LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global intelligent transport system (ITS) market to grow at a CAGR of close to 9% over the forecast period, according to their latest report.
The research study by Technavio on the global intelligent transport system (ITS) market for 2017-2021 provides a detailed industry analysis based on the solution type (network management, automotive and infotainment telematics, road safety system, communication ITS, security and crime reduction, freight and commercial ITS, and public transportation ITS) and geography (the Americas, APAC, and EMEA).
| The market is expected to grow steadily during the forecast period. The growing economy of developing countries, emerging smart city concept, increased traffic congestion, and the rise in demand for road freight transportation are some of the key drivers for the growth of the market. |
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Technavio analysts highlight the following three factors that are contributing to the growth of the global intelligent transport system market:
- Increasing road traffic congestion in Asian countries
- Demand for ITS in-road freight logistics
- Government initiatives for the development of ITS
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Increasing road traffic congestion in Asian countries
The urban traffic road congestion is increasing across the world because of the increasing disposable income and ineffective public transportation. These factors are stronger in the Asian countries compared with the rest of the world. Also, the rising number of imports will push the road freight logistics market, which is a major cause of road traffic congestion.
“The governments of various countries are taking several initiatives to control the road traffic congestion, such as providing effective public road transportation, encouraging people to take another mode of transportation like railways, and renewing traffic violation rules. These initiatives are expected to drive the growth of the market,” says Sharan Raj, a lead analyst at Technavio for M2M and connected devices research.
Demand for ITS in-road freight logistics
The global road freight logistics is booming because of increasing global trade activities and rising consumer demand for goods. Long-haul truck, light truck, and lorries are used for road freight transport. In the US, the freight volumes are increasing in Laredo, Texas, which is the largest Mexican-US border crossing. Detroit is also experiencing growth in freight volume trade. It is the largest crossing on the US-Canadian border.
Traffic control, route planning, driving behavior monitoring and control, crash prevention, freight location monitoring, and freight status monitoring are some of the ITS which are used for road freight management. Besides these traffic congestion and carbon emission control systems, intelligent transportation also provides other solutions such as weigh-in-motion and delivery space booking system.
Government initiatives for the development of ITS
The growing urbanization is becoming a threat to the traffic control in urban areas. The growth in urban population is expected to cause traffic control issues in urban areas. It is estimated that around 47% of the traffic issues in urban areas is because of over population. To overcome these issues, the central and regional governments of all countries are coming up with several initiatives to support the growth of ITS.
“Governments around the world are encouraging public-private partnerships in urban traffic control. For instance, the Land Transport Authority of Singapore, SMRT Corporation, and IBM collaborated to create fusion analytics for public transport emergency response in order to ensure better traffic control,” says Sharan.
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