Market Trends of Global Intelligent Transportation Systems Industry
This section covers the major market trends shaping the Intelligent Transportation Systems Market according to our research experts:
Increased Adoption of Sensors in Transportation Systems
Technological advances in information technology, coupled with ultramodern/state-of-the-art microchip, improvements in RFID technologies and inexpensive intelligent and advanced sensing technologies, have enhanced the technical capabilities that would facilitate safety benefits for intelligent transportation systems in the global market.
This segment would account to a larger market share of the overall component type of ITS as of 2018. Infrastructure sensors are indestructible devices that are embedded in the road or surrounding the road (e.g., on buildings, posts, and signs), as required, and are manually or automatically operated. Vehicle-sensing systems include deployment of infrastructure-to-vehicle and vehicle-to-infrastructure electronic intelligent sensors for identification communications and may also employ video automatic number plate recognition technologies or vehicle magnetic signature detection technologies at desired intervals to increase monitoring of vehicles operating in critical zones.
Emerging Countries such as Russia, India, Brazil, and South Africa Growing Rapidly
ITS include telematics and all types communication in vehicles, between other vehicles and other connected devices. Intelligent Transportation Systems are not restricted to land transport, but also include all type of navigation and communication system in rail, water and air transport.
Increase in adoption of intelligent transportation system in emerging countries such as Russia, India, Brazil, and South Africa would be a key factor in driving the intelligent transportation system market. The ITS market would grow significantly at a higher rate in Asia-Pacific countries during the forecasted period since ITS helps the consumers significantly in reducing travel time by avoiding overcrowded routes or traffics, which are more relevant with the APAC countries. ITS industry has grown at an average rate of 15% annually over the past 10 years.
With CAFÉ standards and EU regulations becoming increasingly stringent, automobile manufacturers are forced to seek for better ways to increase vehicle safety and driver assistance systems. In addition, consumers are also demanding new innovative features and services that seamlessly integrate into their digitized and mobile lifestyles. To meet these requirements, traditional automotive players are reinventing their business models and are increasingly involved in integrating intelligent transportation systems by adding telematics for various vehicle, driver safety assistance measures, and other in-vehicle infotainment services.
The growth of the Intelligent Transportation Systems market is currently being hindered by the lack of inter-operability and standardization. The rapidly expanding telematics and vehicle infotainment industry, coupled with explosive growth of the commercial connected vehicle across different type of vehicles will see the emergence of improved data streams, and would viciously help to augment the global Intelligent Transportation System market.
