Study Says: Road Accidents Generate Need for Smart Transportation

According to a recently published report by Future Market Insights, titled “Intelligent Transport Systems (ITS) Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027),” the global intelligent transport systems (ITS) market is on the verge of a huge growth period. The primary factors which are driving this market, the study says, are growing inclination towards better transport infrastructure and increase in spending on intelligent transportation system.

Market Drivers
Focus on reducing vehicular pollution
Increase in government collaborations for effective traffic management
Growing requirement for advanced traffic congestion solutions
Growing innovations in products to amplify the demand of ITS products
Keeping a check on high emission vehicles
Increasing demand for advanced solutions to reduce road accidents
Traffic law enforcement
Rapid urbanization and government’s increasing spending on smart city projects
Government funding for proper transport plans

Market Forecast by Component
On the basis of component, the global intelligent transport systems market is segmented into hardware, software and service. After studying the entire market it has been witnessed that in terms of value, the researchers said that the software segment is expected to increase at a relatively higher rate during the forecast period. This segment is expected to register moderate Y-o-Y growth rate throughout the forecast period.

Market Forecast by Application
On the basis of application, global market for intelligent transport systems market is segmented into intelligent urban traffic management systems, highway traffic management, intelligent car parking management systems (smart parking), fleet management and asset monitoring, collision avoidance systems, advanced traveler information systems, and congestion/road charging solutions. The collision avoidance system segment is expected to showcase a high growth rate during the forecast period, and in terms of attractiveness index, highway traffic management segment is expected to witness a high market attractiveness index over the forecast period.

For the full report, click here.