Intelligent transportation system is an advanced form of transportation system designed for improving safety, security and efficiency in transportation network. Intelligent transportation system is an integration of communication system along with information technologies in transportation system. Reducing transportation network expansion space and increasing number of vehicles in metropolitan areas increases pressure on transportation authorities for improving performance of existing transportation network.
Intelligent Transportation System Market: Drivers and Restraint
Intelligent transportation system market in expanding rapidly. Increasing concern about traffic congestion, increasing need of road safety improvements and increasing government support are the major factors driving the growth of global intelligent transportation system market. On the other hand, high cost of installation, lack of interoperability among intelligent transportation system and existing infrastructure are some of the factors restraining the growth of global intelligent transportation system market.
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Intelligent Transportation System Market: Segmentation
Global intelligent transportation system market is segmented on the basis of components, types, and application. On the basis of components, the global intelligent transportation system market can be segmented into surveillance camera, interface board, monitoring & detecting system, telecommunication network, software and others.
On the basis of types, the global intelligent transportation system market can be segmented into advanced traveler information system (ATIS), advanced traffic management system (ATMS), advanced transportation pricing system (ATPS), advanced public transportation system (APTS) and commercial vehicle operations. Out of all these types, present intelligent transportation system market is dominated by advanced traffic management system and expected to remain dominant throughout the forecast period. Rising demand of traffic control solution specially, the adaptive signaling system across world expected to drive this market growth. On the other hand advanced public transportation system segmented expected to grow rapidly during the forecast period due to increasing investment in electric toll collection and dynamic display system by public transportation operators.
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On the basis of application, global intelligent transportation system market can be segmented into traffic management, freight management, traffic signal control system, parking management system, automotive telematics and others. Out of all these applications, present global intelligent transportation system market is dominated by traffic management applications due to increasing investment from governments across world in traffic reducing solutions. However automotive telematics segment expected to witness high growth potential during the period of forecast. Increasing adoption of vehicle manufacturers for competitive product offering expected to boost this market growth. Furthermore, automotive telematics is also installed in vehicles by vehicle manufacturers for real time travelling information.
Intelligent Transportation System Market: Region wise outlook
On the basis of region, the global intelligent transportation system market can be segmented into seven regions which includes, North America, Latin America, Western Europe, Asia-Pacific (excluding Japan), Eastern Europe, Japan and Middle East & Africa region. At present, North America held the largest share of global intelligent transportation system market. However, Asia-Pacific is expected to be the fastest growing region during the period of forecast. Developed countries such as U.S., U.K. and Japan market have invested heavily of intelligent transportation system. Interoperability is a major challenging factor for deployment of intelligent transportation system hence, North America, Western Europe, Japan and several countries from Asia-Pacific region are focusing more on developing mandatory standards for improving interoperability of intelligent transportation system. In future, developing countries such as India and Brazil have expected to increase their investment in intelligent transportation management system.