Intelligent Transportation System Market Report
Global Intelligent Transportation System Market is expected to reach US ~$42.6 billion in the year 2022. Rising need for public safety & effective traffic management are some of the key factor which is supporting the market of Intelligent Transportation System. Intelligent transport systems (ITS) include traffic and congestion monitoring and management systems, with an integration of traffic control centers. Access control and route guidance systems offer a range of benefits for a city. Goods delivery companies often introduce ITS because they can optimize trips with the combination of global positioning system (GPS) technologies and existing logistics programs. Such traffic management and control systems have significant efficiency benefits for both public and private transport. Therefore they make an effective contribution to the sustainable city goals. These are the factors driving the market with authentic need of public safety. It is expected that the market will grow at CAGR of ~12.2% during the forecast period and expected to reach market size of US ~42.6 billion by the end of forecast period.
Taste the market data and market information presented through more than 30 market data tables and figures spread over 110 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “The Global Intelligent Transportation System Market Research Report -Forecast to 2022”.
The prominent players in the market of Intelligent Transportation System are Roper Technologies, Inc.(U.S.), Hitachi Ltd. (Japan), Siemens AG (Germany), Thales Group (France), Xerox Corporation (U.S.), BRISA (Portugal), Kapsch Trafficcom (Austria), Q Free (Norway), EFKON AG (Austria), Lanner Electronics Inc.(Taiwan), Denso Corporation (Japan), TomTom International BV (Netherlands), Savari Inc.(U.S.), Nuance Communications Inc.(U.S.), Garmin Ltd.(Switzerland).
Market Research Analysis:
Market Research Future Analysis shows that Intelligent Transportation System market has huge opportunities in the upcoming future. Advanced Traffic Management System (ATMS) is leading the ITS market and is expected to dominate the market during forecast period due to its special functions such as real time monitoring, traffic camera monitoring, road weather information monitoring and incident monitoring, traffic signal controlling, and automatic warning. Advanced Public Transportation Systems (APTS) is also expected to witness rapid growth during the forecast period. Traffic management applications dominate the ITS market and expected to continue its growth during the forecast period. Environment protection and road user charging are expected to be the fastest growing segments.
Moreover, in the present scenario smart ticketing has evolved as one of the important application in advanced public transportation systems. It is considered as one of the integral part of advanced public transportation systems which provides the commuter a smart and attractive payment option to travel without cash and indirectly supports the cashless economy worldwide. APAC is considered as one fastest growing region deploying this advance technology. Countries like Japan and South Korea use these service as Suica and T-Money respectively, which helps the user to pay fares contactlessly from the smart cards or through smartphones. This advanced systems also provide the information of availability of public transportation worldwide.
As the North America has the leading market after Asia Pacific for ITS and is expected to dominate the market over forecast period due to rising driver safety, reducing congestion and regulatory initiatives Another industry which is expected to drive the market of Intelligent Transportation Systems are automobile and electronics. As these industries are growing around the world, it is expected that market of intelligent transportation system will grow simultaneously.
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Intelligent Transportation System Market ReportThe global intelligent transportation system market is accelerating mainly due to the growing concerns for safety and the demand for the smart systems that can ease the traffic congestions.
by 2023 registering approximately 12.21% CAGR between 2016 and 2022.Lately, intelligent transportation systems have started gaining attention attributing to the concerns associated with the traffic management which is deteriorating with each day passing by, demanding adept and appropriate systems to handle the traffic scenarios efficiently and automatically.
And, as the demand augments, along with it vibrates the ITS market gaining further traction.Besides, the technological advancements transpired in the field of ITS coupled with the demand for more efficient, responsive, and unconventional safety systems are fostering the market growth, allowing accessibility and availability of the variety of automatic devices and the automatic traffic handling tools.
Also, substantial investments made by market key players into R activities are supporting the market growth of the intelligent transportation system.On the other hand, factors such as high initial investment associated with the ITS and the lack of proper infrastructure that is required for implementation of ITSs is inhibiting the growth in developing and underdeveloped economies, further restricting the growth of the global intelligent transportation system market.Intelligent Transportation System helps the driver to detect and avoid dangerous driving situations.
This system is used for improving the enforcement on roads and highways.
