The intelligent transportation systems
market size in roadways is expected to be worth USD 23.3 billion in
2018 and USD 30.7 billion by 2023, growing at a CAGR of 5.65% between 2018 and
2023. The factors such as increasing concerns related to public safety, growing
traffic congestion problem, and increasing favorable initiatives taken by the
government for effective traffic management have proved to be the major driving
forces for ITS market in roadways. Even though development of smart cities
across the world is driving the ITS market in roadways, it is facing challenges
in achieving interoperable and standard ITS architecture.
By offering, software segment
is expected to grow at highest CAGR during forecast period
In this report, the intelligent
transportation systems market in roadways, by offering, has been
segmented into hardware, software, and services. Among the three, software
segment is expected to witness highest growth rate during the forecast period.
The high growth rate of the software segment is attributed to the deployment of
various advanced software solutions and complex algorithms to strengthen the
overall information and communication systems. In addition, the US Department
of Transportation (USDOT), along with the Open Source Application Development
Portal (OSADP), facilitates the advancement of research, development, planning,
testing, and deployment of connected vehicle and traveler-related applications
and ITS. This sort of initiative taken by the government is likely to enhance
the software segment with significant advancement, thereby justifying the high
growth rate of the software segment throughout the forecast period.
By system, advanced traffic
management system segment to account for largest market share during forecast
period
The advanced traffic management
system held the largest market share in 2018 and is expected hold the
dominant position throughout the forecast period. The largest market size of
advanced traffic management systems can be attributed to the increasing traffic
congestion on roads across the world and ability of these systems in helping
traffic mangers in taking appropriate decisions. Advanced traffic management
system continuously monitors the expressway and highway by providing valuable
feedback and information to the central control room to take suitable actions.
North America to account for largest market share during forecast
period
North America is expected to
account for the largest share of intelligent transportation systems market in
roadways during the forecast period. The market in this region is also expected
to witness significant growth during 2018–2023. One of the major reasons for
the leading position of North America is the large transport infrastructure
upgrade in countries such as the US and Canada. Furthermore, the highest CAGR
of APAC is owing to the transport infrastructure related development in economically
developing countries including China, and India.
Key players in the intelligent
transportation systems market in roadways include Thales (France), Siemens
(Germany), Garmin (Switzerland), Kapsch TrafficCom (Austria), TomTom
International (Netherlands), Cubic (US), Q-Free (Norway), EFKON (Austria), FLIR
Systems (US), and Denso (Japan). Thales (France) is one of the well-known
companies in the ITS market.
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