Press release
ITS (Intelligent Transportation System) Market 2020 International Innovation Analysis by 2027 with Top Companies - WS Atkins PLC, EFKON, Iteris, Garmin, Telenav, TomTom International, Kapsch TrafficCom
The Insight Partners
Intelligent Transportation System (ITS) Market to 2027 - Global Analysis and Forecast by System, Components and Applications
For instance, the U.S. Department of Transport (DOT) is focusing extensively upon manufacturing intelligent vehicles and deploying intelligent infrastructure. The U.S. DOT has started a Federal ITS program with an aim to make research initiatives, investigative study and support the deployment of the intelligent system through an organized investment. Furthermore, the implementation of ITS can contribute in significant pollution reduction, thereby, benefiting the environment.
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Key Players operating within the global ITS market include Agero, Inc., Xerox Corporation, Lanner Electronics Incorporated, Nuance Communications, Inc., Denso Corporation, Q-Free ASA, Siemens AG, Hitachi, Ltd., WS Atkins PLC, EFKON AG, Iteris, Inc., Garmin Ltd., Telenav, Inc., TomTom International BV, Kapsch TrafficCom AG, Thales Group, TransCore, LP, Addco LLC, Agero, Inc., Ricardo plc, and Sensys Networks, Inc. among others.
Intelligent transportation systems (ITS) is integrated application of information and communication technologies with an aim to provide highly efficient transportation related services and traffic management. In addition, ITS aids in improving the operational efficiency, enhancing road safety, maintaining sustainability of transportation networks and reducing traffic congestion. Various elements such as sensors, telematics, communication devices, and other data analysis applications form the integral components of an intelligent transportation system. Intelligent transportation system can be widely deployed in various applications as it makes use of parking availability system, collision avoidance system, and traffic enforcement camera among others.
The major factor hindering the global ITS market is the slow growth of intelligent infrastructure owing to high installation cost for monitoring and controlling devices. Another key factor restricting the global ITS market is the lack of standardization and interoperability between different types of transportation and telecom technologies. However, the introduction of smart vehicles enabled with intelligent transportation system is expected to provide better driving experience, and is thus expected to contribute significantly towards the growth of the global ITS market. Another factor analyzed to propel the growth of intelligent transportation systems is public private partnerships (PPP) for advanced traffic management. Also, initiatives such as vehicle to infrastructure (V2I) and vehicle to vehicle (V2V) communication are estimated to be key factors boosting the global intelligent transportation system market.
The intelligent transportation system market has been segmented on the basis of system into advanced traveler information system (ATIS), advanced public transportation system (APTS), advanced traffic management system (ATMS), advanced transportation pricing system (ATPS), commercial vehicle operation (CVO), and ITS-enabled transportation pricing system. Additionally, the intelligent transportation system market has been fragmented based on components such as interface board, sensors, surveillance camera, monitoring & detection systems, telecommunication network, and software among others. In addition, the intelligent transportation system market has been segmented based on applications, namely: traffic signal control system, traffic monitoring system, fleet management & asset monitoring system, parking availability system, traffic enforcement camera, collision avoidance system, and automotive telematics among others.
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