- 10 January 2019 21:46
Intelligent Transportation System Aim To Provides Innovative Services Of Transport And Traffic Management
Intelligent transportation system (ITS) is an integration of transportation infrastructure with information and communication technology to improve vehicle mobility, people and car safety, and to enhance operation capabilities of the entire transportation eco-system.
Increasing demand for efficient fleet management and traffic monitoring systems, coupled with increasing adoption of connected devices & internet of things (IoT) technology are major factors driving growth of the global intelligent transportation system market. In addition, increasing number of vehicles across the globe is another factor which is boosting demand for intelligent transportation systems for efficient mobility, safety, traffic management, etc. This factor is expected to further drive growth of the target market to a significant extent over the forecast period. However, high installation cost and high capital investments are major factors hampering the market growth.
The global market is segmented into advanced traffic management system (ATMS), advanced traveler information system (ATIS), ITS-enable transportation pricing system, advanced public transportation system (APTS), and commercial vehicle operation (CVO), on basis of system type. Of which the commercial vehicle operation segment is expected to witness highest growth in terms of value over the next 10 years. Some features of CVO are e-Payment, fleet management, and automatic vehicle monitoring.
On the basis of application, the global market is segmented into fleet management and asset monitoring system, collision avoidance system, traffic management, parking management system, ticketing management system, emergency vehicle notification system, and road safety and security. Among all segments, the traffic management segment accounts for highest market share in terms of revenue in the global market.