According to a new market report published by Credence Research Reports “Intelligent Transportation Systems and Services (ITSS) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,” the global intelligent transportation systems and services (ITSS) market is expected surpass US$ 80.00 Bn by 2022, with its rising need to reduce congestion across the world. ITSS helps to improve the efficiency of the existing road networks, reduces road casualties and reduces emission of hazardous pollutants. Rising benefits a about these systems is expected spur the adoption of intelligent transportation systems and services across the world.
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The advanced transportation systems segment accounted for the largest revenue share in 2014 and is expected remain the dominant segment through the forecast period 2015 – 2022. This primarily attributed to rising investment in advance traffic management solutions in order to improve the traffic flow on both urban and inter-urban road networks. Advance transportation systems also reduces economic burden on governments by reducing congestion and fuel consumption. Increasing number of public transport users forcing transport authorities to improve efficiency and quality of services. This is expected to increase the demand for advanced intelligent transportation systems used in public transportation applications.
Automobile manufacturers are increasingly installing telematics systems in their new vehicles to offer competitive products to their customers. This is increasing the demand for automotive telematics across the world. Automotive telematics systems include GPS system, dashboards, advanced drive assistance systems, vehicle cameras, radios and others systems integrated in the vehicles for real time information weather traffic and other information with the driver. The market for ITSS used in telematics applications is expected to grow at a CAGR of 8.0% throughout the forecast period. The automotive telematics is the second fastest growing application segment for ITSS solution after environment protection application. Road safety, parking management, road user charging and traffic management are some other major applications also expected to see significant growth through the forecast period.
Based on components, we have also classified intelligent transportation systems and services into two categories i.e. systems (hardware) and services. Services include software and communication services. The services segment is both the largest as well as fastest growing segment in the overall ITSS market by component.
The global intelligent transportation systems and services market is highly competitive and comprise of larger number of international players. Garmin International Inc, Siemens AG, Kapsch TrafficCom, Hitachi, Q-Free ASA, SWARCO AG, TomTom NV Xerox Corp, IBM Corp and Denso Corp are some major international players in the intelligent transportation systems and services (ITSS) industry.