Global Intelligent Transport System (ITS) Market 2017-2021
About Intelligent Transport System (ITS)
An intelligent transport system (ITS) is a sophisticated solution that provides solutions related to different modes of traffic and transport management. The traffic management process is rationalized with the optimization of quality, reduction of the costs incurred, and the time taken to implement decisions. The different types of ITS include network management systems, public transport ITS, freight and commercial ITS, road safety system, security and crime reduction ITS, Communication ITS, and automotive and infotainment telematics.
Technavio’s analysts forecast the global intelligent transport system (its) market to grow at a CAGR of 8.70% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global intelligent transport system market for 2017-2021. To calculate the market size, the report considers the revenue generated by different vendors through the global ITS market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Intelligent Transport System (ITS) Market 2017-2021
Technavio recognizes the following companies as the key players in the global intelligent transport system market: 3M, Kapsch Group, Neology, Q-Free, Siemens, and TransCore.
Other Prominent Vendors in the market are: ADDCO LLC, Agero, DENSO CORPORATION, EFKON, International Road Dynamics, KLD Engineering, Lanner, Peek Traffic Corporation, and Traffic Tech (Gulf).
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is impact of standardization in ITS. Standardization of ITS to provide uniform platform is the current issue in the global ITS market. Standardization implies creating a common platform to handle variance in devices.”
According to the report, one driver in the market is increasing road traffic congestion in Asian countries. The urban traffic road congestion is increasing across the world because of the increasing disposable income and ineffective public transportation. These factors are stronger in the Asian countries compared with the rest of the world. The middle-class population in the Asian countries is around 60% of the global middle-class population, and their disposable income will grow at a CAGR of around 15.29% between 2016 and 2020. The increase in disposable income is expected to increase the vehicle sales in the Asian countries by around 9% in 2018.
Further, the report states that one challenge in the market is higher setup cost and operating cost. The ITS equipment requires high capital investment for setting up. This is because the feedstock cost for ITS product manufacturing is high. A software platform is required to build an ITS equipment. Procurement of software, electronics chips and camera, and sensors and transponders is the major cost consumption factor of ITS manufacturing. The marketing and promotion cost for ITS products is minimal as these products have an inbuilt demand from public players and large corporates.
3M, Kapsch Group, Neology, Q-Free, Siemens, TransCore, ADDCO LLC, Agero, DENSO CORPORATION, EFKON, International Road Dynamics, KLD Engineering, Lanner, Peek Traffic Corporation, and Traffic Tech (Gulf)