Intelligent Transportation System Market Report
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&D 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. Whereas, the initial installations and configurations cost is high which acts as a barrier in the adaption of Intelligent Transportation System (ITS) by most of the company which creates disruption.
Global Intelligent Transportation System Market is expected to grow at US ~$42.67 billion by the end of forecast period with CAGR of ~12.21% during 2016 to 2022.
Europe is dominating the market of Intelligent Transportation System due to the increasing government initiatives followed by APAC and North America. According to the study European Transportation Commission has deployed various strategies in which CITS (Cooperative Intelligent Transport Systems) one of the milestone initiatives towards corporative, connected and automated mobility. Whereas Asia-Pacific stands as second biggest market and also has emerged as fastest growing market due to its upcoming smart cities projects.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
More Information@ https://www.marketresearchfuture.com/reports/intelligent-transportation-system-market-2076
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