Intelligent Transportation Systems (ITS) Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast, 2012 - 2018
Albany, New York (PRWEB) August 20, 2013
The developments taking place in the field of transportation and technology, coupled with the rising incidents of traffic congestions and road accidents, has given rise to the demand for an intelligent transport system (ITS). The purpose of an ITS is to integrate real time information and provide it to the users, who can then make careful decisions and make their travel plans accordingly.
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The global market for ITS, with demand coming from all countries worldwide, is estimated to grow with a double digit CAGR estimated around 12.4% during 2012 – 2018. The application of ITS is not limited to just road transport, but has widespread applications across verticals such as military, rail, and air transport as well. Currently, the demand of ITS is majorly driven by the road transport sector, due to growing population and consequent sharp rise in number of vehicles plying.
Also, the rising incidents of accidents across all modes of transport, especially road and air transport, is contributing to the need of immediate implementation of ITS. The populous economies of China and India, which are also the fastest growing regions, are some of the key markets for ITS.
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Currently, ITS applications are limited to developed countries, such as the UK, the U.S, France, Australia, and Canada. Use of intelligent transport systems in military has however been in existence for a long time and can be seen in many countries, and is seeing gradual adoption across other transport mediums too. The global market for ITS can be segmented based on parameters such as technologies used and applications.
According to the different technologies used in an ITS, the global market can be segmented into – CALM (Continuous Air interface Long and Medium range) based ITS, DSRC (Dedicated Short-Range Communications) based ITS, GPS (Global Positioning System) based ITS, and others. The vehicle to vehicle (V2V) and vehicle to infrastructure (V2I) communication is an improvisation of the existing technologies.
The applications of ITS is vast and has further scope of development, depending on the technological advancements made. Currently, the applications of ITS are as follows – parking, traffic signal control system, advance collision warning system, advanced traffic information system, advanced cameras for traffic enforcement, dynamic traffic light systems, fleet management systems, and many more.
All these systems and applications are used for varying functions such as – for providing traveler information, traffic management and monitoring, public transport management and monitoring, commercial vehicle operations, transport pricing system, parking management, and for emergency rescue operations.
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The scope of market growth for ITS is, however, high across all regions, developed or developing, as both are still looking for solutions to address their growing transport networks. The global ITS market has many manufacturers across different verticals. Among key technology software and hardware providers, the renowned names are – Cisco, Siemens, Intel, Worldsensing, IBM, Iteris, and many more.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include:
Rest of the World
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