Transparency Market Research  has published a new report on the global intelligent transportation system (ITS) market for the forecast period of 2019–2027. According to the report, the global intelligent transportation system market is projected to surpass US$ 80 Bn by 2027, expanding at a CAGR of around 13% during the forecast period.  

Intelligent Transportation System Market: Overview

• According to the report, the global intelligent transportation system market is likely to be driven by the need to adopt smarter transport modes that are safer, user-friendly, and more coordinated.
• An intelligent transportation system employs communication technology and captured information in transportation in order to improve efficiency and safety, and reduce traffic issues,
• An ITS can boost the adoption of public transport by making it more effective, tackle traffic congestion issues, and shorten the travel duration, which, in turn, is likely to reduce vehicle emissions. The implementation of an intelligent transportation system enables operators to obtain real-time details, which helps them manage fleets and update operations and schedules.

Expansion of the Intelligent Transportation System Market

• As per estimates of various intelligent transportation system associations such as ITS Canada and ITS Turkey, advanced traffic management systems (ATMS) reduced the waiting time at signals by 20% to 30%, and travel time by 25%, which, in turn, reduced a significant amount of traffic congestion.
• An intelligent transportation system also reduces greenhouse gas emissions such as carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O). For every hour of delay time reduced in traffic, one light weight vehicle can save 0.7 gallons of fuel, and a truck can save 1.93 gallons. Deploying electronic tolling systems and ramp metering systems can reduce traffic and maintain the flow of traffic on inter urban road networks.
• Road accidents cost around US$ 520 Bn per year, globally, which costs individual countries anywhere between 1 to 2% of their GDP. In the U.S., road fatalities cost US$ 230 Bn per year, which on an average, costs US$ 820 per person.

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Thus, the need to adopt intelligent transportation systems is rising significantly.

Based on type, the global ITS market has been divided into advanced traveler information systems (ATISs), advanced transportation management systems (ATMSs), advanced transportation pricing systems (ATPSs), advanced public transportation systems (ATPSs), cooperative vehicle systems (CVOs), and automatic number plate recognition systems (ANPRs). The demand for ATMSs in established markets such as North America and Europe is rising at a steady pace, owing to the increasing deployment of adaptive traffic control systems. These systems are integrated with existing traffic control systems deployed in both, urban and interurban transportation networks, to reduce congestion and effectively use road space. It has been observed that, more than 10% of congestion on metropolitan roads is due to the utilization of bad signal controls. Travelers in metropolitan areas spend around extra 300 million hours in travel every year due to congestion. These factors have led to an increase in the integration of DSRC devices in both, vehicles and traffic control systems.