Intelligent Transport System Market: Insights
The global intelligent transport system market is envisaged to see its expansion rising on the back of the need to reduce road fatalities. Sophisticated security and safety solutions offered through intelligent transport system could prove to be extremely critical for the adoption rate in emerging as well as developed economies. Such solutions are used to improve road infrastructure and network. Intelligent transport system helps to improve the competence of the overall transport process and also passenger safety as it combines communication and IT with transportation infrastructure. Availability of competent transportation system helps to reduce travel time beside road accidents.
New solutions integrating electronic and communication technologies are being deployed in a number of economies for the purpose of effectively dealing with traffic concerns. There could be a massive demand for intelligent transportation system as it helps to gain better access to transportation and improve passenger and freight mobility. Intelligent transport system makes a strong contribution to the reduction in greenhouse gas emissions and fuel consumption by decreasing the level of traffic congestion. A collaboration was announced by the U.S. Department of Energy and Transportation in 2016, keeping in view similar concerns, so as to speed up the research and development of novel smart transportation solutions.
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An intelligent transport system is a technology applied to transport and infrastructure to transfer information between systems to improve safety, productivity, and environment-friendly transportation. This includes standalone applications such as systems for traffic management, information and warning systems installed in vehicles, as well as cooperative intelligent transport system applications providing vehicles with IT infrastructure communication and vehicles-to-vehicle communication. An intelligent transport technology typically applies to management systems like, traffic control systems, automatic recognition of number plates, weather information, CCTV cameras and car navigation. The governments of various regions are spending on transportation infrastructure, which is expected to be a good opportunity for vendors associated with the market for intelligent transport systems to extract business, especially from emerging economies.
Intelligent Transport System- Drivers
Increasing need for cutting-edge traffic congestion solutions is one of the significant factors which is fuelling the growth of intelligent transport system market. As these days more and more people are preferring to migrate to urban areas, intelligent transport systems are necessary for more infrastructure like highways, roads and other public transport options.
Significant partnerships with governments is expected to open new avenues in the market. This collaboration shows a positive response from both the people and government towards intelligent transport systems which is driving the market. For example, Siemens has collaborated with government of Germany for the completion of the projects of digital autobahn test field project. Germany’s first intelligent bridge is a prominent feature of this project.
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Intelligent Transport System- Restraints
There are various other systems developed for managing the traffic congestions and giving the alternate routes and other such systems. These other systems cut down the market for the intelligent transport systems and hence acts as a restraint for the market. These substitutes are being used on a significant sale. Moreover, changing existing systems and setting up of new one would incur more charges.
Lack of standardization can affect the growth of the intelligent transport systems in the region. Proper standard would escalate the growth path for the market as it would restrict the unorganized propagation of other systems in the market.
Intelligent Transport System- Regional Overview
In the year 2017, North America region dominated the intelligent transport systems market by revenue. APEJ region is likely to be a chief market for sustainable revenue generation in the years to come. In APEJ region, China, which is a developing country, is likely to grab maximum revenue shares in the intelligent transport system market. In China, intelligent transport systems dealers are setting up strong distribution channels and supply chains to extend the opportunities in business.
Intelligent Transport System- Key Players
Lanner Electronics Inc., Thales Group Ad, Transcore, Lp, Siemens AG, Savari Inc., Garmin Ltd., Efkon AG., Kapsch Trafficcom, Ricardo PLC, Tomtom International BV, Iteris, Inc., Q-Free ASA, Atkins Group and Denso Corporation are some of the key companies provide the intelligent transport system
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