Intelligent Transportation System Market Size to Reach USD 8474.2 Million by 2026

The global intelligent transportation system (ITS) market size is set to gain impetus from the rising number of connected and automated cars worldwide. It is further causing the transportation agencies to make the infrastructure future-ready. These providers are therefore, striving to invest in the performance of ITS by delivering expertise in tasks, implantation, planning, and designing of solutions. Fortune Business Insights(TM) published this information in a recent report, titled, "Intelligent Transportation System (ITS) Market Size, Share and Industry Analysis By Type (Advanced Traffic Management System, Advanced Traveler Information System, Advanced Public Transportation System, Advanced Transportation Pricing System, and Others), and regional Forecast till 2019-2026." The report further mentions that the ITS market size stood at USD 1643.8 million in 2018. However, it is anticipated to reach USD 8474.2 million by 2026, exhibiting a CAGR of 22.3% during the forecast period.

Highlights of the Report:

Extensive details about the intelligent transportation system market trends, growth drivers, and hindrances.
List of all the regions present in the market.
Information about the dominating segment.
In-depth data regarding the challenges and opportunities that the market may face.

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Drivers & Restraints-

Increasing Road Fatalities to Boost Growth

Nowadays, the number of vehicles is increasing across the world. It is leading to a rise in traffic congestion owing to the lack of proper transportation infrastructure. It is creating a negative impact on the environment by upsurging the amount of carbon emission in the atmosphere. Also, the number of road fatalities has increased. As per one of our lead analysts, in the year 2018, in the U.S., approximately, 36,600 deaths were reported because of traffic fatalities. However, implementation of ITS is a very expensive process. It is set to obstruct the intelligent transportation system market growth in the coming years.

Fortune Business Insights(TM) provides a list of all the companies operating in the intelligent transportation system market. They are as follows:

EFKON GmbH (Raaba, Austria)
Siemens AG (Munich, Germany)
DENSO CORPORATION (Kariya, Aichi, Japan)
Lanner Inc. (New Taipei City)
Kapsch TrafficCom AG (Vienna, Austria)
Hitachi, Ltd. (Chiyoda City, Tokyo, Japan)
Other key market players

Browse Detailed Summary for This Research Report with TOC: https://www.fortunebusinessinsights.com/intelligent-transportation-system-market-102065

Segmentation-

ATMS Segment to Dominate Fueled by Rising Government Initiatives to Lower Traffic

Based on type, the market is segregated into advanced transportation pricing system (ATPS), advanced public transportation system (APTS), advanced traveler information system (ATIS), advanced traffic management system (ATMS), and others. Amongst these, the ATMS segment is set to lead the market during the forthcoming years. This growth is attributable to the increasing investment by the governments of various regions to reduce traffic congestion. The ATIS segment generated 15% intelligent transportation system market share in 2018 and is expected grow healthily on account of the surging utilization of smartphones for gaining information regarding all the modes of transport, as well as the weather.

Regional Analysis-

Asia Pacific to Remain at the Forefront Backed by Rising Deployment of ITS in China

In terms of geography, the market is categorized into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Out of these, Asia Pacific is anticipated to dominate throughout the forecast period because of the extensive contribution of China. The Chinese government is spending huge sums in the deployment of ITS. South Korea will remain in the second position in terms of government funding.

Europe, on the other hand, is projected to be the second dominant region. It generated USD 244.8 million intelligent transportation system market revenue in 2018. This growth is attributable to the rising implementation of ITS in the U.K. for public transportation. North America would grow steadily owing to the installation of ITS in Canada.

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Competitive Landscape-

Key Players Adopt the Strategy of Collaboration to Gain Competitive Edge

The market consists of multiple organizations that are working constantly to provide better traffic commute to the masses. They are hence, engaging in the strategy of collaborations and partnerships to create new enterprises for delivering smart solutions. Below is one of the latest industry developments:

January 2019: Axxes SAS, a provider of toll and parking fee collection services headquartered in France, joined hands with Kapsch TrafficCom AG, a provider of intelligent transportation systems in the fields of traffic safety and security, tolling, smart urban mobility, and traffic management based in Austria. This partnership has resulted in the creation of a company named MoKA SAS. It would operate, build, and design a sustainable technology platform.

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This release was published on openPR.