Wednesday, August 10, 2011
Report: "Intelligent" transport sector valued at $48 bil; projected to grow through 2015
Intelligent transportation is a fast-growing sector valued at approximately $48 billion, and slightly larger than the direct mail industry, according to a federally commissioned study.
Cities and states faced with reduced budgets are turning to technology solutions to maximize existing highway capacity, according to the report, put together by the Intelligent Transportation Society of America and IHS Global Insight.
The report suggests the intelligent transportation technology sector will outpace other industries in job creation and revenue growth through at least 2015, and that those jobs could pay approximately 75 percent more than the national average wage.
"In the current economic environment, we can't afford to build our way out of the traffic congestion crisis," said Scott Belcher, president and CEO of ITS America.
"This report validates what we have known for some time - that the transportation technology industry is healthy, growing, and supports high-paying jobs across the country, even in tough economic times. This is a sector where the U.S. is poised to lead the way in innovation," Belcher said in a statement.
According to ITS America, the definition of intelligent transportation includes information and communications technologies that lower driving costs, reduce traffic congestion, improve road and vehicle safety, mobility and the environment.
Examples of intelligent transport advancements include advanced traffic and incident management systems, electronic tolling and payment systems, vehicle crash avoidance technologies, smart traffic signals, and real-time traffic, transit, and parking information, according to ITS America.
The report claims almost 3,000 companies in more than 40,000 locations are "actively participating in some aspect of the intelligent transportation industry, from small start-ups that promote car-sharing to large corporations that supply state-of-the-art traffic management services to local governments."
The report estimates an "end-use" intelligent transport market valued at $48 billion that exceeds revenues for electronic computers, motion picture and video products, direct mail and Internet advertising.
The report also projects U.S. private sector revenues for the intelligent transport industry to grow between $2.7 billion to $4.2 billion, adding 3,600 to 6,400 jobs per year from 2009 to 2015, when total employment could reach 205,000 in that market.
To download the entire report: http://www.itsa.org/knowledgecenter/market-data-analysis
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