Selbyville, Delaware, Feb. 07, 2019 (GLOBE NEWSWIRE) --
The intelligent transportation system market is expected to grow from USD 23 billion in 2018 to USD 34 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Strong outlook with versatile end-user applications including furniture & upholstery, packaging, construction, consumer goods, bedding, pillows, mattresses, carpet cushion, automotive interiors etc., are among key factors driving the industry growth.
Roadways held a majority share of the intelligent transportation system (ITS) market due to the extensive amount of consistent traffic movement on roadways demanding innovative traffic management methodologies. An exponential rise in the number of road accidents around the world is a growing concern for government agencies.
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In the roadways intelligent transportation system market, Advanced Traffic Management Systems (ATMS) held a majority share of over 34% in 2018 due to the growing demand for reducing traffic congestion in urban areas by enhancing an effective utilization of the prevailing infrastructure. These systems acquire real-time information from roadside traffic sensors and aid in developing effective traffic management strategies. Also, the development of adaptive traffic control solutions is improving the efficiency of these systems leading to the growing adoption of ATMS around the world.
In terms of applications, the traffic management application is expected to hold a major share of over 20% in the roadways intelligent transportation system market by 2025. Reduced traffic congestion results in effective control of vehicle emissions and better estimation of travel times. To improve the overall efficiency of traffic networks and commercial travel operations, such as fleet management on roadways, ITSs are expected to play a critical role over the forecast timeline.
Rail traffic management solutions dominated the railway intelligent transportation system (ITS) market in 2018 due to the growing emphasis on optimizing rail movement of international trade routes as well as increasing focus on enhancing railway safety infrastructure. The major features of railway traffic management systems include real-time traffic planning, route scheduling, power supply & infrastructure, operation information for passengers & the staff, and maintenance support. These solutions automatically control and set routes for trains and establish route control in events operational disruption.
Operation and collision avoidance application is projected to hold a dominant share of over 30% in the railway intelligent transportation system market by 2025. Taking precautionary measures to prevent collisions can aid in mitigating the risk of jumping signals and over-speeding by loco pilots of trains that may lead to accidents. Passenger and freight collisions result in huge economic losses and fatalities every year. Most incidents happen due to human errors. By deploying automated collision avoidance technologies, such incidents can be effectively avoided saving numerous lives.
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In the airways intelligent transportation system (ITS) market, communication and networking systems are projected to exhibit excellent growth between 2019 and 2025 at a CAGR of over 7%. With increasing air traffic levels and rising demand from passengers for in-flight communication systems such as Wi-Fi access, airlines are exploring innovative methodologies for improving communication and the network infrastructure. With companies investing heavily in improving network connectivity with airborne aircraft, avoiding congestion is becoming much easier with the use of modern communication and networking systems.
In maritime ITS, the weather information market is expected to register accelerated growth over the forecast timeline. Good weather forecasting helps ships and their crew with effective navigation and taking informed decisions to reduce risks due to unexpected weather shifts. A bad weather can cause maritime vessels to run aground, capsize, or to collide with other ships and objects. Efficient weather information and forecasting measures ensure that such mishaps are prevented by taking timely precautionary measures.
The Asia Pacific region is projected to hold the second largest share of the global intelligent transportation system market over the forecast period. Major economies in the region, such as China, Japan, and India, are investing significantly in creating megacities and modernizing their transportation networks to facilitate enhanced trade exchanges. Also, government initiatives in the region for issuing stringent emission norms to combat rising levels of air pollution are expected to contribute to market growth over the forecast timeline.
Browse key industry insights spread across 600 pages with 980 market data tables & 33 figures & charts from the report Intelligent Transportation System (ITS) Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/intelligent-transportation-system-ITS-market
Some of the key vendors operating in the intelligent transportation system market include 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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