The intelligent transportation system (ITS) market 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 objective of this report is to define, describe, and forecast the market size and future growth potential of the ITS market across different transportation modes such as roadway, railway, aviation, and maritime.
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The study identifies and analyzes the market dynamics such as drivers, restraints, opportunities, and industry-specific challenges for the market. It also includes the forecast of the market size, in terms of value, with respect to four main geographies, namely, North America, Europe, APAC, and Rest of the World.
It also profiles the key players operating in the intelligent transportation system market. The base year considered for this report is 2015, and the forecast period for the market has been considered between 2016 and 2022.
The demand for ITS is expected to be driven by factors such as the increasing concern for the safety of drivers and travelers and also by the need to ensure a good traveling experience.
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The scope of this report covers the intelligent transportation system market on the basis of various transportation modes such as roadways, railways, aviation, and maritime.
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The market for aviation is expected to grow at the highest rate during the forecast period.
The research methodology used to estimate and forecast the intelligent transportation system market begins with capturing data on key vendor revenues through secondary research. The vendor offerings have also been taken into consideration to determine the market segmentation.
The bottom-up procedure has been employed to arrive at the overall market size of the global intelligent transportation system market from the revenue of the key players in the market. After arriving at the overall market size, the total market has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with key people such as CEOs, VPs, directors, and executives.
The data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.
The growth of the intelligent transportation system market for roadway is propelled by factors such as the increasing concerns towards road safety and demand for solutions to traffic congestion to ensure better mobility. Different hardware components used in the intelligent transportation system for roadway include interface board, sensor, surveillance camera, telecommunication network, and monitoring & detection system along with software components.
The ITS ecosystem includes electric component providers,; original design manufacturers; solution providers 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.); distributors; and post-sales service providers.
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The intelligent transportation system market is largely dominated by North America and Europe because of the strong presence of key players offering ITS products in these regions. North America held the largest share of the global ITS market in 2015, while Asia-Pacific is the most promising region for the ITS market and is expected to witness the highest CAGR because of the increasing number of mega cities and the population growth in developed and developing countries.
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