IoT platforms enable better traffic administration, operation & control, and passenger information management, strengthening demand potential for global ITS market.
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How will rising demand for communication services impact the airways intelligent transportation systems market size?
With increased demand from passengers for in-flight communication systems including Wi-Fi access, coupled with increasing air traffic levels, airlines are integrating innovative features for an enhanced consumer experience. Various companies are looking to develop advanced information systems to provide real-time information that keep the passengers updated and help avoid congestion. These factors will positively influence the demand for airways ITS solutions. Reports suggest that in the airways ITS market, communication and networking systems are expected to show exceptional growth, with a CAGR of over 7% between 2019 and 2025.
How will Asia Pacific emerge as a regional contender for intelligent transportation system market share?
Asia Pacific region is considered to be one of the leading markets for the implementation of ITS products and will account for the second largest share of global ITS market over projected period. Emerging economies like Japan, China, and India are investing massively in modernizing their transportation networks and creating megacities to provide enhanced trade services. Development of smart mobility technologies and major financial boosts provided by governments to modernize transportation infrastructure are likely to propel the revenues for APAC intelligent transportation system market over the forecast duration.
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