Report: Public transport ITS market in Europe and North America to reach £3.14bn by 2023
According to the latest forecast from Berg Insight, the public transport market for intelligent transportation systems (ITS) in Europe and North America will reach €3.7 billion (£3.14bn) by 2023.
In 2018, the market value for ITS deployed in public transport operations in Europe was £1.32bn. By 2023, it is expected to reach £1.83bm, growing at a CAGR of 6.8%. Similarly, the North American market for public transport ITS is forecasted to grow at a CAGR of 7.3% from £910.7m in 2018 to reach £1.29b in 2023.
Adam Bjorkman, IoT analyst at Berg Insight, said: “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. ITS providers in Eastern Europe had impressive growth last year, and as long as countries in the region continue to experience economic growth the demand for ITS solutions will further increase.
“In the mature markets with a high penetration rate, a clear trend is the increased demand for ITxPT labelled ITS solutions compatible with third-party systems,” Bjorkman added.
Earlier this week, ABI Research’s latest smart cities market data report found that smart utility metering and video surveillance will hold a significant portion of the smart city segment, with the number of connections representing 87% of the total number of smart city connections by 2026. While surveillance cameras with embedded AI computing capabilities from vendors like NVIDIA are already being deployed, low latency 5G connectivity will allow real-time local response management in the future by utilising powerful cloud-based AI capabilities.
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