Intelligent Transportation System Market Highlights:
The global intelligent transportation system market is projected to grow at a notable pace in the coming years. A study conducted for the forecast period of 2016 to 2022 by Market Research Future (MRFR) stated that the global market is expected to attain a CAGR of 12.21%. Moreover, the valuation of the intelligent transportation system market is expected to reach USD 42.67 billion by the end of the mentioned forecast period.
It was reported that a major driver of growth for the market is the prevailing concern related to traffic congestion, the increasing need for safety improvements for road, and a shift of the freight sector from unorganized to organized sector. However, it is worth noting that the lack of any proper infrastructure for the deployment of ITS technology across developing as well as underdeveloped economies can cause hindrance to the overall growth of the market in the coming years.
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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.
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.
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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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