News Global Intelligent Transportation Market Scenario

Global Intelligent Transportation Market Scenario

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Coined more than 20 years ago, the term Intelligent Transportation System encompasses the branch of Information and Communications Technology (ICT) that applies to the operational Transportation giving rise to a ‘smart’ management system. The purpose of smart and intelligent transportation is a more clean, systematic and hassle-free system of managing transportation. This is primarily because countries around the world are facing challenges of congestions, pollutions and higher incidents of accidents. Though the market is well-established in the developed countries of North America (consisting of U.S.A and Canada) and Europe (U.K, France, Germany, Russia, Italy), the technology is yet to catch up in the remaining countries of Italy, Scandinavian countries of Europe etc. Another aspect to be kept in mind is the degree of Intelligence exhibited by the Transport Systems in the different countries. The Market is growing at a sustainable pace in Asia-Pacific, more so in China, Japan, South Korea, Taiwan, Australia, Singapore and India. Latin America however has so far been slow in the sector due to the concentration of the economy on High-Tech Machinery and Enterprise Modernization. The slow growth in L.A is also attributed to the lack of Infrastructure and connectivity. Evidently, the region still needs more time to accelerate growth in the domain. Also, the developing countries have to counter problems of a lack of unified standards by ensuring interoperability of standards and technology. The Global market, currently estimated at $ 20.53 Billion, is growing at a CAGR of 12.05%. The market size has been forecasted to be $ 36.27 billion by 2020. This indicates that the market is to grow by two folds in the next five years. Interestingly, the trend is seen to be non-homogenous in its distribution with the developing countries of APAC benefitting most from it. Following them, countries such as Philippines and Indonesia, fall in line. The rest of the countries have been predicted to show little or no growth in the segment. Huge investments are expected in China, Thailand, India and Malaysia in the next few years. The Middle East and Africa also shows promise due to the economic and technological growth in the region. Interestingly, the trend indicates that the countries with high rate of migration (thereby causing a rise in population)have the highest rate of adoption. This growth in the population, coupled with the rise in the number of vehicles has facilitated the necessity to have an effective system of transportation. The Industry has North America as its largest revenue generator, holding a 40% of the global revenues. A combination of promotions and governmental have caused a sharp rise in the demand in this sector. The components of Intelligent Transportation have grown in the private and the public sector. The market is crowded with very high competition; with good representation from domestic and international players alike. Market leaders in the sector are Siemens AG (Germany), Thales Group, TomTom NV, Denso Corporation, Xerox (U.S.), Hitachi Ltd. (Japan) etc. The technology has undoubtedly taken the roadway infrastructure and transportation by a storm with countries like U.S.A. installing the system in a substantial number of highways; and countries of APAC adopting the technology in large numbers.

Global Intelligent Transportation Market Scenario
General Contributor
Janice is a writer from Chicago, IL. She created the "simple living as told by me" newsletter with more than 12,000 subscribers about Living Better and is a founder of Seekyt.

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