BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research analyzes the state of the global market for advanced intelligent transportation system (ITS) solutions, providing market forecasts, broken out by segment and region, through 2026.
Innovative and forward-looking cities, particularly those in Europe and Asia Pacific, are looking toward ITSs for a more sophisticated and comprehensive method for planning and managing transportation. The concept of Internet of Things (IoT), as well as the advent of near ubiquitous connectivity and embedded intelligence, is enabling cities to implement active traffic management, more sophisticated traveler information services, and solutions that provide single access to a range of transportation modes. Click to tweet: According to a new report from @NavigantRSRCH, the global market for advanced ITS solutions is expected to grow from $6.6 billion in 2017 to $17.5 billion in revenue by 2026.
“Cities increasingly have access to multiple data streams across the entire transportation ecosystem,” says Lisa Jerram, principal research analyst with Navigant Research. “This is creating opportunities for much more sophisticated transportation planning and management services that can optimize travel in and around cities.”
Though ITS benefits are apparent, the deployment of such systems can prove challenging for public agencies because it requires integrating the systems with legacy infrastructure. Service providers face challenges, as well, as they need to be able to aggregate and analyze data from a wide range of devices, according to the report.
The report, Intelligent Transportation Systems, examines the state of the global market for advanced ITS solutions such as real-time traffic management, multimodal systems integration, traveler information systems and road pricing schemes. The study analyzes the key drivers and barriers to adoption, examining the key advanced ITS applications, as well as the competitive landscape. Global market forecasts, broken out by region, extend through 2026. Forecasts are also segmented by infrastructure and software and services. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Intelligent Transportation Systems, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.