Intelligent Transportation Systems (ITS) enhances the overall performance of a transportation network, augments the consumption of fuel, lets multimodal transport and assists in decreasing the risk of road accidents. It accomplishes this by assimilating the transportation network with Information and Communication Technology. The escalating number of megacities combined with the increasing population in developing as well as developed countries has elevated the significance of arraying ITS.
What Drives and Restrains the Market?
One of the major market driving factors is the fact that on a global level several governments acknowledge the key implementation of installing an efficient ITS system. Hence, they are curating particular programs and undertaking go-aheads to array the said system. For instance, the United States Department of Transport (DOT) is aiming on intelligent vehicles, intelligent infrastructure and assimilating both these factors. The U.S. DOT has begun a Federal ITS program which would make research moves, analytic examination and assist the deployment of the system via investment done in a systematic manner. Moreover, a potential transport system will help in curbing traffic snarls and benefit the environment by decreasing the pollution and such factor contribute to the market in a very significant way.
The global ITS market is also said to have a few considerable market restraining factor such as growth of infrastructure in a leisure manner specifically in developing regions across the globe owing to the lack of cost efficiency for installation purpose. Negligible interoperability and shortage of standards between several transportation and technologies. In order to focus and find a solution to these challenges, prime market players along with several governments are forming tactical private-public partnerships.
Regional and Competitive Analysis:
During the forecast period, the Asia Pacific Intelligent Transportation System market is anticipated to showcase highest CAGR. This growth is due to the escalation in imparting ITS in several countries like China, India and Australia. In 2015, North America lead the global market in terms of revenue.
Potential Market Players of This Market Are:
Affiliated Computer Services
All of these companies deliver a broader range of enhanced transportation management products to a varied customer base. The players are aiming on the betterment based on technology and products’ compatibility and services.