The Global Intelligent Transportation System market is to grow at a CAGR of 11.40 percent over the period 2012-2016. One of the key factors contributing to this market growth is the rapid growth of the Global Smart Cities market. The Global Intelligent Transportation System market has also been witnessing an increasing number of government initiatives promoting intelligent transportation systems. However, the high maintenance cost required for proper implementation of intelligent transportation systems could pose a challenge to the growth of this market.
One of the main trends witnessed in the Global Intelligent Transportation Systems market is the increasing Government initiatives. For instance, the US Department of Transportation is planning to conduct a real-world test of smart vehicles. This test will include vehicle-to-vehicle and vehicle-to-infrastructure communication. In addition, under the Pennsylvania Community Transportation Initiative, US$24.7 million was given to 41 communities for intelligent transportation systems projects in 2012. Other countries are also taking initiatives and are increasing their investment in implementing the intelligent transportation systems, which are leading to the growth of the Global Intelligent Transportation Systems market.
One of the main factors driving the market is the rapid growth of Global Smart Cities. Intelligent transportation systems are an integral part of a smart city, and hence, it directly influences the adoption of intelligent transportation systems. Thus, the rapid growth of the Global Smart Cities market is contributing to the growth of the Global Intelligent Transportation Systems market.
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