The report "Intelligent
Transportation System Market by Offering, System (Advanced Traffic
Management System, Advanced Traveler Information System, ITS-Enabled
Transportation Pricing System), Application, and Geography - Global Forecast to
2025", in roadways is estimated to be worth USD 23.3 billion in 2018
and projected to reach USD 33.6 billion by 2025, at a CAGR of 5.34% between
2018 and 2025. The growth of this market is driven by increasing concerns
related to public safety, increasing traffic congestion problem, and favorable
government initiatives for effective traffic management.
The commercial vehicle operation system market in roadways to grow at
the highest CAGR
Commercial
vehicle operation (CVO) encompasses a range of industries including service and
repair vehicle, private buses and taxis, and trucks. The monitoring and
information system in CVO helps a driver find safe routes and track the total
travel time, as well as enables the owner to monitor the vehicle. CVO includes
operations associated with moving freight and passengers in commercial vehicle
and activities necessary to regulate these operations, as well as activities
related to safety assurance, commercial vehicle credentials, and tax
administration. The increasing demand for the expansion of transportation
networks and growth in the logistics sector are key reasons for the growing
demand for commercial vehicle operation systems.
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Hardware offering is expected to lead the overall ITS market in roadways
Hardware
offering includes interface boards, sensors, surveillance camera,
telecommunication network, monitoring and detection systems, and other hardware
components such as linked traffic controller and variable message sign. The
large market size for hardware is owing to the implementation of numerous
heterogeneous devices, including cameras, sensors, intelligent traffic
management systems, and advanced traveler information systems across the ITS
infrastructure of any region. In addition, these high-end systems are
synchronized to respond in real time; hence, these are likely to need frequent
software updates, thereby increasing the operational cost.
North America held the largest share of the intelligent transportation
system market in 2017
The highest
market size in North America is attributed to the adoption of ITS to counter
traffic congestion and boost safety on roads is propelling the growth of the
intelligent transportation system market in this region. Government funding and
support toward the implementation of ITS in North America is another major
driver for this market.
Some of the
key companies operating in the ITS market are Thales (France), Siemens
(Germany), Garmin (Switzerland), Kapsch TrafficCom (Austria), TomTom
(Netherlands), Cubic (US), Q-Free (Norway), EFKON (Austria), FLIR Systems (US),
Denso (Japan), and so on.
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