Ocean View, DE -- (SBWIRE) -- 06/19/2020 -- As per reports by Global Market Insights, Inc, the global intelligent transportation system (ITS) market is anticipated to exceed $34 billion by 2025. Favorable government initiatives towards smart city development have bolstered the intelligent transportation system (ITS) market size, attributed to the riding demand for vehicles integrated with smart mobility solutions.
Higher funding for projects related to smart city development will create extensive acceptance of smart transportation solutions with the purpose of regulating city traffic flow. These solutions will facilitate better user access to transportation systems and will also accelerate the advancement of smart infrastructure.
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The burgeoning prevalence of IoT is supporting the automation of several transport sectors including airways, railways, roadways and maritime to enhance the commute experience through improved controls and operations, efficient traffic and passenger information management.
In the railways ITS market, the demand for real-time passenger information systems is expected to exhibit accelerated growth from 2019 to 2025. These systems provide real-time information such as news broadcast, entertainment, scheduling, and emergency communication services to passengers through voice or visual, thus increasing the traveling comfort for them. The widespread implementation of smart passenger information systems to provide instant information to commuters will drive the railways ITS market growth.
The information display system in the airways ITS market is expected to hold a significant market share of over 20% in 2025. As airport environments are becoming more complex, flight-related & operational information needs to be obtained quickly. Thus, smart display systems are widely used in airports as they store, process, and transfer flight-related information to passengers and airport authorities. With companies rapidly developing these information systems to provide real-time information to keep the passengers updated, the demand for airways ITS will increase in the near future.
In the maritime ITS market, tracking and monitoring systems held a major market share of over 35% in 2018 and are expected to maintain a dominant position in 2025. Tracking and monitoring systems provide marine operators with valuable information for taking marine operational decisions in real-time. They deploy these systems to obtain real-time information on full wave water spectrum, including wind profiling, temperature, pressure, and humidity. As marine companies are widely using them to monitor the ship's position, location, and other details, the demand for ITS in marine will increase over the forecast period.
The Asia Pacific ITS market is expected to witness the highest growth rate of over 6% from 2019 to 2025. The emergence of smart mobility technologies and financial support provided by the government to establish smart transportation infrastructure is expected to bolster the adoption of intelligent transport solutions. For instance, in August 2016, the South Korean government planned to build a network of smart expressways by 2020 to limit traffic congestion. The government planned to invest USD 33.1 billion and raise USD 31.3 billion through private investments to finance its plan of installing a smart toll system. Some of the companies operating in ITS market are partnering with regional authorities for the implementation of smart transport solutions. For instance, in December 2017, Smart Parking partnered with Queenstown International Airport to enhance the user parking experience. The airport has deployed SmartGuide solutions with more than 450 vehicle sensors installed to sense the presence of cars.
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Companies operating in the ITS market are investing in their R&D labs for the development of new ITS. For instance, in March 2018, Huawei opened a new innovation lab at Gurugram to develop smart city solutions including smart lighting, smart metering, and smart parking solutions.
Table of Contents (ToC) of the report:
Chapter 4. Competitive Landscape, 2018
4.1. Introduction
4.2. Competitive analysis of key market players
4.2.1. Denso Corporation
4.2.2. Kapsch Trafficcom
4.2.3. Moxa Inc.
4.2.4. Siemens AG
4.2.5. Thales Group
4.2.6. TomTom N.V.
4.2.7. TransCore
4.3. Competitive analysis of other prominent vendors
4.3.1. EFKON AG
4.3.2. Hitachi, Ltd.
4.3.3. Nuance Communications
4.3.4. PTV Group
4.3.5. Q-Free ASA
4.3.6. WS Atkins PLC
4.3.7. Xerox Corporation
Chapter 5. ITS Market, By Mode of Transport
5.1. Key trends, by mode of transport
5.2. Roadways
5.2.1. Product market estimates and forecast, 2014-2025
5.3. Railways
5.3.1. Service market estimates and forecast, 2014-2025
5.4. Airways
5.4.1. Service market estimates and forecast, 2014-2025
5.5. Maritime
5.5.1. Service market estimates and forecast, 2014-2025
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