Pune, India, April 28, 2021 (GLOBE NEWSWIRE) -- According to the report, Global Intelligent Transportation Systems market is projected to reach USD 8474.2 million by 2027. Intelligent Transportation Systems Market was worth USD 1643.8 million in 2018 and will exhibit a CAGR of 22.3% during the forecast period. Increasing adoption of technology, to regulate traffic will strengthen the growth of the market during the forecast period.
In March 2020, Roads and Transport Authority (RTA) of Dubai announced its completion of a project that predicts seasonal traffic of its transportation services in marine using big data. The projects involve every information for the maritime transportation services such as total number of passengers, total revenue and occupancy rates reached, which is anticipated to help studies on development scope for services and in addition to this improving network efficiency.
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The origin of intelligent transportation system dates back to the 1960s, when the U.S. developed its Electronic Road Guidance System, to regulate the flow of the traffic. In 1994, the World Congress, Paris sped up the development and application of the intelligent transportation system to expedite the use of traffic control systems around the world. ITS is a useful tool to control the traffic by efficiently communicating, sensing, controlling, and analyzing the vehicles to enhance mobility and safety. With increasing sales of vehicles globally, congestion on the roads is often a regular sight. Various governments are taking initiatives to reduce the congestion and regulate traffic. This is expected to drive the growth of the market in the forthcoming years.
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According to the Director Mohamed Abu Bakr Al Hashemi, Maritime Transport Department, “Using big data to automate the maritime transport tickets has enabled us to be flexible in our preparation of implementing the seasonal network initiative to regulate our marine transport system.”
On the contrary, high cost of the deployment of services may hinder the growth of the market to some extent during the projected horizon.
Among the regions, the market in Asia-Pacific is expected to remain at the forefront during the forecast period. This is attributable to factors such as increasing need for efficient management of the growing traffic in the region. On the other hand, Europe will witness substantial growth and is expected to be the second-most leading region in the forthcoming years. Increasing demand for efficient emergency services will bode well for the growth of the market between 2019 and 2026.
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Modernization of Transport Services by Mauritius to Surge Demand
Companies operating in the market are striving hard to gain maximum intelligent transportation system market revenue. They are achieving this by deploying strategies such as product innovation and launch, mergers and acquisitions, and others. For instance, in March 2020, the government of Mauritius announced its launch of new Passenger Information Service (PIS). This is a part of its initiative under National Land Transport Authority (NLTA), which is poised to modernize the transportation services across the nation. The service will offer efficient integration of passenger information and transit management, to enable the passenger to have access to information about their travel journey, when and where the transport will arrive, and further it provides quick link to public transport transfers.
- 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
- Xerox Corporation
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Global Intelligent Transportation Systems Market Segmentation:
By Type:
- Advanced Traffic Management System
- Advanced Traveler Information System
- Advanced Public Transportation System
- Advanced Transportation Pricing System
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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