The intelligent transportation systems (ITS) market is expected to continue growing across the globe through 2020, according to a new study, reaching an overall value of $38.68 billion by that time. Marketing research and consulting firm Grand Review Research conducted the study.
In 2013, the largest market share of ITS went to advanced transportation management systems (ATMS), which accounted for 39.9% of the global market. ATMS is expected to hold on to that majority market share through 2020. Advanced public transportation systems (APTS), on the other hand, looks to be the fastest-growing segment over the next six years, with a compound annual growth rate (CAGR) of 13.7% over the period.
Grand View also analyzed the reasons for implementing ITS procedures and technology. Traffic management was the most popular—valued at $5.16 billion in 2013—followed by road user charging. The study cited technological advancements in electronic toll collection for the increased interest in road user charging.
One sector that’s expected to grow over the next few years is ITS for environmental protection. The study said that that segment will experience an 18.2% CAGR from 2014 through 2020—the fastest growth of any segment.
The majority of the global ITS market share (43.8%) in 2013 came from North America, which is expected to continue leading the way. The Asia Pacific market is predicted to have the fastest growth at 14% over the next six years.