COVID-19 impact on the Intelligent Transportation System Market

[189 Pages Report] Intelligent transportation system (ITS) benefits various means of ground transportation—including roadways, railways, aviation, and maritime—with its capability of providing improved safety, mobility, and efficiency across the transportation network of any city. These systems are also considered as the application of sensing, analysis, control, and communications technologies for ground transportation to reduce traffic congestion and greenhouse emission. ITS enables the collection, processing, and transfer of data through various installed devices, such as cameras and sensors, to traffic management centers on a real-time basis for different applications.

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The global ITS market is expected to grow from USD 46.16 billion in 2018 to USD 64.92 billion by 2023, at a CAGR of 7.06% between 2018 and 2023. The factors such as increasing concerns related to public safety, growing traffic congestion problems, and increasing favorable initiatives taken by the government for effective traffic management have proved to be the major driving forces for the ITS market for roadways.

Commercial vehicle operation is expected to grow at highest CAGR during the forecast period

The highest growth rate of commercial vehicle operation (CVO) systems is attributed to its wide range of applications in private busses, taxis, and trucks. In addition, these systems are also used during the service and repair of vehicles. The CVO systems are equipped with monitoring and information system that can facilitate a driver in finding safe routes and calculating the total travel time. In addition, using these systems, owners can track their vehicles.

Intelligent traffic control application expected to hold the largest size of the intelligent transportation system market

An intelligent traffic control application involves a much closer interaction between all of its components: drivers, pedestrians, public transportation, and traffic management systems. Adaptive signal systems, driver advisory, route planning, and automated vehicles are some of the goals set up to increase the efficiency of actual systems.

APAC is expected to grow at the highest CAGR during the forecast period

The highest CAGR of APAC is, owing to the transport infrastructure-related development in economically developing countries, including China, Japan, and Australia.