Market Revenue Intelligent Transportation System (ITS) Market

Intelligent Transportation System (ITS) Market List of Data
Sources, Abbreviations, Executive Summary Forecast 2014-2024
“Intelligent Transportation System (ITS) Market is expected to increase on
account of high benefit cost ratio that strongly influences vehicle owners.
Technical interoperability is achieved when different transport systems are
linked in ways which effectively extend the network of services.”
The global Intelligent Transportation System (ITS) Market is expected to reach USD 66.5 billion by 2024. Rising
awareness of road safety and need to improve existing transportation performance are expected to be the key
driving factor for market growth. High traffic congestion due to urbanization and increasing number of on road
vehicles has contributed to the demand for advanced traffic management systems for public. Consequent need
for smart automobiles with public and private partnerships is forecasted to be a major growth opportunity for
the intelligent transport system market. Various initiatives to deploy advanced traffic management systems such
as vehicle to vehicle (V2V) and vehicle to infrastructure (V2I) communication is also expected to be witnessed
as a key growth strategy.
Developed regions including North America and Europe have made the use of driver assistance system,
electronic stability control (ESC) systems in commercial and passenger vehicles mandatory. Car manufacturers
in both emerging and established economies are implementing these systems in their new car models to
differentiate their products from the competitors. These factors are anticipated to drive the market growth in
the foreseeable future. Intelligent transportation systems are expected to help improve the performance of
supply chain process and yield high benefit to the organizations. Users can also reduce the costs through real-
time transportation systems. On account of the above factors, transportation service providers have increased
investment in this technology over the past few years.
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