Intelligent Transportation Systems Market: Huge Benefits of Adopting ITS and Growing Need for Better Road Safety to Drive Market Growth

Intelligent Transportation System Market: Snapshot

Transportation service providers have been constantly seeking cost-effective solutions to boost productivity, increase financial benefits, and solve traffic issues across the globe. Intelligent transportation systems (ITS) have emerged as a way of integrating information and communication technologies with current transportation networks so as to improve their operating efficiency as well as passenger travel experience.

The global intelligent transportation system market has observed substantial growth in the last five years and is expected to grow at a double-digit CAGR in the next eight years. This potential growth has been attracting vendors throughout the value chain of the ITS industry to invest in this sector.

The opportunity in the global ITS market was pegged at US$20.22 bn in 2015 and is expected to be worth US$57.44 bn by 2024, expanding at a strong CAGR of 12.7% during forecast period.

Obtain Report Details @

https://www.transparencymarketresearch.com/intelligent-transportation-system-market.html

Rising Investments from Public Transportation Operators Driving APTS Segment

There are several types of intelligent transportation systems introduced in the market today – advanced traveler information system (ATIS), advanced transportation pricing systems (ATPS), advanced transportation management systems (ATMS), advanced public transportation systems (APTS), automatic number plate recognition systems (ANPR), and cooperative vehicle systems.

The ATMS segment accounted for the dominant share in the global ITS market in 2015, driven by the increasing demand for traffic control solutions, particularly adaptive signaling systems, across the world.

Growth in North America ITS Market Attributed to Strong Government Support

Globally, the intelligent transportation system (ITS) market has been broadly segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America accounted for the major share in the global ITS market in 2015 and is expected to retain its dominance throughout the forecast period. Strong government support and the rising number of research activities and public-private partnerships aimed at improving the transportation network are major factors influencing the ITS market in the region.

Request Sample @

https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1637

The Europe ITS market comprises countries such as Germany, France, the U.K., and Italy. The UK and Germany are two of the early adopters of ITSs and have invested significant amounts in these technologies to overcome traffic and road safety problems. Germany accounted for the leading share in the intelligent transportation system market in Europe in 2015.

Asia Pacific is the most attractive region in the global intelligent transportation system market. Japan is one of the early adopters of ITSs in the world and represents the largest individual ITS market by revenue in Asia Pacific. However, India and China are the fastest growing countries in the Asia Pacific ITS market as several investments are being made in these countries. This is expected to drive the demand for intelligent transportation systems in the region.

Some of the key players in the intelligent transportation system market are Siemens AG, Hitachi Ltd, WS Atkins PLC, Nuance Communications Incorporation, EFKON AG, Garmin International Inc., Iteris Inc., Telenav Inc., Thales Group, and TomTom NV.

About Us

Transparency Market Research (TMR) is a 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. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.

Contact

Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

This release was published on openPR.