Roadways ITS is expected to hold a majority share of the Intelligent Transportation System Market due to a growing number of vehicles, which has resulted in increased road traffic and congestion. A rise in the number of road fatalities has also contributed to the adoption of ITS solutions. According to the Annual Accident Report, 2017, by the European Union (EU), road traffic accidents in EU member states claimed 26,100 lives and left over 1.4 million people injured in 2015.
Intelligent Transportation System Market is projected to surpass USD 34 billion by 2025. The market growth is attributed to the various government-led investments for smart city development and rise in the number of vehicles demanding smart mobility solutions. Growing investments in smart city development projects will foster the adoption of smart transportation solutions to regulate the traffic flow in cities. ITS solutions allow users to make better use of transportation systems and also provide ways for the development of smarter infrastructure.
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The information display system in the airways Intelligent Transportation System Market is expected to hold a significant market share of over 20% in 2025. As airport environments are becoming more complex, flight-related & operational information needs to be obtained quickly. Thus, smart display systems are widely used in airports as they store, process, and transfer flight-related information to passengers and airport authorities. With companies rapidly developing these information systems to provide real-time information to keep the passengers updated, the demand for airways ITS will increase in the near future.
The Asia Pacific Intelligent Transportation System Market is expected to witness the highest growth rate of over 6% from 2019 to 2025. The emergence of smart mobility technologies and financial support provided by the government to establish smart transportation infrastructure is expected to bolster the adoption of intelligent transport solutions. For instance, in August 2016, the South Korean government planned to build a network of smart expressways by 2020 to limit traffic congestion. The government planned to invest USD 33.1 billion and raise USD 31.3 billion through private investments to finance its plan of installing a smart toll system.
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In the railways Intelligent Transportation System Market, the demand for real-time passenger information systems is expected to exhibit accelerated growth from 2019 to 2025. These systems provide real-time information such as news broadcast, entertainment, scheduling, and emergency communication services to passengers through voice or visual, thus increasing the traveling comfort for them. The widespread implementation of smart passenger information systems to provide instant information to commuters will drive the railways Intelligent Transportation System Market growth.
In the maritime Intelligent Transportation System Market, tracking and monitoring systems held a major market share of over 35% in 2018 and are expected to maintain a dominant position in 2025. Tracking and monitoring systems provide marine operators with valuable information for taking marine operational decisions in real-time. They deploy these systems to obtain real-time information on full wave water spectrum, including wind profiling, temperature, pressure, and humidity. As marine companies are widely using them to monitor the ship?s position, location, and other details, the demand for ITS in marine will increase over the forecast period.
Companies operating in the Intelligent Transportation System Market are investing in their R&D labs for the development of new ITS. For instance, in March 2018, Huawei opened a new innovation lab at Gurugram to develop smart city solutions including smart lighting, smart metering, and smart parking solutions.
Some of the companies operating in Intelligent Transportation System Market are Advantech Co., Ltd., Bestmile SA, Clever Devices Ltd., Denso Corporation, EFKON AG, ETA Transit Systems, GMV Group, Hitachi, Ltd., Kapsch Trafficcom, Lanner Electronics, Moxa Inc., Nuance Communications, PTV Group, Q-Free ASA, Rhythm Engineering, Telegroup, Thales Group, TomTom N.V., Transmax Pty Ltd., Trapeze Group, WS Atkins PLC, and Xerox Corporation.
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