Intelligent Transpiration System are used to reduce the fatalities and injuries.
Intelligent Transportation System Market Report The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Intelligent Transportation System Market Report.
The growth sectors of the Intelligent Transportation System Market Report are identified with precision for a better growth perspective.The global intelligent transportation system market is accelerating mainly due to the growing concerns for safety and the demand for the smart systems that can ease the traffic congestions.
Simultaneously, rising government initiatives such as increasing number of infrastructure development projects and smart road and highway projects escalate the market growth on the global platform.Acknowledging the exponential accruals and demand the market is enjoying currently; Market Research Future in its recently published study report asserts that the global intelligent transportation system market will accrue up to USD 42.67 Bn.
by 2023 registering approximately 12.21% CAGR between 2016 and 2022.Lately, intelligent transportation systems have started gaining attention attributing to the concerns associated with the traffic management which is deteriorating with each day passing by, demanding adept and appropriate systems to handle the traffic scenarios efficiently and automatically.
And, as the demand augments, along with it vibrates the ITS market gaining further traction.Besides, the technological advancements transpired in the field of ITS coupled with the demand for more efficient, responsive, and unconventional safety systems are fostering the market growth, allowing accessibility and availability of the variety of automatic devices and the automatic traffic handling tools.
Also, substantial investments made by market key players into R activities are supporting the market growth of the intelligent transportation system.On the other hand, factors such as high initial investment associated with the ITS and the lack of proper infrastructure that is required for implementation of ITSs is inhibiting the growth in developing and underdeveloped economies, further restricting the growth of the global intelligent transportation system market.Intelligent Transportation System Market - SegmentationMRFR has segmented the analysis into four key dynamics;By Product : Advanced Transportation Management Systems (ATMS), and Advanced Public Transportation Systems (APTS) among others.By Application : Automotive Telematics, Traffic Management, and Collision Avoidance System among others.By Component : Sensor, Surveillance Camera, Software, Interface Board, and Monitoring among others.By Region : Europe, North America, APAC and the Rest-of-the-World.The subsegment Advanced Public Transportation Systems (APTS), by Products, holds the largest as in 13.89% market share in the global market, followed by the subsegment Advanced Transportation Management Systems (ATMS) which accounts for 12.39% of the total market share.Whereas, the subsegment Road User Charging accounts for the largest as in 14.75% of the market share, followed by the subsegment Environment Protection which accounts for 14.73% of the market share.Intelligent Transportation System Market - Regional AnalysisGlobally, the North American region accounts for the largest market for intelligent transportation system.
Rising awareness of road safety and need to improve existing transportation performance are expected to be the key driving factor for market growth.
Consequent need for smart automobiles with public and private partnerships is forecasted to be a major growth opportunity for the intelligent transport system market.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/intelligent-transportation-system-its-market/request-sample Market Synopsis of Intelligent Transportation System Market: Developed regions including North America and Europe have made the use of driver assistance system, electronic stability control (ESC) systems in commercial and passenger vehicles mandatory.
Car manufacturers in both emerging and established economies are implementing these systems in their new car models to differentiate their products from the competitors.
Intelligent transportation systems are expected to help improve the performance of supply chain process and yield high benefit to the organizations.
However, slow growth in infrastructure sector can act as a challenge to the market.
The new research report titled "Intelligent Transportation System Market, Global Industry Analysis, and Forecast to 2027" gives a detailed analysis and future forecasts of the market.
The report highlights the significant players, including market size, share, and demand, development.
This report further covers the latest trends, technological advancements, and growth opportunities.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the intelligent transportation system market include Affiliated Computer Services, Inc., Denso Corporation, Agero, Inc., Addco Llc, Lanner Electronics, Inc., Nuance Communications, Inc., Ricardo Plc, Sensys Networks, Inc., Telenav, Inc., Efkon AG and Thales Group.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers& acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Intelligent Transportation System Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/intelligent-transportation-system-market/download-sampleMarket DynamicsThe increasing number of mega cities, the population growth and recent government initiatives on transport and traffic management, are the important driving factor for the market growth.
The intelligent transportation system market is expected to accelerate growth over the forecast timeline due to an increase in the adoption of smart transport systems by people to reduce traffic jamming problems and favorable government initiatives on smart transport infrastructure.
