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The intelligent transportation system (ITS) market size, in terms of value, is expected to grow from USD 36.10 billion in 2015 to USD 63.66 billion by 2022, at a CAGR of 8.3% between 2016 and 2022. The railway system, which is a backbone of the transportation systems in many regions, is becoming increasingly complex. The transformation of railway transportation to the railway intelligent transportation system (RITS) is being adopted as a strategy to gain a competitive edge over other modes of transportation. The increasing need for safety in this mode of transportation can be fulfilled by deploying various intelligent techniques.Complete report on global intelligent transportation system market spread across 226 pages, profiling 14 companies and supported with 70 tables and 101 figures is now available at http://www.rnrmarketresearch.com/intelligent-transportation-system-market-by-roadway-hardware-software-services-aviation-tool-kiosk-multi-user-flight-information-display-and-smart-gate-system-railway-maritime-protocol-application-an-st-to-2022-market-report.html .
Intelligent transportation system is increasingly being deployed in railway transportation systems for customer management. In this segment, ITS has applications in various areas such as traveler information, on-train security & surveillance, station security & surveillance, real-time display, on-train multimedia system, and others.
Commercial vehicle operation (CVO) encompasses service and repair vehicles, private buses & taxis, and trucks. The monitoring and information system in CVO helps a driver find safe routes and track the total travel time, in addition to enabling the owner to monitor the vehicle. The increasing demand for the expansion of transportation networks and growth in the logistics sector are key reasons for the growing demand for commercial vehicle operation systems.
North America held the largest share of the intelligent transportation system market in 2015 because of the presence of many key companies in the ITS market expanding their production and distribution across North America. Also, the various infrastructural initiatives taken by the government are expected to drive the ITS market in this region.
The APAC region holds a tremendous potential for the intelligent transportation system market in the near future and is expected to grow at the highest CAGR during the forecast period. The increasing number of mega cities and the population growth in developed and developing countries has increased the importance of deploying an intelligent transportation system. The demand for ITS in APAC is significantly driven by the strong economic growth, rising population, and rapid urbanization.
Companies that provide a range of customized solutions are expected to emerge as the game changers in this market. The major focus for the ITS market is on the roadways transportation mode.
The key players in the intelligent transportation system market profiled in this report such as Thales Group (France), Siemens AG (Germany), Garmin Ltd. (Switzerland), Kapsch Trafficcom (Austria), Tomtom International BV (the Netherlands), Q-Free ASA (Norway), Denso Corporation (Japan), Efcon AG (Austria), Lanner Electronics (Taiwan), Savari Inc. (U.S.), Transcore Inc. (U.S.), Iteris Inc. (U.S.), Atkins Group (U.K.) and Ricardo plc. (U.K.). Request a discount on this report at http://www.rnrmarketresearch.com/contacts/discount?rname=632080 .
In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (25%), Tier 2 (35%) and Tier 3 (40%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-level Executives (35%), Director Level (25%) and others (40%) from various key organizations operating in the global intelligent transportation system market. The primary interviews were conducted worldwide covering regions such as North America (43%), Europe (29%), Asia-Pacific (14%) and RoW (14%).
On a related note, another research on Transportation Management System Market Global Forecast to 2020 says, rapid urbanization, population explosion, and demand for real-time information are some of the factors expected to drive the growth of the traffic management system market. Parking space &toll management solutions is expected to gain maximum traction during the forecast period. Asia-Pacific is witnessing the highest growth rate during the forecast period. Companies like IBM Corporation, Cisco Systems Inc., GE Transportation, Siemens AG, LG CNS, Alstom SA, Cubic Corporation, Kapsch TraffiCom, Cellint Traffic Solution and Kapsch AG have been profiled in this research report available at http://www.rnrmarketresearch.com/traffic-management-market-solutions-displays-systems-full-pedestrian-parking-space-and-toll-management-above-ground-pedestrian-and-vehicle-detection-global-advancements-market-trends-enter-market-report.html .
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