Intelligent Transportation System (ITS) Market – The March towards Congestion-Free Roads
Intelligent Transportation Systems: The March towards Congestion-Free Roads
Traffic congestion in urban areas continues to be a grappling issue, laying critical burden on traffic management in metropolitan cities. According to research, the number of vehicles on the road will double to reach 2 billion by 2050. This alarming number may not only increases air pollution through motorized road transport but lead to high mobility costs. These environmental and socio-economic aspects necessitate the need to integrate advanced technology into mainstream traffic management. The implementation of intelligent transportation systems (ITS), being a verified route to minimize traffic congestion on the roads, remains the preferred technology as far as traffic management is concerned. The deployment of intelligent transportation systems is backed by government support, as they essentially reduce the burden on the global GDP by mitigating road accidents and injuries.
Although lack of interoperability acts as a bottleneck in the market, numerous governments are striving to standardize the ITS frame to overcome this challenge. Moreover, manufacturers are developing systems with enhanced cybersecurity to enhance the integrity of connected vehicles. Gauging the significance of intelligent transportation systems in the economic and social development of countries across the globe, Transparency Market Research conducted comprehensive research on the intelligent transportation system market. TMR’s endeavors were further supported by the popularity of ITS as a robust traffic management system. In its latest offering, TMR lays bare the key trends in the market, and their impact on the future of traffic management.
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Evolutionary Landscape of the Intelligent Transportation System Market
The origin of intelligent transportation systems dates back to the 1960s, when the Electronic Route Guidance System was developed in the U.S. However, the ITS World Congress in Paris in 1994 accelerated the development and deployment of intelligent transportation systems to enhance the traffic control systems across the globe. Since then, numerous ITS applications have been developed by various organizations around the world and customized as per specific needs. This has now become a global phenomenon, garnering attention from the automotive industry, transportation professionals, and political decision makers alike. While the conventional stage of ITS was focused on creating a technical foundation, the present stage is characterized by the development of feasible ITS products.
The extensity of an intelligent transportation system makes it a collaborative effort of the private sector, public sector, and academia. Public and private sector partnerships in the market are backed by the knowledge of the academicians. Analyzing the economic burden of road accidents and the contribution of transport to the world’s energy related CO2 emissions, TMR expects that the global intelligent transportation system (ITS) market will experience promising growth during the forecast period of 2019 to 2027. The market will burgeon at a CAGR of around 13%, to exceed a valuation of USD 80 billion by 2027.