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Global Revenue for Advanced Intelligent Transportation System Solutions Expected to Reach $17.5 Billion by 2026
August 30, 2017 | Navigant ResearchEstimated reading time: 1 minute
Solutions such as real-time traffic management and multimodal systems integration provide a more comprehensive approach to planning and managing city transportation.
According to a new report from Navigant Research, the global market for advanced ITS solutions is expected to grow from $6.6 billion in 2017 to $17.5 billion in revenue by 2026. The report analyzes the state of the global market for advanced intelligent transportation system (ITS) solutions, providing market forecasts, broken out by segment and region, through 2026.
Innovative and forward-looking cities, particularly those in Europe and Asia Pacific, are looking toward ITSs for a more sophisticated and comprehensive method for planning and managing transportation. The concept of Internet of Things (IoT), as well as the advent of near ubiquitous connectivity and embedded intelligence, is enabling cities to implement active traffic management, more sophisticated traveler information services, and solutions that provide single access to a range of transportation modes.
“Cities increasingly have access to multiple data streams across the entire transportation ecosystem,” says Lisa Jerram, principal research analyst with Navigant Research. “This is creating opportunities for much more sophisticated transportation planning and management services that can optimize travel in and around cities.”
Though ITS benefits are apparent, the deployment of such systems can prove challenging for public agencies because it requires integrating the systems with legacy infrastructure. Service providers face challenges, as well, as they need to be able to aggregate and analyze data from a wide range of devices, according to the report.
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