ITS: Key market research findings
- Growing trend of smart vehicles on smart roads
- Emergence of analytics systems and hybrid technology
Technavio has released a new market research report on the global ITS market is expected to grow at a CAGR of 8% between 2016 and 2020. The intelligent transport system (ITS) is a sophisticated application that provides solutions relating to different modes of traffic and transport management. They have gained prominence as they are used to prevent accidents, detect the location of vehicles, handle congestion, and control vehicle emission levels. Europe is expected to register the fastest growth in the market over the forecast period due to the growth of ITS communications market in this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“One of the latest trends gaining traction in the ITS market is the advent of smart vehicles on smart roads. Several governments across the globe have encouraged the advent of smart vehicles to reduce collisions and avoid accidents on roads. These vehicles use advanced IT solutions that help them to control the speed and better manage traffic congestions along the route. Moreover, roads have been made smarter by installing many sensors and systems such as traffic incident techniques, traffic sensors, speed trackers, and display boards,” says Sharan Raj, Lead Analyst, Transportation & Logistics, Technavio Research
The emergence of analytics systems and hybrid technology is a significant upcoming trend in the global ITS market. Adoption of hybrid technologies such as GPS coupled with direct short-range communication (DSRC) is marking public transport more efficient by providing efficient toll collection systems (TCS) and bridge and tunnel management systems. Analytics can be used in many systems such as traffic management systems, asset management systems, parking management, and emergency management systems. Recently, the Singapore government introduced the use of big data analytics to optimize its transportation system.
The leading vendors in the global ITS market include 3M, Denso, EFKON, Traffic Tech Middle East, Kapsch TrafficCom, and TransCore. The market is highly fragmented because of the presence of many local and international vendors. Large vendors dominate the market while the region vendors face tough competition in terms of features and price. Several vendors have come up with many new and innovative systems and customized solutions that meet the customer’s requirements.
A more detailed analysis is available in the Technavio report, Global ITS Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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