-- Intelligent Transportation System Market Highlights:
Global Intelligent Transportation System Market is expected to reach US $42.6 billion in the year 2022. Rising need for public safety & effective traffic management are some of the key factor which is supporting the market of Intelligent Transportation System. Intelligent transport systems (ITS) include traffic and congestion monitoring and management systems, with an integration of traffic control centers. Access control and route guidance systems offer a range of benefits for a city. Goods delivery companies often introduce ITS because they can optimize trips with the combination of global positioning system (GPS) technologies and existing logistics programs. Such traffic management and control systems have significant efficiency benefits for both public and private transport.
Therefore they make an effective contribution to the sustainable city goals. These are the factors driving the market with authentic need of public safety. It is expected that the market will grow at CAGR of 12.2% during the forecast period and expected to reach market size of US ~42.6 billion by the end of forecast period.
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Competitive Landscape:
The global intelligent transportation system market includes a number of key players. Some of the leading players identified by MRFR are Efkon AG (Austria), Hitachi Ltd. (Japan), Thales S.A. (France), Lanner Electronics Inc. (Taiwan), Roper Industries, Inc. (U.S), Xerox Corporation (U.S.), Q-Free ASA (Norway), BRISA (Portugal), Denso Corporation (Japan), Savari Inc. (U.S.), Kapsch AG (Austria)¸ Siemens AG (Germany), Garmin Ltd. (Switzerland) TomTom International BV (Netherlands), Nuance Communications Inc. (U.S), and others.
The emergence of various industry players in the market segment has brought-forward a trend of impactful and volume-driven growth and expansion with an additional influx of new, innovative, and advanced products. Companies across the globe are aiming to capture and cement their share and positioning in the Intelligent Transportation System Market by competing as well as experimenting with several advantage points.
June 5th, 2019, at the ITS America annual meet, Florida THEA project was awarded with the Best of ITS America Award through a live voting system.
Market Segmentation:
The global intelligent transportation system market segmentation is based in terms of application, product, and component.
• By products, the market segments into advanced public transportation systems (APTS), advanced transportation management systems (ATMS), cooperative vehicle systems, advanced transportation pricing systems (ATPS), and advanced traveler information systems (ATIS).
• By application, the market categorizes into road safety and security, traffic management, traffic signal control, automotive telematics, freight management (commercial), collision avoidance system, parking management, road user charging, environment protection, public transport, and traffic enforcement camera.
• By components, the market divides into software, sensor, telecommunication network, surveillance camera, monitoring and detection system, interface board, and others.
Regional Analysis:
The global intelligent transportation system market covers the following geographical territories in its regional segmentation: North America, Europe, Asia Pacific, and the Rest of the World (RoW).
The global market was spearheaded by North America back in 2016 with the highest share percentage followed by Asia Pacific. The regional market is further expected to hold onto its primal standings in the intelligent transportation system market over the forecast period.
The European region is another key market in the global landscape and is slated to garner a CAGR of 12.83% during the forecast period. The Asia Pacific, standing second in the global rankings, is anticipated to grow at a decent pace of 8.675 over the forecast period. However, the valuation of the regional market is projected to reach USD 12.10 billion by the end of 2022, jumping from its previous valuation of USD 5.65 billion back in 2016.
The Intelligent Transportation System technology is being deployed across the globe with the aim of ensuring optimal effectiveness, safety, and efficiency in the entire road transportation system. The technology finds its successful deployment in various developed nations and regions like Singapore, Japan, the United States, and the United Kingdom. The government therein have a clear-sighted motive of enhancing the performance level of the transportation system by ensuring the safety as well as the convenience of travelers and controlling conjunction.
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Table of Contents
1 Market Introduction
1.1 Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
Continued…..
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