Enumerating intelligent transportation system market with respect to efforts undertaken by core industry magnates: global valuation to surpass US$34 billion by 2025
Publisher : Fractovia | Latest Update: 2019-02-14 | Published Date : 2016-07-04Request Sample
The global intelligent transportation system market has lately been growing at a significant pace, characterized by the increasing emphasis on smart transportation and smart city development initiatives led by government agencies around the world. A rise in aggressive research and development in autonomous vehicle technology, along with a rapid surge in production of vehicles demands effective traffic management solutions, which in turn will drive the intelligent transportation system market share.
Asia Pacific Intelligent Transportation System (ITS) Market Revenue, By Country, 2018 & 2025 (USD Billion)
The rapidly growing inclination towards use of real-time data by traffic authorities for lowering the chances of accidents, as well as solving traffic congestion issues will augment the industry growth in the years to come. Moreover, establishment of strict norms from government agencies around the world to improve roadside safety and control vehicle emissions will further propel the intelligent transportation system market in the predicted timeframe.
Notable companies partaking in this industry share are apparently developing advanced intelligent transportation system for a varied range of transportation modes like maritime, airways and railways. Key industry players in this vertical are engaged in leveraging digitalization, smart technologies for enabling transportation system operators to achieve the availability, reliability and flexibility required to make transportation networks cost-efficient.
Furthermore, the companies are also focused on deployments of large-scale intelligent transportation systems in collaboration with government and municipal authorities for improving traffic management systems and roadside safety. A gist of the contribution by some of the prominent companies in the intelligent transportation system market is mentioned below:
Bestmile S.A.
Bestmile and INIT, a leading provider of public transportation solutions, has recently announced that the two companies are partnering for incorporating driverless vehicles in public transport in a bid of delivering fully integrated mobility solutions. Both the companies would closely collaborate to develop mobility solutions for driverless fleets of vehicles incorporated in the traditional transportation systems, which includes key components needed in the modern public transport environments like real-time traveler information systems, ticketing or planning.
Aided by the prevalence of such partnerships among prominent industry contenders in tandem with the developments in mobility solutions, the growth map of intelligent transportation system market is certain to depict an incline in the upcoming years.
Kapsch Trafficcom A.G.
The Austria-based Kapsch TrafficCom recently revealed that the company has acquired eTrans Systems, which offers connected and autonomous vehicle (CAV) solutions for a broad range of mobility and safety applications. This acquisition enriches the V2X (connected vehicles) solution set of Kapsch in the rapidly developing autonomous and connected vehicles segment.
Kapsch will also combine the technology-agnostic on-board and roadside unit applications of eTrans, through this acquisition, into its portfolio. Both the companies had earlier partnered on various projects in North America like the H407 connected vehicle pilot in Toronto, and the Signal Phase and Timing (SPaT) corridor in North Carolina. The pervasiveness of such acquisitions in the intelligent transportation system market will undeniably boost the industry growth in the years ahead.
Denso Co.
Having recognized that large commercial vehicles could cause heavy destruction in accidents given that most of them do not have the latest safety devices installed, the Japanese automobile supplier, DENSO Corporation, has recently introduced a retrofittable driver status monitor to assist in reducing traffic accidents which involve commercial vehicles. This safety product checks for inappropriate posture, sleep, drowsiness and distractions based on the facial image of driver, captured through a camera installed inside the cabin.
The condition of driver could also be notified to the operation manager in real-time, which makes it possible to caution the driver and take instant actions in an emergency. Such pivotal steps undertaken by companies to offer additional guidance for safe driving is a crucial factor that would help escalate the growth of intelligent transportation system market.
Analyzing the efforts taken by prominent companies, it is rather overt that these attempts would majorly push the intelligent transportation system market share in the coming years. The competitive spectrum of this industry is also inclusive of other important contenders, such as Xerox Corporation, WS Atkins PLC, Trapeze Group, Transmax Pty Ltd., TomTom N.V., Thales Group, Telegroup, Rhythm Engineering, Q-Free ASA, PTV Group, Nuance Communications, Moxa Inc., Lanner Electronics, Hitachi Ltd., GMV Group, ETA Transit Systems, EFKON AG, Clever Devices Ltd. and Advantech Co. Ltd.
