Global Intelligent Transportation System Market is Projected to reach $38.68 Billion by 2020

Date: 2015-12-21

Intelligent transportation systems enhance productivity by integrating information and communication technologies to make traffic safe and coordinated. This aids the users of these systems to make informed decisions while commuting to work or home. These systems are used for fleet management, asset monitoring, collision avoidance, parking availability, and traffic monitoring.

The intelligent transportation systems market
earned more than USD 16 billion in 2013. By 2020, it is projected to attain USD 38.68 billion. The growing population as well as the amount of vehicles has forced governments to establish guidelines for an efficient transport network. Public Private Partnerships (PPP) and smart cars embedded with this technology can provide opportunities for the market. Lack of standards and compatibility with other technologies can restrain the market.

Cooperative vehicle systems, Advanced Transportation Management Systems (ATMS), Advanced Traveler Information Systems (ATIS), Advanced Public Transportation Systems (APTS), and Advanced Transportation Pricing Systems (ATPS) are the products of the market. ATMS contributed more than 38% of the overall revenue in 2013. It has a growth rate exceeding 12% from 2014 to 2020 (forecast phase). APTS has a growth rate of above 13% by the end of the forecast phase. This system notifies the passengers of the arrival and destination times of public transport buses.

Applications of the intelligent transportation systems market include environment protection, freight management, traffic management, public transport, automotive telematics, road safety & security, and parking management. Traffic management contributed a share of more than 30% of the overall revenue. It has an expectant growth rate of above 11% during the forecast phase. Automotive telematics has a CAGR of above 15% by 2020. These systems provide information to drivers, guiding them through detours and avoid crowded intersections. Environment protection has a growth rate exceeding 17% over the forecast phase.

North America had a 43% share of the global market in 2013. It will continue to dominate over the forecast phase with a growth rate over 12% during the forecast phase. This can be attributed to demand from public and private sectors in the region. Asian Pacific region will register a CAGR above 13% during the forecast phase. Government mandates promoting safety, most notably the Industrial Safety, Health, and Welfare Act will propel growth in the region.

The prominent companies in the intelligent transportation systems market are Thales Group, Sensys Network, Inc., Kapsch TrafficCom AG, Garmin International Inc., and TomTom International N.V.

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