July 25, 2022 14:00 ET | Source: Straits Research Straits Research
New York, United States, July 25, 2022 (GLOBE NEWSWIRE) -- The market for intelligent transportation systems uses new information and communication technologies to make driving better. ITS is any way of getting around that uses smart communication systems. ITS has information for the Internet of Things about both wireless and wired connections.
By fixing three major transportation problems, ITS changes the way Traffic Management Centers (TMC) run and manage road networks. There are problems when there isn't enough information, when the information is wrong, or when there isn't enough coordination. By giving TMCs up-to-date and accurate data, information technology helps them make better network decisions.
The market is expected to grow because there is a growing need for traffic control systems, smart vehicles that are connected to the latest telecommunications technology, and modern cameras and licence plate readers that make people safer and keep an eye on them. The industry is likely to be driven by a growing number of vehicles, ageing infrastructure, and a lack of traffic data management. A new traffic management system was made because city streets and highways need to be managed more efficiently. The plan of the transportation authority is to use modern data analytics to deal with the growing amount of traffic.
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Rising road traffic congestion Traffic jams are caused by the growing number of cars on the road and the lack of good transportation infrastructure. Rising traffic on the roads has a negative effect on the environment because of vehicle emissions. It may also lead to more deaths on the roads. In 2018, nearly 36,600 people died in traffic accidents in the United States, and around 1.35 million people died in road crashes around the world.
Favourable government initiatives for effective traffic management Governments use ITS to improve road safety, how well transportation systems work, and how they affect the environment. ITS requires significant funding. The US, Dubai, and Japan spend a lot of money on ITS projects. In 2020, the UK government gave $1.9 million to test new technology and new ways to improve driving conditions, reduce traffic congestion, and shorten the length of time spent in traffic jams. The government thinks that the next generation of intelligent transportation systems will be powered by AI and will let drivers plan trips without having to worry about traffic. This cuts down on traffic, wait times, and pollution. UK innovators are given more than USD 368 million to build a greener and more sustainable transportation network.
The high installation cost of ITS Intelligent transportation needs a sophisticated centralised traffic management centre (TMC) that can handle real-time traffic data and reduce traffic jams. Large investments will be needed to put this management centre in the same place as transportation managers, system operators, dispatchers, and response agencies.
ITS comprises CCTV cameras, microwave detectors, dynamic message signboards, advanced traveller information systems, highway advisory radios, mobile data terminals, and fleet management systems. Mobile data terminals let a vehicle and a control centre talk to each other back and forth. The US Department of Transportation says that each mobile data terminal costs between $1,000 and $4,000, plus between $500 and $1,000 to set up.
Increasing public-private partnerships For ITS to work, telecom operators, infrastructure providers, manufacturers, service providers, public sector organisations, and user groups need to work together. Public-private partnerships are key to the success of ITS (PPPs).
ITS Canada, ITS America, ITS Thailand, ITS India, and ITS Germany all announce strategic partnerships with road and transport associations. In June 2020, the Yucatan state government chose Cubic Transportation Systems (CTS) to install advanced traffic control systems in Merida, Mexico. Cubic worked with Vixionere SAPI de C.V. (Mexico) to install the Trafficware ATMS central transport management platform, controllers, and Transit Signal Priority software at all project intersections. Cubic will put SynchroGreen in place at 50 intersections.
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Regional analysis of the global intelligent transportation systems market
The market is split by region into North America, Europe, Asia-Pacific, and LAMEA.
In 2020, North America had more than 40% of the market. Machine learning, big data, cloud computing, and the Internet of Things (IoT) are all developed and used in this area. The region is home to people who take part in the global market. Intelligent transportation technologies are used because the area is putting a lot of effort into improving its transportation infrastructure. As traffic gets worse in North American cities, a number of public-private partnership projects to bring intelligent transportation systems are starting to take shape.
The ITS market in Asia Pacific will grow because of changes in technology and the growth of transportation networks. China, India, and Japan all do better economically because of ITS. Intelligent transportation systems avoid routes that are often crowded to save time and gas. New cars are being made with these systems in both developing and developed countries.
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Competitive players in the global intelligent transportation systems market
The global intelligent transportation systems market segmentation
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Table of Content and Figure @ https://straitsresearch.com/report/intelligent-transportation-systems-market/toc
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