Intelligent Transportation System Market
Intelligent Transportation System Market was valued US$ 20.2 Bn in 2017 and is expected to reach US$ 40.5 Bn by 2026 at CAGR of 9.08% during forecast period.
Intelligent Transportation System Market (ITS) is a computerized system with diverse applications connected with vehicle transportation. Also, it provides travelers with important information while improving the safety and efficiency of the transportation system. Intelligent transportation systems (ITS) in the market has been significantly rising due to growing demand of vehicles and increasing urbanization leading to space congestion within the city limits.
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Currently, Lack of interoperability and standardization is limiting the growth of Intelligent Transportation System Market. Major restraint for market growth is, the slow growth of infrastructure, especially in the developing regions of the world due to the high cost of installation. ITS market can also have many different goals, some will look at how to direct volumes of traffic. Others may look at how to improve the enforcement of traffic laws.
Intelligent transportation system contributes to a reduction in consumption of fuels and greenhouse gas emissions by preventing cars to remain in idle position and reducing traffic congestion. Furthermore, major opportunity for the market lies in development of smart vehicles that would operate on intelligently controlled roads by deploying state of art infrastructure and latest technologies.
Growth in utilization of real-time data by traffic management centers to take better decisions and resolve traffic issues is expected to drive the demand for intelligent transportation system market. Demand for V2V and V2I communication to improve road safety is also expected to lift the market growth. However, establishment of standardization and a unified technology will aim to resolve these issues through effective communication.
Market is driven by factors like increasing traffic congestion, increasing need for environmental protection, and growing demand for road safety and security. Intelligent Transportation System Market is a combination of information technology and communication with transportation infrastructure, which improves passenger safety and enhances the competence of the overall transport process. Adoption of competent transportation systems is expected to reduce the number of road accidents and travel time.
North America is currently leading the global market for an intelligent transportation system with maximum share. Asia Pacific intelligent transportation system market is expected to exhibit the highest CAGR from 2017 to 2026.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Intelligent Transportation System market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in Intelligent Transportation System market.
The scope of the Intelligent Transportation System Market:
Intelligent Transportation System Market, By Offering
Intelligent Transportation System Market, By type
• Cooperative vehicle systems
Intelligent Transportation System Market, By Component
• Interface board
Intelligent Transportation System Market, By Application
• Traffic Management
• Road Safety
• Freight Management
Intelligent Transportation System Market, By Geography
• North America
• Middle East & Africa
• Latin America
Key Players operating in the Intelligent Transportation System Market:
• Thales S.A
• Siemens AG
• Cubic Corporation
• Garmin Ltd.
• Kapsch TrafficCom
• Q-Free ASA
• Denso Corporation
• EfKon AG
• TomTom NV
• Roper Industries
• Hitachi Ltd.
• Xerox Corporation
• Lanner Electronics Inc.
• Savari Inc.
• Nuance Communications Inc.
• FLIR Systems
• Microsoft Corporation
• TransCore Holdings
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the current intelligent transportation systems market outlook. The report encompasses the intelligent transportation systems market by different segments and region, providing the in-depth analysis of the overall industry ecosystem, useful for taking an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Intelligent Transportation System Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain the Intelligent Transportation System Market positioning of competitors.
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