The Global ITS market is expected to experience noteworthy growth during the period 2013-2018 recording a CAGR of 7.43 percent.
London, 21 July 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on the Global Intelligent Transport Systems (ITS) Market. The report concentrates on some important emerging trends in the market, like the implementation of hybrid technology systems, which combine advanced technologies to yield a better state-of-the-art application.
An ITS can be defined as a refined application which offers resolutions associated with numerous modes of transport and traffic supervision. It permits travelers to be up-to-date about the traffic conditions thus, increasing road safety.
“The major customers of ITS are government organizations, public departments, and municipal corporations and to some extent construction firms and car and truck leasing companies. The vertical overall is perfectly competitive with the use of high-end specialized technology solutions. Therefore, it is imperative that vendors’ differentiate their products by adopting superior quality measures and trying to capture the new requirements of customers and addressing them with solutions,” says Faisal Ghaus, Vice President of TechNavio Research.
Emerging Hybrid Technologies
One of the key trends emerging in this market is the adoption of hybrid technology systems, which involve the combination of advanced technologies to produce an improved state-of-the-art application. GPS has been coupled with DSRC, where GPS tracks the vehicle and DSRC accounts for the charges from the user’s account. This will help in distance-based road charging. The adoption of these technologies can make toll collection systems, bridge and tunnel management systems, and public transport ITS more efficient.
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on Global Intelligent Transport Systems Market 2014-2018, please send an e-mail to media@TechNavio.com
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