Intelligent transportation system market witness a substantial growth in the recent years, thanks to the SMART technology, digital sensors and enhanced capacity. Technology is the new trend. The transport systems in the coming years will experience on-demand, electronic and hybrid, highly automated and connected devices. In short, intelligent transport systems have become an indispensable component in digital societies. Mobility being a key concern for all age groups of society, enabling the citizens with intelligent transport system can help in saving their time and help in making a SMART city. It helps in achieving traffic efficiency by resolving traffic problems and empowers digital users with beforehand information about local traffic, convenience, real-time scenarios and shortest route.
Commercially, the application of intelligent transport systems are used in many countries today and the use is not limited only to traffic congestion control and information but also leads in road safety and allows the development for effective transport and traffic infrastructure.
the market is driven by prevalence of automated technologies, increase in traffic issues and government support for implementing effective traffic management. In addition, use of gadgets, digital devices and real-time running apps have demonstrated efficiency in reducing traffic congestion. Developed countries in the world have now begun to produce automated cars that lead in zero collision. Constant R&D and effective infrastructure usage is projected to create a strong market growth in the near future.
North America and Europe market are predominant in the global scenario due to inclination of automotive sector towards intelligent transportation system to deal with rising traffic issues and enhance road safety measures. Government support and funding to boost automation and implementation of ITS in the U.S. is a major driver in this region. Asia-Pacific regions are likely to grow at a significant pace owing to technological enhancement and hardware upgrade have resulted in a significant growth. European regions have followed unique methods in order to deal with traffic scenarios and manage highway traffic.
Prominent players in the intelligent transportation system market include Transcore Inc, Kapsch, Trafficcom AG, Efkon AG, Q-Free and Thales Group.