IoT in Intelligent Transportation Systems Market Revenues 2019: Hitachi, Siemens, Transcore, Q-Free, Thales Group, Xerox Corporation, Kapsch Trafficcom, EFKON AG, Lanner Electronics

The increasing number of mega cities and the population growth in developed and developing countries has increased the importance of deploying an intelligent transport system (ITS). ITS system constitutes both, road transport and an efficient metro, underground rail system. ITS involves the revamp of overall technological aspects such as GPS, Carrier Access for Land Mobiles, Dedicated Short Range Communication etc. The relevant government departments are aware of the importance of implementing an efficient ITS system, an important driving force for market growth around the world. These departments therefore take initiatives to formulate specific programs and implement systems. For example, the US Department of Transportation focuses on the integration of intelligent infrastructure, intelligent vehicles and these two elements. DOT has launched a federal ITS program that supports research initiatives, research studies and system deployment through systematic investments. Efficient transportation systems will also help to increase environmental benefits by controlling traffic congestion and reducing pollution, and these factors are another important driver of the market.

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Top Key Player Studied In This Report are:
Hitachi, Siemens, Transcore, Q-Free, Thales Group, Xerox Corporation, Kapsch Trafficcom, EFKON AG, Lanner Electronics, Denso Corporation, Garmin, EFKON AG, TOMtom International BV, Savari Inc. and Nuance Communications.

At Worldwide Market Reports, we provide a market study that encompasses both qualitative and quantitative assessments of latest trends for the market segmentations classified by our analysts. According to our research team, the Global IoT Market in Intelligent Transportation Systems Market was valued at USD 112.84 billion in 2017 and is projected to reach USD 219.95 billion by 2025, growing at a CAGR of 8.7% from 2018 to 2025. Our research study mainly includes an in-depth study of the market which includes major drivers, restraints, opportunities and challenges faced in the market along with the latest industrial trends.

The main deterrent to market growth is slow infrastructure growth in developing countries, especially because of the high cost of installation. Another important limitation of market growth is the lack of standards and the negligible interoperability between various modes of transport and technology. To address this challenge, several government sectors and key players in the market are forming strategic private partnerships. In addition, the key opportunities for the marketplace are in the development of smart vehicles that can operate on intelligently controlled roads with state-of-the-art infrastructure and state-of-the-art technology.

It is expected that traffic management centers will use real-time data to make real-time decisions and solve traffic problems will drive demand for intelligent ITS. Demand for V2V and V2I communications to improve road safety is also expected to drive market growth. Interoperability issues between users and controls can be a constraint to the industry in the future. However, the establishment of standardization and integration technologies will aim to solve these problems through effective communication.

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ITS industry stakeholders include IT and ITS solution providers, hardware providers, end-use solution providers, and system integrators. The end-user consists of national and regional transport authorities, and installs ITS to manage the overall transportation network operation. They interact with public and private carriers to share traffic-related information over satellite-based or wireless communication devices. Congestion charges are expected to decline due to the rapid decline in communications costs and the evolution of IT solutions.

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