Statista predicts that by 2050, 87.4 percent of the total population in the U.S. will start to live in urban areas. This deluge of people will give birth to different hindrances that will hamper the basic life of a city, and from this point, the need for a smart city peeps in.
The emergence of a smart city demands radicalization of different sectors including health, education, and transport. An intelligent transport system is the most crucial aspect of a smart city which includes self-driving cars and autonomous trucks. According to Statista, the market for partially autonomous cars will be of $36 billion by 2025.
Self-driving cars are not just dreams anymore, as companies like Tesla, Marcedes, and BMW have made exponential growth in their work to build these kinds of vehicles. The name of Waymo is worth mentioning in this regard. It is a self-driving car project, aimed at lowering our pressure by introducing drastic change in the conventional habit of driving.
The autonomous and semi-autonomous trucks play an important role in the construction of an intelligent transport system. According to Markets and Markets, the market for the semi-autonomous and autonomous truck will grow at a rate of 39.96 percent, and this exponential growth will destroy the prevailing concept of transportation.
As per the research report of Markets and Markets, the intelligent transport system market will enjoy a huge leap from $23.35 billion in 2018 to $30.74 billion by 2023, and it also mentions the commercial vehicle operation system market will grow at the highest CAGR.
The incredible growth and modernization of sensor technology will cast an immense influence on intelligent transport systems (ITS), and as per Market Watch, this will work as an essential factor for the growth of APAC ITS market. Previously, North America had the highest share in the global ITS market, and it is expected that the APAC region will witness an exponential growth at the highest CAGR.
The fast lifestyle, the alpine pressure of population, and the need to cope with these problems have paved the way for the need for ITS which ensures better traffic management, improved security, and environmental protection. In 2019 and the ensuing years, this sector has immense potential to grow, and will certainly demand the advent of more advanced technology as well as investment.