- The global intelligent transportation system market is anticipated to expand at a CAGR of 12.9% between 2019 and 2027
- Intelligent transportation system (ITS) is majorly preferred for traffic management. Therefore, the traffic management segment held a major share of the market, as it presently has higher penetration. It accounted for 30.80% share of the market in 2018; however, the other segments are expected to challenge this segment during the forecast period.
- Advanced Traffic Management System (ATMS) was a major segment of the intelligent transportation system market, and it held 40.22% share of the global intelligent transportation system market in 2018.
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Key Drivers and Restraints of Global Intelligent Transport System Market
- Wireless technologies employed in the intelligent transportation system are evolving consistently to improve the interoperability and reliability of transportation networks. Wireless communication technologies are improving regularly to boost the application of intelligent transportation system, irrespective of the distance traveled by the vehicle.
- Demand for intelligent transportation system is increasing due to a rise in the number of vehicles on roads, which are facing increasing issues such as heavy traffic and accidents. Consequently, governments of various countries are adopting the intelligent transportation system to reduce the impact of such problems. These are the key factors driving the intelligent transportation system market.
- Wireless communication technologies are used for diverse applications in the intelligent transportation system including electronic toll charging (ETC), vehicle navigation systems, and other advanced traveler information systems.
- A new technology introduced was the 5.9 MHz DSRC system, which can be used to improve the performance and efficiency of toll systems on highways. Europe has incorporated the ETC technology on its highways.
