The ITS market size is expected to grow to USD 63.66 billion, at a CAGR of 8.3% between 2016 and 2022.
The railway system, which is a backbone of the transportation systems in many regions, is becoming increasingly complex. The transformation of railway transportation to the railway intelligent transportation system (RITS) is being adopted as a strategy to gain a competitive edge over other modes of transportation. The increasing need for safety in this mode of transportation can be fulfilled by deploying various intelligent techniques.
Intelligent transportation system is increasingly being deployed in railway transportation systems for customer management. In this segment, ITS has applications in various areas such as traveler information, on-train security & surveillance, station security & surveillance, real-time display, on-train multimedia system, and others.
The APAC region holds a tremendous potential for the intelligent transportation system market in the near future and is expected to grow at the highest CAGR during the forecast period. The increasing number of mega cities and the population growth in developed and developing countries has increased the importance of deploying an intelligent transportation system. The demand for ITS in APAC is significantly driven by the strong economic growth, rising population, and rapid urbanization.