ITS market growth is attributed to the increasing emphasis on smart city and smart transportation development initiatives by government agencies, aggressive R&D in autonomous vehicle technology, and rapidly increasing vehicle production demanding effective traffic management solutions.
Government agencies around the world are also establishing strict norms for controlling vehicle emissions and improving roadside safety. Such initiatives are promoting market players to develop advanced ITS for a diverse range of transportation modes such as roadways, railways, airways, and maritime.
According to the International Transport Forum’s Road Safety Annual Report, 2017, road fatalities in the U.S. increased by 6.3% between 2010 and 2016. While the Annual Accident Report, 2017, by the European Union (EU), indicates that road traffic accidents in the EU member states claimed 26,100 lives and left over 1.4 million people injured in 2015.
