Global intelligent transportation systems market forecasts to 2016

7527 Research and Markets’ latest report, Global Intelligent Transportation Systems Market - Forecasts to 2016 finds that one of the main trends witnessed in the global intelligent transportation systems market is the increasing Government initiatives. For instance, the 324 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. According to the report, 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. Further, the report states that one of the main challenges is the high maintenance cost. The high cost of maintaining transportation systems is a matter of concern especially for the public transportation sector. The expense involved in implementing these systems for public transportation is very high, and it can be achieved only by large amounts of government funding and incentives.