ITSS market growing rapidly
The global market for intelligent transport systems and services (ITSS) is set to reach $44bn by 2010 and $65bn by 2020 according to a new report, offering significant scope for new players to enter the market.
For the purposes of the study, ITSS has been defined as "a range of technology-based solutions for improving the quality, safety and information aspects of traffic and transport".
In its early stages the market has been dominated by North America, while network management has been the principal application everywhere in the world. As time goes by, automotive telematics, freight efficiency and communications services are all expected to grow in importance.
The document is primarily intended to inform UK policy. Its authors argue that the UK has a number of key strengths, for example in the work already done to make best use of the country's road network, in smart ticketing and in mobile phone technology.
Moreover, the 2012 Olympic Games will give the country an opportunity to showcase its technology to the whole world.
Phil Pettitt, chief executive of innovITS, the government-backed centre of excellence in transport telematics, called for more UK businesses to enter the market, saying the report showed its potential. "They tend to come in initially to solve a specific problem," he said. "For example, they may have expertise in industrial sensors, or in systems thinking."
Pettitt believes ITSS offers good opportunities for mainstream electronics businesses, as well as mobile phone companies and IT firms.
'Market Analysis of the Intelligent Transport Systems and Services (ITSS) Sector' is published by innovITS and was prepared for the UK government's Technology Strategy Board. It incorporates data from professional market research organisations (in particular ABI Research and Frost & Sullivan) and other bodies.
The study examines information on the market structure, drivers and constraints, market trends and growth predictions, major projects, leading vendors and regulatory impacts in key ITSS sectors.