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Uptake of Intelligent Transportation Systems Gain Momentum as Cities Realize the Need for Better Traffic Management
The research report states that the global market for intelligent transportation system market is likely to witness a spur of growth in the coming years as the population in urban areas has been on a steady rise. Statistics state that about 70% of the rural population would have moved to the urban areas by 2050. This has led to a rise in the number of vehicles in the cities, which is the key cause of traffic, air pollution, and poor management of both. Governments across the globe and municipalities are arduously working to improve the situation with intelligent transportation systems. These systems are equipped with communication and information technology that are aimed toward bringing in efficiency in transportation systems.
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Transportation is the backbone of every country’s socio-economic development. However, the growing metropolitian traffic has led to a major hindrance. Traffic jams are considered to be financial burdens as they lead to excessive fuel wastage, loss of man hours, and restricted access to roadways. To avoid same intelligent transportation systems (ITS) are being used extensively.
In terms of geography, the global market for intelligent transportation systems market is segmented into Asia Pacific, North America, Europe, and Rest of the World (RoW). Out of these, the North America intelligent transportation systems market is projected to be in the lead due to a greater awareness of intelligent traffic management solutions. Adequate support from the government and tremendous amount of research and development in making cities more manageable are projected to keep the regional market at the forefront.
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Some of the leading players operating in the global intelligent transportation system market are Nuance Communications Incorporation, Siemens AG, Hitachi Ltd, WS Atkins PLC, Garmin International Inc., EFKON AG, Iteris Inc., Thales Group, TomTom NV., and Telenav Inc. The research report has profiled these players and provided an in-depth analysis of their financial outlook, research and development statues, and their plans for mergers and acquisitions. The publication also includes an assessment of the threats to the existing players in the market and the opportunities for the new entrants. Top market leaders have offered insightful comments and suggestions about the most lucrative investment options in the global intelligent transportation system market.
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