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Public transport ITS market experiencing rapid growth in Europe and US

The penetration rate of on-board computers featuring GPS location functionality and wireless communications is now at very high levels in both North America and Western Europe.

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Travellers will expect their public transport system to become more intelligent
Travellers will expect their public transport system to become more intelligent

The public transport market value for intelligent transport systems (ITS) in Europe and North America is forecast to reach €3.7 billion by 2023.

 

According to M2M/IoT market research provider Berg Insight, the market value for ITS deployed in public transport operations in Europe was €1.56 billion in 2018. In five years, growing at a compound annual growth rate (CAGR) of 6.8 per cent, this number is expected to reach €2.16 billion

 

Similarly, the North American market for public transport ITS is forecast to grow at a CAGR of 7.3 per cent from €1.07 billion in 2018 to reach €1.52 billion in the same period.

 

Traveller demands

 

Growing awareness among public transport providers of the various benefits of ITS, along with increasing demands from travellers for convenience and accessible real-time information, contribute to a positive market situation, notes Berg Insight.

 

“As long as countries in the region continue to experience economic growth, the demand for ITS solutions will further increase.”

 

“The penetration rate of on-board computers featuring GPS location functionality and wireless communications is now at very high levels in both North America and Western Europe”, said Adam Bjorkman, IoT analyst, Berg Insight.

 

Mediterranean countries and Eastern Europe are, however, still lagging.

 

Bjorkman continued: “ITS providers in Eastern Europe have had impressive growth in the last year, and as long as countries in the region continue to experience economic growth, the demand for ITS solutions will further increase.”

 

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