Northbrook, IL 60062 -- (SBWIRE) -- 04/28/2022 -- The global intelligent transportation system (ITS) market is projected to reach USD 68.0 billion by 2026 from an estimated USD 42.2 billion in 2021, at a CAGR of 10.0% from 2021 to 2026. The growth of the ITS market can be attributed to the high adoption of ecofriendly automobile technology and the increasing importance of environmental conservation.
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Favorable government initiatives for effective traffic management
Governments across the world are adopting ITS to improve road safety and operational performance of the transport system and reduce the impact of transportation on the environment. To implement ITS, substantial funds are required. Countries such as the US, Dubai, and Japan are heavily investing in different projects of ITS.
High installation cost of ITS
For an intelligent transport setup, a sophisticated centralized traffic management center (TMC), which can deal with real-time traffic data and help reduce traffic congestion, is the basic requirement. This management center should be co-located with transportation managers, system operators, dispatchers, and response agencies, leading to the requirement for huge investments.
Increasing public-private partnerships
ITS cannot be deployed by a single stakeholder; it requires collaboration among various domains, such as telecom operators, infrastructure providers, manufacturers, service providers, public sector companies, and user groups. Thus, public–private partnerships (PPPs) would be key to the success of ITS.
Achieving interoperable and standard ITS architecture worldwide
The establishment of an ITS infrastructure involves the integration of various heterogeneous devices, which may create compatibility issues quite often. These heterogeneous devices must be synchronized according to the standards and specifications. However, a lack of universal standards in ITS infrastructure poses challenges; for instance, an electronic toll collection onboard unit does not have any display and performs only validation functions.
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