A study by the market research company Technavio suggests the global ITS market will exceed $58 billion by 2020, with growth of 8% per year.
“With more people migrating to urban areas, intelligent transport systems are a must along with more infrastructure like roads, highways, and public transport options,” the authors explain. “Governments around the world are trying to find ways to reduce not only traffic snarls but also accident rates. Congestion also leads to higher emissions and implementing systems which have proper signal timing can help with streamlined traffic. One more way to reduce congestion to set a road use charge which can be collected electronically.”
The report splits the world into regions, each getting its own predictions.
Businesswire reports that Europe will be the world’s fastest growing region for ITS, and should exceed US$10 billion by 2020, growing at more than 9%.
It says countries such as Austria and Germany are the key contributors to the market in Europe. One of the major factors for the growth of the market in this region, is the growth of the ITS communications market recently valued at US$988 million.
There is more about the report here.