Press release
Intelligent Transportation System Market - Innovation Is One Of The Most Successful Strategies Making It A USD 57.44 Billion Market By 2024
The vendor landscape of the global intelligent transportation system market includes companies such as Garmin International Inc., Hitachi Ltd, Lanner Electronics Inc., Siemens AG, Agero Inc., Xerox Corporation, DENSO Corporation, Thales Group, WS Atkins PLC, and TomTom NV. The market players have registered an increased demand from North America. The region accounted for 42.2% of the overall revenue generated n 2012. “Government initiatives and promotional activities, especially in the U.S. have augmented the market’s growth across North America,” cites a TMR analyst.
Growing Investment in Electronic Fare Collection and Dynamic Display Systems to Drive Demand for ATPS
Among the key types of intelligent transportation system, advanced transportation management systems (ATMS) have accounted for the largest share in the market owing to the rising demand for traffic control solutions such as adaptive signaling systems. “In the near future, the demand for advanced transportation pricing systems (ATPS) is expected to surge due to increase in investments in dynamic display systems and electronic fare collection,” TMR report states.
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Standardization of Wireless Technologies Holds Immense Potential for Growth of Global Intelligent Transportation Systems Market
The growing demand to improve road safety is one of the primary factors behind the growth of the global intelligent transportation system market. The data released by the World Health Organization reveals that about 1.24 mn people die every year due to road traffic accidents. According to the National Safety Council, in the U.S. alone, deaths due to road traffic accidents had surged by 14% during the first half of 2015. The rise in the number of vehicles across metropolitan areas has increased the demand for upgrade of the existing transportation networks. The various benefits offered by intelligent transport systems including reduced fuel consumption and travelling delays, and decrease in the number of road accidents have led to their increased adoption by traffic management authorities across nations.
However, economic slowdown worldwide has negatively impacted the funding for intelligent transportation systems. The lack of interoperability between existing infrastructure and advanced intelligent transportation systems might play spoilsport in the market’s growth. “The growing prevalence of standardization of wireless technologies holds immense potential for the intelligent transportation systems market across the globe,” TMR report states.
The global intelligent transportation system market is anticipated to expand at a CAGR of 11.1% during the period between 2013 and 2019. The valuation of the market is projected to touch US$30.2 bn by the end of the forecast horizon.
Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
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