Public Transport ITS in Europe and North America Will Reach € 3.3 Billion by 2022
The market value for ITS deployed in public transport operations in Europe was € 1.40 billion in 2017, according to new research published by Berg Insights. Growing at a compound annual growth rate (CAGR) of 7.0 percent, this number is expected to reach € 1.96 billion by 2022.
The North American market for public transport ITS is similarly forecasted to grow at a CAGR of 7.5 percent from € 0.95 billion in 2017 to reach € 1.37 billion in 2022. Berg Insight is of the opinion that the market for ITS in public transport is in a growth phase which will continue throughout the forecast period. A 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.
A group of international aftermarket solution providers have emerged as leaders on the market for public transport ITS. Major providers across Europe and North America include Canada-based Trapeze Group and Germany-based INIT with significant installed bases in both regions. IVU is a major player primarily in the German-speaking part of Europe and has also expanded to North America. Clever Devices and Conduent hold leading positions on the North American public transport ITS market. The latter is also an international provider of fare collection systems.
“Public transport stakeholders are increasingly realising the need to invest in integrated mobility capabilities in order to stay relevant as providers of urban mobility”, said Levi Östling, IoT Analyst, Berg Insight. Enabling these services, which seamlessly connect multiple modes of transport operated by a diverse set of public and private actors, will thus constitute a key success factor for public transport ITS providers in the coming years. “Passenger-facing solutions such as integrated journey planning and fare payment solutions have already reached a relatively high degree of maturity and will experience a particularly strong growth in the coming few years”, concluded Östling.