-- Intelligent Transport System (ITS) is a computerized system with diverse applications connected with vehicle transportation, that provides live feeds with the help of sophisticated sensors of smartphones and the equipment is installed across the roadside, including cameras mounted on the traffic poles. Intelligent Transport System (ITS) is majorly being used and deployed for capturing real-time navigation, lane disciple, traffic updates and predicting travel time. The objective of ITS is to improve effectiveness, efficiency, and safety in road transportation system.
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The major growth driver for intelligent transportation system is the rising concern for traffic congestion, followed by an increase in the need for road safety improvements and the shift of freight industry from unorganized to organized sector. However, the lack of proper infrastructure for implementation of ITS in developing and underdeveloped economies is inhibiting the growth of the Global Intelligent Transportation System market. The global intelligent transportation system market is expected to be USD 42.67 billion by the end of forecast period with CAGR of ~12.21%.
Key Findings:
1. Intelligent Transportation System Market is expected to grow at compound annual growth rate of 12.21% between the 2016 and 2022.
2. Asia-Pacific is projected to dominate the market of intelligent transportation system throughout the forecast period.
3. By Product, Advanced Public Transportation Systems (APTS) accounts for the largest market share of 13.89% in the global market, followed by Advanced Transportation Management Systems (ATMS) accounting for 12.39% of the total market share.
4. By Application, Road User Charging accounts for the largest market share of 14.75% in the global market, followed by Environment Protection accounting for 14.73% of the market share.
5. Major Drivers of the market have been identified as the increasing concern of traffic congestion and the rise in the number of government initiatives whereas the major market restraints are the lack of proper infrastructure for implementation in developing and under-developed economies and the high Cost for ITS safety systems does not allow high penetration
Regional and Country Analysis of Intelligent Transportation System Market.
6. North America has dominated the market in 2016 which is followed by Asia-pacific. Europe is expected to grow at a CAGR of 12.83% during the forecast period. Asia Pacific is expected to grow from a market size of USD 5.65 billion in 2016 to USD 12.10 billion by 2022. ROW is expected to grow at a CAGR of 8.67% during the forecast period.
Target Audience
• Intelligent transportation system providers
• Network providers
• Software providers
• Navigation and GPS manufacturers
• Research & consultancy
• Government
• Technology investors
Key Players mensioned in this report:
The key players of Intelligent Transportation System are Roper Industries, Inc.(U.S), Hitachi Ltd. (Japan), Siemens AG (Germany), Thales S.A. (France), Xerox Corporation (U.S.), BRISA (Portugal), Kapsch AG (Austria)¸Q-Free ASA (Norway), Efkon AG (Austria), Lanner Electronics Inc.(Taiwan), Denso Corporation (Japan), TomTom International BV(Netherlands), Savari Inc.( U.S.), Nuance Communications Inc.(U.S), Garmin Ltd.( Switzerland) and others.
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