Intelligent Transportation Systems (ITS) Market is an Application system that provides services to various modes of transport.

 

Intelligent Transportation Systems (ITS) Market 


With the concept of smart cities transforming cities into digital societies and making residents' lives easier in every way, Intelligent Transportation Systems has become a vital component among all. Mobility is a major concern in any city; whether inhabitants are travelling to school, college, or the office, or for any other reason, they use the city's transportation system. Citizens may save time and make the city smarter by utilising an Intelligent Transportation System. The Intelligent Transportation System (ITS) aims to improve traffic efficiency by reducing congestion. It provides customers with advanced traffic intelligence, local convenience information, real-time running information, seat availability, and other features that help commuters save time while also improving their safety and comfort.

The global Intelligent Transportation Systems (ITS) market is estimated to account for US$ 74.3 Bn in terms of value by the end of 2027. The entire application of ITS is based on data collection, analysis, and application of the results of the analysis in traffic management operations, control, and research concepts where location is critical. The importance of transportation in a country's economic and social development cannot be overstated.

Today, Intelligent Transportation Systems (ITS) is extensively acknowledged and employed in a variety of countries. It may be used for more than simply traffic congestion control and information; it can also be used for road safety and effective infrastructure utilisation. ITS has evolved into a multidisciplinary conjunctive field of work as a result of its limitless possibilities, and many organisations around the world have developed solutions to suit the demand for ITS applications. Glasgow, for example, is one such city. The city's Intelligent Transportation System provides daily commuters with continuous updates on public buses, schedules, seat availability, current bus location, time to reach a specific destination, next bus location, and passenger density within the bus.

According to the International Monetary Fund, global economic growth would be modest in 2013, which will have an influence on the ITS market in the near future. As a result, during the forecast period, these factors are projected to limit the growth of the global intelligent Transportation Systems (ITS) market.

All traffic bottlenecks and higher carbon emissions in urban and interurban networks are caused by inadequate traffic signal operation and traffic incidents. Advanced traffic management systems (ATMS) minimise signal waiting time by 20% to 30% and travel time by 25%, according to several ITS groups like as ITS Canada, ITS Turkey, and others, which helps to save a significant amount of recognised congestion. Carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), and other greenhouse gases are reduced by these methods. One lightweight car can save 0.7 gallons of fuel for every hour of traffic wait time cut, while a truck can save 1.93 gallons.

Transportation agencies face a big issue in deploying ITS technologies due to a lack of funding for ITS initiatives. Several countries around the world, even wealthy ones, are prioritising the expansion and maintenance of transportation networks over the deployment of modern ITS technologies. Both established and emerging economies have struggled with the economic recession in recent years.

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