Intelligent Transportation System Market Share
The global intelligent transportation system market is projected to grow at a notable pace in the coming years. A study conducted for the forecast period of 2016 to 2022 by Market Research Future (MRFR) stated that the global market is expected to attain a CAGR of 12.21%. Moreover, the valuation of the intelligent transportation system market is expected to reach USD 42.67 billion by the end of the mentioned forecast period.
It was reported that a major driver of growth for the market is the prevailing concern related to traffic congestion, the increasing need for safety improvements for road, and a shift of the freight sector from unorganized to organized sector. However, it is worth noting that the lack of any proper infrastructure for the deployment of ITS technology across developing as well as underdeveloped economies can cause hindrance to the overall growth of the market in the coming years.
Market Segmentation
The global intelligent transportation system market segmentation is based in terms of application, product, and component.
By products, the market segments into advanced public transportation systems (APTS), advanced transportation management systems (ATMS), cooperative vehicle systems, advanced transportation pricing systems (ATPS), and advanced traveler information systems (ATIS).
By application, the market categorizes into road safety and security, traffic management, traffic signal control, automotive telematics, freight management (commercial), collision avoidance system, parking management, road user charging, environment protection, public transport, and traffic enforcement camera.
By components, the market divides into software, sensor, telecommunication network, surveillance camera, monitoring and detection system, interface board, and others.
Intelligent Transportation System Market - Regional Analysis
Globally, the North American region accounts for the largest market for intelligent transportation system. Technological advancement is the key force factoring the market growth in the region. Also, factors such as the growing demand for safety features to improve efficiency in road transportation system. The US, backed by the world’s best road infrastructure, that encourages the ITS providers to develop products with futuristic safety systems, accounts for the major contributor to the market growth in the region.
The presence of the state-of-the-art infrastructure that allows implementation of intelligent transportation system effectively is also a major factor driving the growth of the regional market. Simultaneously, the presence of major key players in the region impacts the market growth positively.
The intelligent transportation system market in the European region accounts for the second-largest market, emerging as a lucrative space, globally, in terms of both, size and volume. The market in the region produces some of the most innovative and technologically advanced transportation systems which drive the market growth in the region.
Furthermore, factors such as the rising concern for traffic congestion alongside the increase in the need for road safety improvements and the shift of freight industry from unorganized to organized sector provide impetus to the market growth. The ITS market in Europe is expected register 12.83% CAGR during the forecast period.
The ITS market in the Asia Pacific region is emerging as a promising market growing rapidly and vastly. Advancements in technology and the increasing number of accidents and safety concerns are driving the market growth in the region. India is one of the significant markets for ITSs followed by China and Japan. Increasing awareness towards technological developments is the primary factor driving the demand for the intelligent transportation system in the APAC region. The APAC ITS market is expected to grow to USD 12.10 Bn. by 2022.
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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.
OverviewIntelligent Transportation System Market is expanding at a consistent pace globally.
The importance of ITS systems is bound to be very high in economically developing and backward regions as they have amplified levels of traffic volumes which need to be managed effectively to empower growth of these regions.
The drivers that are fuelling growth of the ITS sector are rising traffic congestions, renewed focus on road safety, urban planning challenges and shift of the freight industry to an organized sector.
Lack of awareness about the benefits of ITS especially in developing countries and limited research related to the sector may create limitations for ITS sector’s growth.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/2076Latest Industry News:Dec 2017 Continental and Avis Budget Group announced recently that they're testing an entirely keyless rental-car system.
Currently, the pilot program is limited to a single market -- the Kansas City area in USA but is likely to roll out to additional markets in the future if the trial goes according to plan.
This particular Continental's intelligent transportation systems offering relies on Continental's Key-as-a-Service technology, which doesn't require any change to the circuitry or the underpinnings of the car itself.Dec 2017 An intelligent transport system is set to be rolled out in Nairobi which will drastically reduce the traffic jams in the city.
Intelligent Transportation System Market – OverviewIntelligent transportation system market Size is expanding at a consistent pace globally.
The importance of ITS systems is bound to be very high in economically developing and backward regions as they have amplified levels of traffic volumes which need to be managed effectively to empower growth of these regions.
The drivers that are fuelling growth of the ITS sector are rising traffic congestions, renewed focus on road safety, urban planning challenges and shift of the freight industry to an organized sector.
Lack of awareness about the benefits of ITS especially in developing countries and limited research related to the sector may create limitations for ITS sector’s growth.
This particular Continental's intelligent transportation systems offering relies on Continental's Key-as-a-Service technology, which doesn't require any change to the circuitry or the underpinnings of the car itself.Dec 2017 An intelligent transport system is set to be rolled out in Nairobi which will drastically reduce the traffic jams in the city.
The London-based start-up has already deployed 2,500 sensors across 50 square miles of Milton Keynes with a larger roll-out expected over the coming years.Dec 2017 City planners in Bhubaneswar, India have submitted a proposal to the Centre in order to achieve considerable targets in public transport alternatives and ensure cleaner and greener environment.
