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.
Wiseguyreports.Com Adds “Intelligent Transportation System Market -Market Demand, Growth, Opportunities, Manufacturers, Analysis of Top Key Players and Forecast to 2022” To Its Research Database.
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.
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 under developed 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%.
The global intelligent transportation system market is segmented by products, by applications, by component and by regions. On the basis of products, the market is segmented as advanced transportation management systems (ATMS), advanced public transportation systems (APTS), advanced transportation pricing systems (ATPS), advanced traveler information systems (ATIS) and cooperative vehicle systems.
On the basis of applications, the market is categorized as automotive telematics, traffic management, collision avoidance system, road user charging, road safety and security, traffic signal control, freight management (commercial), parking management, public transport, environment protection and traffic enforcement camera. On the basis of components, the market is divided as sensor, surveillance camera, software, interface board, monitoring and detection system, telecommunication network and others.
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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.
Global Intelligent Transportation System Market - Trends & Forecast, 2016-2022:
• To provide detailed analysis of the market structure along with forecast for the next 5 years for the various segments and sub-segments of the global Intelligent Transport System market development and demand market
• Upcoming technologies, high growth geographies and countries were identified
• Regional and country specific demand and forecast for Intelligent Transport System were studied
• Key segments covered in the report are: product, application, component and region.
• Intelligent transportation system providers
• Network providers
• Software providers
• Navigation and GPS manufacturers
• Research & consultancy
• Technology investors
• Intelligent Transportation System Market is expected to grow at compound annual growth rate of 12.21% between the 2016 and 2022.
• Asia-Pacific is projected to dominate the market of intelligent transportation system throughout the forecast period.
• 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.
• 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.
• 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
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.
The reports also covers country level analysis:
• North America
o United Kingdom
o Rest of Europe
• Asia – Pacific
o South Korea
• Middle East & Africa
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