Intelligent Transport Systems UK (ITS UK) has announced that it has commissioned Capital Economics to carry out a study into the economic contribution of the UK’s intelligent transport sector.
In what will be a landmark study for the industry, the new research will be used to support ITS UK’s advocacy work to decision makers, by revealing both the direct and indirect impact of ITS businesses across the country, including the sector’s total economic value (GVA), employment and tax revenue. The study will be particularly essential as the Government embarks on the second phase of its Spending Review.
“The transport technology sector is of immense value to the UK, both in its ability to foster a safer, greener more efficient transport network, but also as an economic asset to the country, supporting economic growth, jobs and tax revenues”, says Max Sugarman, chief executive of ITS UK. “The study we are launching today, in partnership with Capital Economics, seeks to demonstrate just how much that contribution is – and why Government need to consider intelligent transport as a key industry for growth, whether through the upcoming Spending Review, the Industrial Strategy or in supporting export opportunities overseas.”
The study will require input from across the industry, with ITS UK members invited to be part of an Advisory Group that will help determine the scope of the study and support and review the report as its developed. The Advisory Group will also advise on the development of a confidential survey that will help ITS UK ascertain the size of the industry.
“To kick-off the study, we are inviting ITS UK members to be part of an Advisory Group that will help the team in understanding the scope and size of the ITS market,” adds Sugarman. “Due to the diversity of the products and services across ITS, it is vital we understand the full reach of the sector, and the wide variety of products and services it provides, so that Capital Economics have the information they need to deliver an accurate economic evaluation”.
Andrew Evans, deputy chief consultancy economist, at Capital Economics adds: “We are thrilled to partner with ITS UK on this study which will provide robust estimates of the contribution of the ITS sector to the UK economy. Collecting insights and data from companies within the industry will be invaluable in helping us to do this.”
The study will aim to be concluded in Spring. ITS UK members are invited to apply to the Advisory Group by 5 February.
Main image: AdobeStock – generated with AI
